GERMANY - Furthering its European expansion drive, Watson Wyatt has announced it will buy German actuarial, benefits and human resource consultancy, Heissmann.
The acquisition, which is due to be signed off in July, will also include Heissmann’s subsidiaries in Ireland, the Netherlands, France and Austria.
Heissmann, which has total annual revenues of more than €50m, was established in 1955 and is headquartered in Wiesbaden. It employs 360 staff, including 300 people in Germany.
John Haley, president and chief executive officer of Watson Wyatt, said: “Heissmann is a perfect fit for Watson Wyatt. Their addition will boost our already strong position in Europe for human capital and financial management consulting, and enhance the service we are able to provide to our clients.”
Heissmann managing director, Boy-Jürgen Andresen, stated the “global consulting strength” of Watson Wyatt would be of benefit to its consultants and clients.
Watson Wyatt currently has offices across 12 European countries: Belgium, France, Germany, Hungary, Ireland, Italy, the Netherlands, Portugal, Spain, Sweden, Switzerland and the United Kingdom.
In February, the firm announced it had acquired its long-time partner in the Netherlands, Watson Wyatt Brans & Co.
Meanwhile, in May, Watson Wyatt Worldwide reported a 15% year on year increase in revenues for the third quarter of fiscal year 2007, topping US$395.6m.
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