TFS Gulf 
- The global accounting world is in full-on merger mode right now.
- Several top U.S. firms are teaming up with private equity to fuel their global takeovers.
- RSM, the world’s sixth-largest accounting network, is taking a different path: A self-funded, network-wide merger and aiming to go BIG without outside equity!
RSM US & UK transatlantic partnership
For starters….
- RSM’s US arm has already merged with RSM Canada.
- RSM UK acquired RSM Ireland in 2023.
Now, on October 23, 2025, RSM US and RSM UK officially inked a deal, forming a new US-led transatlantic partnership.
Effective January 1, 2026, the merger is aimed at faster cross-border investment and a unified global push.
The agreement unites 23,000 professionals across the US, the UK, Canada, Ireland, India, and El Salvador.
Important to note…
As per the announcement, India is counted among the jurisdictions in the scope of the new US‑UK partnership initiative, but RSM India does not appear to be formally identified (in the publicly available material) as having joined the central governance structure in the same way as RSM US, UK, Canada and Ireland.
In other words:
- RSM India whether it has “opted in” to the transatlantic governance structure (partner pay, profit sharing, unified leadership) is not clearly stated.
So what to expect?
Codenamed Project Bamboo (As per Economic Times) for being “fast-growing, flexible and resilient”, the partnership will bring together:
- RSM US: $4 billion in revenue, 17,000 employees (RSM Canada: $360–400 million)
- RSM UK: £600 million in revenue, 5,400 staff
Together, they will represent nearly half of RSM International’s $10 billion global revenue.
They have made it clear that it is not a full financial merger: Each member firm (US, UK, Canada, Ireland) remains legally independent.
But yes, there is shared governance:
- Brian Becker (RSM US CEO) is taking the helm as global chief of the new trans‑Atlantic partnership
- Joint leadership board oversees partner pay, profit sharing, and investment strategy
Also read: GT US buying sister firms France, Spain, Belgium…All eyes on GT Bharat?
RSM Network vs Transatlantic Partnership
RSM Network (the “normal” network)
- Every member firm is independent, but uses the RSM brand, and follows some minimum global standards.
- Benefits are mostly support and credibility: sharing best practices, methodology, and referral networks.
- No real binding commitments on pay, profit sharing, or cross-border investment.
- Example: RSM India, RSM UK, RSM US are all part of this network, but they mostly operate on their own.
Project Bamboo / Transatlantic Partnership
This is way beyond normal network membership. It’s like a “super alliance” inside the network.
Key differences:
- Decisions on partner pay, profit sharing, and investment strategy are centralised across member firms in the partnership. (Governance is shared)
- If the US wants to launch a tech or advisory platform in Europe, the UK and Canada are already on the same page. They’re sharing resources, capital, and investment plans.
- Firms operate almost like one entity for cross-border clients, making it faster to deliver global services.
Think of it this way:
- Network = club membership → you get access to logos, brand, and support.
- Project Bamboo = a small coalition within the club → you share strategy, profits, investments, and leadership, and operate more like a mini-global firm.
RSM’s European acquisitions
In 2024, several RSM firms also pulled off five strategic acquisitions across Europe.
RSM Austria merged with Moore Interaudit Salzburg, forming a leading force in auditing mid-sized and international owner-managed companies.
RSM Denmark acquired J H Revision, creating a combined business with US$28 million in billings, 245 professionals, and 14 offices. This significantly enhanced RSM’s presence in Greater Copenhagen.
RSM France completed two back-to-back acquisitions:
- CAP 21 in Grand Est added a third office to RSM France’s network. The move strengthens its regional presence and brings in a 17-member team of experts to enhance services in wealth management, management consulting, and CSR advisory.
- Sadex in Rhône-Alpes marked RSM’s fifth office in the region and underscores its commitment to helping mid-market businesses scale and grow. The deal also boosted RSM’s Rhône-Alpes headcount to 300 professionals.
RSM Spain acquired Lébeq, a specialist law firm, marking RSM’s entry into Andalusia. This added a new Sevilla office to its growing national network.
FYI: RSM International’s European revenue hit $1.9 billion in FY 2024.
Wrapping up…
Rivals Grant Thornton, KPMG (Through Project Himalaya), and BDO are already integrating member firms across markets.
Most of them are taking PE money to accelerate growth.
But looks like RSM paused and said, “Let’s bring a network-first approach, combining scale and capital without selling equity.”
The new structure is open to other RSM member firms worldwide, providing an alternative to private equity.
“A lot of firms need the capital to build consulting and advisory services,” “We have the capital together to do all the investments that we need,” said Becker.
His UK counterpart, Rob Donaldson, added, “We don’t want them to think this is a closed arrangement. The door is open.”
FAQs
Q: What is RSM India?
RSM India (comprising RSM Astute Consulting Group and its affiliates) is ranked among India’s leading tax, accounting, and consulting firms.
It operates across 14 major cities with a multidisciplinary team of over 3,000 professionals and offers strong international delivery capabilities.
Q: Which accounting firms have taken private equity?
Industry reports suggest 10 of the top 30 U.S. CPA firms now have PE backing (CFO Brew).
- In 2024, Grant Thornton US sold a 60% stake in its non-audit business to New Mountain Capital, marking one of the largest PE transactions in the U.S. accounting space.
- Baker Tilly US accepted a major investment from Hellman & Friedman and Valeas Capital Partners, fueling its nationwide expansion.
- Cooper Parry (UK) secured a majority investment from Lee Equity Partners, becoming one of the first UK accountancy firms to take the PE route.
Q: Are accounting firms considering merging with or acquiring other firms?
Absolutely! Consolidation is the hottest trend, especially among mid-tier players.
- In April, 2025, Baker Tilly and Moss Adams (U.S.) announced a blockbuster merger, creating a firm with 11,500 employees and a top-10 U.S. ranking (Business Insider).
- Several “roll-up” models are emerging, where smaller firms merge under one PE-backed platform. Example: 13 firms joined to form Sorren, a 1,000-person multi-location network (CFO Brew).
- Grant Thornton US has been on an acquisition spree lately, buying up sister firms: Grant Thornton Ireland, GT UAE, GT Luxembourg, GT Netherlands, GT Cayman Islands, GT Switzerland, Liechtenstein (220 professionals), GT Channel Islands (300 professionals).
