Hungarian tax consulting company OrienTax Zrt. and Szabó Kelemen & Partners Attorneys will adopt the Andersen brand in Europe and continue their activities jointly, according to a press release sent to the Budapest Business Journal.
The two firms began their collaboration with Andersen Global in 2018, became full members in 2020, and now adopt the Andersen brand along with member firms in 11 other countries in Europe.
The adoption of the Andersen brand in Europe is a milestone for the global organization, which began in 2002 when 23 former Arthur Andersen tax partners created the tax-only firm WTAS.
In 2014, the group adopted the brand Andersen Tax. The organization has grown exponentially in Europe since the establishment of Andersen Global (formerly WTAS Global) by founding U.S. member firm Andersen Tax LLC in 2013. The European region began with just two locations in 2013 and has since expanded to more than 50 locations, nearly 2,000 tax and legal professionals, and over 300 partners today. Globally, Andersen Global now has more than 5,000 professionals worldwide and a presence in over 177 locations through its member firms and collaborating firms.
"There has long been a great demand for a fifth player on the Hungarian consulting services market," Károly Radnai, the office managing partner of Andersen in Hungary (formerly OrienTax Zrt.), says. "Andersen provides independent and synergistic tax and legal services without the inherent conflict associated with an audit practice. Our clients and publicly-traded companies throughout the market welcome the opportunity to work with an independent provider that can provide best-in-class services around the world."
László Kelemen, office managing partner for Andersen Legal in Hungary, added, “Apart from the Big Four, there is no other collaboration of a tax consultancy and a law firm with such closeness and size currently on the Hungarian market. The two firms together comprise 90 employees, including nearly 70 tax and legal professionals, making the partnership a player on par with the biggest companies in the market. The strategy of Andersen is to provide global coverage with the help of its partners, making its high-quality legal services available to their clients anywhere in the world."
According to the press release, the integration of OrienTax and Szabó Kelemen & Partners under the Andersen brand has been in the works for several months.
"With the international background provided by Andersen Global and by taking advantage of the synergies inherent in the collaboration of the three partners, we have every chance to double our market share in the short term," adds Radnai, who was also elected Tax Committee Lead of the American Chamber of Commerce (AmCham Hungary) last year.