A new black giant, SekelaXabiso, has entered the centre of South Africa’s auditing industry following a merger of two medium sized firms.
SikelaXabiso comes out of a merger between Sekela Consulting and Xabiso Chartered Accountants and claims the sixth spot in the rankings of South Africa’s largest auditing and advisory firms. The development follows shortly after another black giant, SizweNtsalubaGobodo, emerged also from a merger to claim the fifth spot.
The formation of SikelaXabiso will be celebrated by Black Economic Empowerment (BEE) pundits as it comes to challenge the domination of the market by the big four firms, Ernst & Young, KPMG, Deloitte and PricewaterhouseCoopers.
“This merger is the culmination of black-owned firms in the financial services sector, ready and able to compete with the big 5 firms,” said Abel Dlamini who is assuming the position of executive chairman in the merged entity. “The expertise and skills combined from these two companies will ensure that SekelaXabiso is able to offer a wide range of products and services to its current and future clients”.
SikelaXabiso will also feature Lindani Dhlamini, the founder of Xabiso Chartered Accountants, as CEO.
The two firms have individually experienced steady growth that has been predominantly organic in less than a decade. They have also attracted committed high quality professionals to the companies and invested in their training and development.
The firms said the merger was driven by the desire to extend services beyond the niche markets that each company traditionally serviced. The merger will broaden the customer base and introduce new and relevant products and service offerings under one entity.
The firms said the birth of SelekaXabiso also means proficient capacity to execute larger assignments and providing a much wider professional service offering in the following:
- Internal Audit
- Information Technology Audit
- Forensic Services-
- Business Consulting
- External Audit Services
The merger will become effective on September 1 and will boast a staff complement of over 277 employees, with a footprint in Johannesburg, Centurion, Durban, Mafikeng and Nelspruit.