Equiteq is pleased to announce that its client, PMsquare has merged its Australian and Asian businesses with Cornerstone Performance Management. The deal was announced on July 11, 2016. Equiteq, a consulting sector M&A specialist, acted as exclusive financial advisor to PMsquare.
Both organizations are IBM Premier Business Partners with a focus on the Business Analytics solution set. However, the primary geographical focus of PMsquare is in Singapore and the Philippines, whereas Cornerstone has traditionally been focused on the Australian market. PMsquare’s Australian operations will be absorbed directly into Cornerstone Australia in the coming months, whilst the Asian region will retain PMsquare’s branding as part of the Cornerstone Group.
The merged Cornerstone and PMsquare business creates a strong regional player in the Asia-Pacific market, delivering budgeting & forecasting, business intelligence and information management solutions. Piers Wilson and Hamish Dwight from Cornerstone will head up the combined operations, while Carsten Brandt and Jason Rankin from PMsquare will implement Cornerstone’s ambitious growth strategy in Asia. In doing so, they will be leveraging PMsquare’s established footprint and reputation in the region, as exemplified by the SBR International Business Award for Consulting that PMsquare Singapore have received for the third consecutive year.
Piers Wilson, Director, Cornerstone Group said: “We are extremely pleased to be joining forces with PMsquare. They have a talented team and combining with them allows us to continue our growth in Australia as well as embark on a more aggressive growth strategy in Asia. Traditionally PMsquare and Cornerstone have concentrated on delivering solutions to different industry segments and regions, so it was a logical step to merge our organizations and take Cornerstone’s solutions to the Asia Pacific market. This dramatically increases Cornerstone’s footprint in the Asia Pacific region and allows us to bring innovative solutions to a broader range of organizations in the region.”
Carsten Brandt added: “Jason and I are very excited to join Cornerstone and continue developing with them an Asian operation with large business opportunities to be delivered from Singapore and the Philippines. I am grateful to Equiteq for the valuable support their APAC team have provided throughout the process, from the preparation phase to the closing of the deal.”
Pierre Briand, Equiteq’s Managing Partner for Australia and New-Zealand commented: “I am delighted to see that since we opened an office in Australia last January, our first deal is a great example of an Australian business having successfully delivered on a growth strategy in Asia. Equiteq APAC is proud to have contributed to this success story for the owners, with more to come through the joining of forces with Cornerstone.”
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