Baker Tilly and outgoing member BDO in Bulgaria announce merger

Baker Tilly and outgoing member firm BDO in Bulgaria announced that they are merging and joining forces to establish a leading professional services provider in the Bulgarian market and beyond.

“The strategic move brings together two esteemed and highly respected organisations known for their commitment to excellence, integrity, and a client-centric approach under the Baker Tilly International network,” Baker Tilly said announcing the news.

The merger, effective from 1 July 2023, represents a significant milestone for both Baker Tilly in Bulgaria and Baker Tilly South East Europe, which is headquartered in Nicosia.

“The merged firm will trade under the name of Baker Tilly, further solidifying their commitment to providing exceptional professional services,” the company said.

With offices in Sofia and Blagoevgrad, the newly combined entity will rank as the seventh largest firm in the local market, boasting a team of over 60 professionals.

Commenting on the merger, Marios A. Klitou, Regional CEO of Baker Tilly South East Europe, said: “This merger brings together two highly regarded firms in the Bulgarian market, allowing us to combine our deep industry knowledge, technical expertise, and client-focused approach. As part of the merger, Baker Tilly will continue to deliver exceptional client service, maintain strong relationships as we continue to prioritise understanding our clients’ unique needs.”

He added, “Baker Tilly will keep investing in our people’s ongoing training and professional development to ensure they are equipped with the knowledge and skills required to serve our clients effectively”.

Klitou said that Baker Tilly South East Europe would continue to add reputable firms to the group, as inorganic growth is a key part of the group’s growth strategy.

Speaking on behalf of BDO, Nedyalko Apostolov said: “We are very pleased to have completed the first-ever merger in the Bulgarian audit market resulting in market consolidation and strengthening of the audit industry in Bulgaria. This is an exciting moment for our clients and people as we bring together two outstanding teams to create a stronger and more diverse organisation.”

Baker Tilly South East Europe, of which Baker Tilly Bulgaria is a member, is a full-service professional services firm offering industry-specialised assurance, tax, and advisory services. With 350 professionals in seven offices throughout South East Europe, including Cyprus, Greece, Romania, Bulgaria, and Moldova, Baker Tilly South East Europe shares expertise to accelerate business growth and embraces change to foster progress for great futures.

Baker Tilly South East Europe is an independent member of Baker Tilly International, one of the world’s leading networks uniting independent companies to provide top-quality professional services in international and regional markets.