European acquisition will enable EY to significantly augment customer driven innovation and digital transformation services
Paris, July 7, 2022 - EY announced today that it has completed the acquisition of Faber novel, a leading provider of consulting services for digital transformation and the creation of innovative services. Its ambition is to become the leader in the convergence of digital and ecological transitions in Europe. This strategic investment of EY complements the previous transactions in Belgium of VODW (a frontrunner in customer-centric thinking and digital solutions), Cognistreamer (innovation management) and Krios Solutions (SAP advice and implementation).
Through this strategic merger, EY and Fabernovel are strengthening their respective positions as leaders in strategic transformation and innovation consulting. Together, they will continue to work with large organizations and start-ups alike to promote more resilient business models that reconcile societal and environmental challenges with economic performance.
"Today we are faced with two unavoidable and complementary transitions: the ecological transition on the one hand and the digital transition on the other. At Fabernovel, our challenge from now on will be to multiply our impact thanks to a more powerful and international EY network. Joining EY means seizing the opportunity to better contribute to a new stage of the European economy while continuing to be inspired by the models of the tech giants that we have relentlessly shared. It also means leveraging 19 years of research and projects to give wider expression to our values, our teams and our brand so that they become major competitive advantages for our customers and our ecosystem" explains Stéphane Distinguin, founder and chairman of Fabernovel.
EY has plans to grow its consulting services, both organically and through continued acquisitions, and has progressed this rapidly already with a particular focus on its client’s digital transformation agenda.
Commenting on the acquisition, Michel Brabants, EY Consulting Leader at EY Belgium says: “This acquisition is another strategic transaction for EY. We’re already achieving considerable organic growth in our Belgian consulting business - it grew more than 10% last year - but we are also committed to looking for opportunities for external growth, especially when we find firms with cutting-edge innovation and a really strong talent pool like Fabernovel. This European acquisition will enable us to significantly augment the services we provide to our clients in terms of customer driven innovation and digital transformation”.