EY Acquires Net Balance
Wednesday, 27th August 2014 at 8:22 am
Professional services firm, EY (formerly Ernst & Young) is set to acquire Net Balance, one of Australia's largest sustainability consulting firms.
By the end of September it is intended that the firm will be fully integrated with EY, including relocating staff to EY offices in Melbourne, Sydney and Brisbane.
Net Balance currently has a network of staff across Melbourne, Sydney, Brisbane, Hobart, Perth and London.
Net Balance was founded in 2006 by Terence Jeyaretnam, who said the organisation was looking forward to joining EY.
“The combined EY and Net Balance team will clearly be the largest sustainability service provider in Australia with deep technical expertise and experience. Joining our colleagues at EY is very exciting as it will present both our clients and our staff with significant opportunities especially as we look to expand into new markets and broaden the range of services, projects and initiatives we can offer,” Jeyaretnam said.
EY Asia-Pacific Climate Change and Sustainability Leader Mathew Nelson said the addition of Net Balance, including Jeyaretnam, to EY’s Assurance practice was an exciting development for the firm.
“This will see EY Australia’s national dedicated Climate Change and Sustainability Services team grow to more than 90 people and become Australia’s leading advisors in the areas of sustainability strategy, reporting and assurance, social impact, carbon, energy, health, safety and environment.
“The combined technical and strategic capability of Net Balance and EY teams will provide clients with unique expertise to help them meet their sustainability challenges.
“Net Balance including the research arm will be fully integrated into the EY brand however the Net Balance Foundation will continue. All Net Balance consultants will be offered roles with EY.
“This acquisition will further strengthen EY’s ability to service our clients across all areas of sustainability and climate change, particularly social, supply chain, energy and sustainability advisory services,” Nelson said.
Net Balance has worked with major Australian companies including Woolworths, Telstra, Stockland, World Vision, NAB, AGL, Bunnings, Insurance Australia Group, Commonwealth Bank, EnergyAustralia, Officeworks, Australian Super, Lloyds Banking Group, Leighton Holdings and Transport for NSW.
It is also a founding Australian B Corporation.