Ernst & Young's acquisition puts SR&ED practice among largest in Canada
11 Jun, 2013, 15:10 ET
Bold move in private middle market strengthens EY grip on booming Prairies market
TORONTO, June 11, 2013 /CNW/ - Ernst & Young is growing its dedicated Scientific Research and Experimental Development (SR&ED) team to one of the largest in the country, by today signing a letter of intent to integrate boutique firm SRED Automation into the EY family.
The SR&ED program encourages Canadian businesses to conduct research and development (R&D) that will lead to new or improved products or processes in Canada. Ernst & Young professionals help clients navigate this powerful program, which helps narrow Canada's innovation and productivity gap, while creating and protecting jobs.
"SRED Automation is a small but mighty firm — developing leading methodologies and processes that maximize results for clients, with a special focus on private companies. We're thrilled to welcome their proven SR&ED knowledge and well-established reputation," says Trent Henry, Ernst & Young's Canadian Chairman and Chief Executive Officer.
Marrying SRED Automation's entrepreneurial spirit and private middle-market reputation with Ernst & Young's bold brand and global reach will raise the bar for exceptional client service delivery. This move will also allow EY to deepen its focus on delivering the unique, holistic services that private companies need, to grow.
"We're proud of our entrepreneurial roots and we're thrilled to join forces with a firm that shares our culture," says SRED Automation Partner Jeff Pickett. "Our experience and passion will help fuel Ernst & Young's SR&ED practice of nearly 100 dedicated professionals as we continue to help businesses of all sizes and sectors access the tax incentives they need to grow their businesses."
When the deal closes officially on 5 July 2013, SRED Automation's team will join Ernst & Young's newest office location in Saskatoon, with one team member joining the Vancouver office. They will integrate into Ernst & Young's existing SR&ED practice, contributing specialized skills in SR&ED claim preparation and advisory services.
"The SR&ED tax credit program helps Canadian companies to stay competitive — here in Canada and around the world," Henry adds. "This move allows us to further our reach, guiding clients and potential clients through these critical processes. It's an important piece of how we're helping to build a better working world now, and down the road."
This transaction comes on the heels of Ernst & Young's deals with Hergott Duval Stack LLP last year — establishing the Saskatoon-based Ernst & Young office — the 2011 deals with RSM Richter in Toronto and Calgary and OME Group Consultants in Toronto, Montreal and Calgary. All of these transactions underpin the firm's growing focus on the middle market — from start-ups to high-growth entrepreneurs to family businesses and private mid-market companies.
About Ernst & Young
Ernst & Young is a global leader in assurance, tax, transaction and advisory services. Worldwide, our 167,000 people are united by our shared values and an unwavering commitment to quality. We make a difference by helping our people, our clients and our wider communities achieve their potential.
For more information, please visit ey.com/ca.
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Ernst & Young refers to the global organization of member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients.
About SRED Automation
SRED Automation is a professional services firm specializing in the Scientific Research and Experimental Development (SR&ED) program. We work with Canadian corporations to help them maximize their SR&ED returns.
The SR&ED program encourages Canadian businesses to conduct research and development (R&D) in Canada that will lead to new or improved products or processes. Claimants can apply for SR&ED investment tax credits to recover a substantial portion of the expenses related to their innovation. These expenses include wages, materials, contracts, equipment and overhead.
SOURCE: Ernst & Young
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