PricewaterhouseCoopers
Company History
PricewaterhouseCoopers History: Founding, Growth & Key Milestones
Founded 1849 in London, United Kingdom
When was PricewaterhouseCoopers founded?
PricewaterhouseCoopers was founded in 1849 in London, United Kingdom by Samuel Lowell Price, William Cooper, Edwin Waterhouse and William M. Lybrand, making it 177 years old.
- Founded
- 1849
- Founding place
- London, United Kingdom
- Founders
- Samuel Lowell Price, William Cooper, Edwin Waterhouse and William M. Lybrand
- Headquarters today
- London, United Kingdom
- Milestones documented
- 12 (1849–2025)
- Current CEO
- Mohamed Kande
- Acquisitions
- 4
| Year | Event |
|---|---|
| 1849 | Samuel Lowell Price opens London practice |
| 1854 | William Cooper founds his practice |
| 1865 | Price, Holyland and Waterhouse partnership |
| 1898 | Lybrand, Ross Bros. & Montgomery founded |
| 1957 | Coopers & Lybrand formed |
| 1998 | PricewaterhouseCoopers created |
| 2002 | PwC Consulting sold to IBM |
| 2010 | Brand shortened to PwC |
| 2014 | Booz & Company acquired |
| 2023 | US$1 billion AI investment |
| 2024 | Kande becomes Global Chairman; revenue reaches US$55.4 billion |
| 2025 | Record US$56.9 billion revenue |
- Where was PricewaterhouseCoopers founded?
- PricewaterhouseCoopers was founded in London, United Kingdom in 1849.
- Who founded PricewaterhouseCoopers?
- PricewaterhouseCoopers was founded by Samuel Lowell Price, William Cooper, Edwin Waterhouse and William M. Lybrand.
- When did PricewaterhouseCoopers start?
- PricewaterhouseCoopers was founded in 1849.
- How old is PricewaterhouseCoopers?
- PricewaterhouseCoopers is 177 years old as of 2026.
Founding Story
PwC's roots go back to 1849, when Samuel Lowell Price set up as an accountant in London as Britain's railway and joint-stock company boom created demand for independent auditors. Price partnered with Edwin Waterhouse and William Holyland in 1865, forming what became Price Waterhouse. William Cooper started his own London practice in 1854, later Cooper Brothers. In Philadelphia, William Lybrand and three partners founded Lybrand, Ross Bros. & Montgomery in 1898. Cooper Brothers and Lybrand joined as Coopers & Lybrand in 1957, and the two lineages combined in 1998 as PricewaterhouseCoopers.
Founders
Samuel Lowell Price
Samuel Lowell Price (1821-1887) was an English accountant who opened a practice in London in 1849. In 1865 he went into partnership with Edwin Waterhouse and William Holyland, the firm that became Price Waterhouse & Co. That firm later opened in the US in 1890 and merged with Coopers & Lybrand in 1998 to form PwC. His partners in the practice were William Hopkins Holyland and Edwin Waterhouse. Samuel Lowell Price was born in 1821.
William Cooper
William Cooper founded an accounting practice in London in 1854 that became Cooper Brothers & Co. as his brothers joined. The firm was known for insolvency and audit work, and in 1957 it combined with Lybrand, Ross Bros. & Montgomery and McDonald, Currie and Co to form Coopers & Lybrand, which merged with Price Waterhouse in 1998. William Cooper was born in 1826 in England. Cooper was born in 1826 and died in 1871.
Edwin Waterhouse
Edwin Waterhouse (1841-1917) joined Samuel Lowell Price and William Holyland in 1865 in the partnership that became Price Waterhouse & Co. He became a leading figure in British accountancy and served as president of the Institute of Chartered Accountants in England and Wales. Waterhouse was born on June 4, 1841 and died on September 17, 1917. Edwin Waterhouse was born in 1841.
William M. Lybrand
William M. Lybrand was an American accountant who, in 1898, formed Lybrand, Ross Bros. & Montgomery with brothers Adam A. Ross Jr. and T. Edward Ross and Robert H. Montgomery; the four had trained together at Heins, Lybrand & Co. in Philadelphia. In 1957 the firm, Cooper Brothers & Co (UK) and McDonald, Currie and Co (Canada) came together as Coopers & Lybrand, which merged with Price Waterhouse in 1998 to create PricewaterhouseCoopers. William M. Lybrand was born in 1867.
Key Milestones
Samuel Lowell Price opens London practice
Samuel Lowell Price begins practising as an accountant in London, the root of Price Waterhouse.
Source: cee.pwc.comWilliam Cooper founds his practice
William Cooper opens a London practice that becomes Cooper Brothers & Co.
Source: cee.pwc.comPrice, Holyland and Waterhouse partnership
Edwin Waterhouse joins Price and William Holyland, forming the firm later known as Price Waterhouse & Co.
