Booz & Company
2014
Why
Added strategy consulting capability under the Strategy& brand.
Impact
Strengthened PwC's ability to compete in senior strategy work.
Outcome
Became a major advisory capability inside PwC.
PricewaterhouseCoopers
Professional services and accountingFounded 1849- HQ today: London, United Kingdom
Reviewed by Swet Parvadiya
Company data updated: October 2026
Acquisitions
PricewaterhouseCoopers Acquisitions
4
Major Deals Covered
What are PricewaterhouseCoopers's biggest acquisitions?
This page covers 4 major deals from 1998 to 2014, each with its price where disclosed and the reason behind it.
- Major deals covered
- 4
- First deal
- 1998
- Most recent
- 2014
| Company | Year | Price | Purpose |
|---|---|---|---|
| Booz & Company | 2014 | Undisclosed | Added strategy consulting capability under the Strategy& brand. |
| Diamond Management & Technology Consultants | 2010 | Undisclosed | Rebuilt technology and management consulting capability after the earlier IBM sale of PwC Consulting. |
| PRTM | 2011 | Undisclosed | PwC bought the operations consulting firm PRTM in 2011 to enlarge its management consulting practice. |
| Coopers & Lybrand (Merger) | 1998 | Undisclosed | In 1998, Price Waterhouse merged with Coopers & Lybrand to form PricewaterhouseCoopers (PwC). Both were established global accounting networks with roots dating back to the mid-19th century in London. |
- What companies has PricewaterhouseCoopers bought?
- Major acquisitions by PricewaterhouseCoopers documented here include Booz & Company (2014), PRTM (2011), Diamond Management & Technology Consultants (2010) and Coopers & Lybrand (Merger) (1998).
- What is PricewaterhouseCoopers's most recent acquisition?
- The most recent PricewaterhouseCoopers acquisition documented here is Booz & Company, in 2014.
PRTM
2011
Why
PwC bought the operations consulting firm PRTM in 2011 to enlarge its management consulting practice.
Impact
PRTM added several hundred consultants in supply chain, operations and product development.
Outcome
Completed in 2011. PRTM was merged into PwC advisory.
Diamond Management & Technology Consultants
2010
Why
Rebuilt technology and management consulting capability after the earlier IBM sale of PwC Consulting.
Impact
Added consulting talent and technology strategy depth.
Outcome
Helped restore PwC's full-service consulting profile.
Coopers & Lybrand (Merger)
1998
Why
In 1998, Price Waterhouse merged with Coopers & Lybrand to form PricewaterhouseCoopers (PwC). Both were established global accounting networks with roots dating back to the mid-19th century in London.
Impact
The merger created the largest professional services firm in the world at the time, significantly expanding their global footprint and scale.
PricewaterhouseCoopers's Growth & Acquisition Strategy
PwC's growth plan centres on AI-enabled services and technology work. PwC US announced a US$1 billion, three-year investment in generative AI in April 2023 and in 2024 became an early enterprise customer and reseller of OpenAI's ChatGPT Enterprise. The network continues to build sustainability assurance, cyber, tax technology and managed services, and uses alliances with Microsoft, Google Cloud, AWS, Salesforce, SAP and Oracle to win implementation work.
How PricewaterhouseCoopers Makes Money
PwC is not one company. Each national firm, such as PricewaterhouseCoopers LLP in the US or the UK firm, is a separate legal entity owned by its partners and licensed to use the PwC name, methodologies and technology by PricewaterhouseCoopers International Limited (PwCIL), a UK company limited by guarantee that does not serve clients itself. Member firms bill clients through three lines of service. Assurance (about US$19.8 billion in FY2025) covers statutory audits and other attestation work that listed and regulated companies must buy every year. Tax and Legal Services (about US$12.7 billion) covers compliance, transfer pricing, cross-border structuring and legal advice. Advisory (about US$24.4 billion) covers consulting, deals, risk, cyber and technology implementation, including the Strategy& unit built from Booz & Company. Fees come from hourly rates, fixed fees and multi-year audit engagements, and profits after costs are shared among each firm's partners.
PricewaterhouseCoopers Acquisitions FAQ
What are the most notable acquisitions and strategic mergers in PwC's history?
PwC's most significant historical transactions include the 1998 mega-merger of Price Waterhouse and Coopers & Lybrand, the 2014 acquisition of top-tier global strategy consulting firm Booz & Company (rebranded as Strategy&), and the 2002 sale of PwC Consulting to IBM for $3.5 billion.
Why did PwC acquire Booz & Company in 2014 and how was it integrated?
PwC acquired Booz & Company in April 2014 to significantly bolster its high-end C-suite strategy capabilities. Due to regulatory agreements, Booz & Company was rebranded as 'Strategy&' and operates as part of PwC's Advisory line of service.
Why did PwC sell its original consulting unit to IBM in 2002?
Following the collapse of Enron and the passage of the Sarbanes-Oxley Act of 2002, severe regulatory restrictions were placed on accounting firms providing IT and systems consulting to audit clients. PwC sold its consulting division to IBM for approximately $3.5 billion in cash and stock to eliminate independence conflicts.
What types of boutique firms does PwC regularly acquire today?
PwC regularly acquires boutique cybersecurity firms, cloud engineering consultancies, digital design studios, ESG analytics platforms, and specialist tax-tech firms across North America, Europe, and Asia to enhance its specialized advisory capabilities.
How does PwC's acquisition strategy differ from pure-play private equity-backed consultancies?
Unlike private equity firms focused on financial leverage and rapid divestiture, PwC member firms acquire practices for capability expansion and talent integration, absorbing acquired partners directly into the member firm partnership and aligning them with long-term client engagements.
What was PwC's acquisition of PRTM Management Consultants in 2011?
In 2011, PwC acquired PRTM, a leading operational and supply chain strategy consulting firm with over 700 professionals, dramatically expanding PwC's operational transformation and product lifecycle consulting footprint across industrial and technology sectors.
How does PwC acquire and integrate AI and data analytics startups?
PwC selectively acquires specialist data science consultancies and AI development studios while forming enterprise-level minority investments and strategic alliances with leading AI software vendors through its corporate venturing and digital innovation funds.
What divestitures has PwC executed to address regulatory and governance concerns?
In 2023, following the government tax leak inquiry in Australia, PwC Australia divested its entire public sector and government consulting business to private equity firm Allegro Funds for $1 AUD, forming Scyne Advisory to separate public and private sector advisory practices.
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