TFS Gulf 
- Ryan, the PE-backed US tax giant, will acquire a majority stake in Dhruva Advisors, forming a “joint venture” in India.
- Dhruva has 38 Partners and 500+ professionals, including 130+ in the Middle East.
- The JV now supercharges Ryan’s presence in some of the world’s fastest-growing markets – Asia & Middle East.
- Hold on, this is not your typical acquisition where the seller cashes out entirely.
First, who are Ryan & Dhruva?
Ryan is the world’s largest firm dedicated exclusively to “business taxes”, headquartered in Texas.
With 5,900 professionals advising 77,000 clients worldwide, the firm generated a remarkable $1.24 billion in revenue in 2024.
Yes, Ryan is backed by private equity:
- October 2018, Onex Partners bought a 42% stake in Ryan for $317M (Valuation $1.1Bn)
- May 2022, Ares Management acquired a minority stake (Valuation $2.5Bn)
Dhruva was founded in 2014 by tax veteran KPMG India (Deputy CEO), PwC (Head of Tax & Regulatory), and RSM & Co. (Deputy CEO)…Dinesh Kanabar.
- 11 offices across India, Singapore, and the Middle East.
- 38 partners and 500+ professionals (130+ in the Middle East).
- FY24 revenue: ₹217 crore ($26M).
- Serves clients in aerospace, automotive, finance, healthcare, tech, and more.
Also read: GT US buying sister firms France, Spain, Belgium…All eyes on GT Bharat?
Inside Ryan–Dhruva deal
As announced by Ryan and Dhruva Advisors in their press release:
- Ryan will acquire a majority stake in Dhruva Advisors, forming a “joint venture” in India (Technically, Ryan is buying a majority stake in Dhruva Advisors, but it’s still being called a joint venture because of (possibly) how the deal could be structured.)
- Ryan executives join Dhruva’s board, and Dinesh Kanabar becomes Vice Chairman at Ryan while staying CEO & Chairman of Dhruva. (Shared governance)
- Dhruva Partners takes equity in Ryan (By taking a stake in Ryan, Dhruva Partners remains invested in the combined entity’s growth).
- Dhruva continues running its India, Middle East, and Singapore offices (Retaining its Brand name, identity, and management).
How big is the deal?
Financial details weren’t fully disclosed, but Ryan is acquiring a majority stake while Dhruva partners retain an equity interest, ensuring shared growth.
Deal didn’t happen overnight
As Dinesh Kanabar mentioned in a conversation with Shireen Bhan on CNBC-TV18:
“Our discussions with Ryan have been ongoing for the last couple of years, during which we worked to align our culture, values, processes, and systems.
It just so happens that this is the time when everything has come to fruition.”
Why Dhruva took the leap
Dhruva has grown strongly in India and the UAE, recently expanding into Saudi Arabia. It also has a footprint in Singapore!
But Dinesh Kanabar wanted to give Dhruva’s Indian clients a global reach while maintaining a strong regional presence.
As he told CNBC-TV18: “We found Ryan to be a global leader in tax services, probably the world’s largest tax-only firm. Brint has been growing it for 34 years, with a strong presence in the USA, Canada, and the UK, now expanding into Europe, but with little presence in India, the Middle East, and Singapore.”
Why it matters for Ryan
Ryan values India as a critical delivery market and sees the partnership as a way to serve clients globally.
And it already has a delivery centre in India with about 1,600 people and a long-standing presence in Hyderabad for over 20 years.
As Ryan told CNBC-TV18, “It was looking for a partner to serve clients across India, the Middle East, and Singapore, and Dhruva fit the bill perfectly.
The JV is structured so Ryan can consolidate results in India, while both sides benefit from each other’s networks and global technology platforms.”
Also read: Quit PwC Dubai to join boutique tax firm. Bet pays off – Dhruva winning in Middle East
Wrapping up…
Tax is a fast-growing, complex global industry (5–7% annual growth).
For the tax world, this might be one of the most significant international tie-ups of 2025.
And for Dinesh Kanabar, who founded Dhruva well into his 50s, after decades in Big 4 boardrooms….This marks a remarkable milestone, proof that it’s never too late to build something with reach and impact.
