Big Four accountancy firm EY is finalising the combination of its two high-profile acquisitions, Riverview Law and Pangea3, into one managed services business under the EY Law brand.
The rebranding means that both Riverview and Pangea3, acquired over the last year, will be absorbed into EY Law’s global managed services delivery, while also keeping an onshore presence through Riverview’s office in Wirral.
Riverview chief executive Chris Price will take charge of the combined businesses as head of co-sourcing, with the unit being set up in 2018 as a means to assist global corporations in changing their operating models. The unit’s director, Rob Dinning, has been made associate partner, and will now collaborate with Price on the service’s management. Riverview founder Karl Chapman will remain in place as strategic adviser. The reorganisation will likely be followed by hires, as the firm looks to bulk up its managed services products globally.
Riverview was acquired by EY in August 2018, in a deal which saw global law giant DLA Piper offload its stake in the business, having previously owned 21% in its parent company LawVest. Though the financial details of the deal were not disclosed, Riverview’s revenue was believed to have risen to more than £10m at the time of the acquisition.
Managed services business Pangea3, meanwhile, was bought from technology giant Thomson Reuters in a deal completed in June. Thomson Reuters took the decision to sell after struggling to create synergy between Pangea3 and its primary business, while also fearing law firm customers would begin to see the company as a competitor.
The restructuring of the two businesses comes as EY reportedly struggled to fully integrate Riverview into the wider firm, while the integration of Pangea3 was proving equally complex.