Source: cee.pwc.comLybrand, Ross Bros. & Montgomery founded
William M. Lybrand, Robert H. Montgomery, Adam A. Ross Jr. and T. Edward Ross form the Philadelphia firm.
Source: cee.pwc.comCoopers & Lybrand formed
Cooper Brothers, Lybrand, Ross Bros. & Montgomery and McDonald, Currie and Co combine as Coopers & Lybrand.
Source: cee.pwc.comPricewaterhouseCoopers created
Price Waterhouse and Coopers & Lybrand merge to form PricewaterhouseCoopers.
Source: cee.pwc.comPwC Consulting sold to IBM
PwC sells its consulting arm to IBM following Enron and the Sarbanes-Oxley Act.
Source: en.wikipedia.orgBrand shortened to PwC
The network adopts PwC as its brand name, keeping PricewaterhouseCoopers as the legal name.
Source: en.wikipedia.orgBooz & Company acquired
PwC acquires Booz & Company and renames it Strategy&.
Source: en.wikipedia.orgUS$1 billion AI investment
PwC US announces a US$1 billion, three-year generative AI investment with Microsoft and OpenAI.
Source: pwc.comKande becomes Global Chairman; revenue reaches US$55.4 billion
Mohamed Kande succeeds Bob Moritz on 1 July 2024. FY2024 gross revenue rises 3.7% in local currency to US$55.4 billion.
Source: pwc.comRecord US$56.9 billion revenue
FY2025 gross revenue reaches US$56.9 billion, up 2.7% in local currency, with 364,000 people in 136 countries.
Source: pwc.comMajor Acquisitions
Booz & Company
2014Added strategy consulting capability under the Strategy& brand.
Diamond Management & Technology Consultants
2010Rebuilt technology and management consulting capability after the earlier IBM sale of PwC Consulting.
PRTM
2011PwC bought the operations consulting firm PRTM in 2011 to enlarge its management consulting practice.
Coopers & Lybrand (Merger)
1998In 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.
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PricewaterhouseCoopers Company History FAQ
What are the major historical milestones in the evolution of PricewaterhouseCoopers?
Key historical milestones include Samuel Lowell Price founding his London practice in 1849, the formation of Price Waterhouse in 1865, the founding of Cooper Brothers in 1854 and Lybrand, Ross Bros. & Montgomery in 1898, the creation of Coopers & Lybrand in 1957, the landmark 1998 merger creating PwC, the 2002 sale of consulting to IBM, the 2014 acquisition of Booz & Company (Strategy&), and the 2024 launch of enterprise AI across global practices.
How did Price Waterhouse expand into the United States during the late 19th century?
In 1890, Price Waterhouse opened its first American office in New York City to monitor large British capital investments in US railroads, steel mills, and breweries, quickly establishing itself as a premier audit firm for corporate giants including United States Steel Corporation.
What role did predecessor firms play during the Great Depression and the creation of the SEC?
Following the Wall Street Crash of 1929 and the passage of the US Securities Acts of 1933 and 1934, Price Waterhouse and Lybrand leaders worked closely with the newly created Securities and Exchange Commission (SEC) to establish standardized, mandatory corporate accounting and audit principles.
How did the 1998 merger between Price Waterhouse and Coopers & Lybrand come together?
In September 1997, Price Waterhouse and Coopers & Lybrand announced plans to merge to achieve global scale and counter increasing consolidation among global clients. The merger received global antitrust approval in 1998, forming PricewaterhouseCoopers as the world's largest professional services network at the time.
How did PwC adapt to the Sarbanes-Oxley Act of 2002?
The Sarbanes-Oxley Act transformed corporate governance by mandating internal control audits (Section 404) and restricting non-audit services for audit clients. PwC adapted by selling its IT consulting business to IBM, elevating audit quality standards, and building dedicated risk assurance practices.
When did the firm adopt the official short brand name 'PwC'?
In September 2010, the network officially unified its global branding under the concise name 'PwC' and introduced a modernized multicolor logo, while retaining PricewaterhouseCoopers as its formal legal and contractual name.
How did PwC respond to the 2020-2022 global pandemic and remote work transformation?
PwC transitioned its 300,000+ global workforce to remote operations within days using secure cloud audit platforms, provided flexible working models, expanded virtual collaboration tools, and advised Fortune 500 clients on supply chain restructuring and crisis cash management.
What is PwC's strategic focus for 2025 and beyond in the era of artificial intelligence?
PwC's current strategic focus centers on scaling generative AI-enabled audit and tax platforms, expanding mandatory sustainability and ESG disclosure assurance, securing enterprise cybersecurity supply chains, and training 364,000+ global professionals in automated data science workflows.
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