In early June 2024, a new player emerged in the global audit & assurance, tax, advisory, and consulting services market. Two leading professional services, Mazars and FORVIS, created a new global network under the Forvis Mazars Global Limited brand. The combined revenue of the new network amounts to €5 billion, immediately placing it in the top 10 industry leaders. Forvis Mazars can now engage specialists from around the world: the offices of the integrated partnership are present in over 100 countries and uniting 40, 000+ employees.
The company has been operating in Ukraine for 16 years and unites over 120 experts. Forvis Mazars has offices in Kyiv and Lviv. However, the company provides services throughout Ukraine, supporting various clients, from small and medium-sized businesses to the largest multinational corporations. Forvis Mazarsʼ managing partner in Ukraine, Grégoire Dattée, shared with Forbes BrandVoice the impressive capabilities of the new network, the potential for the IT sector in Ukraine, and the company’s contribution to preparing the Ukrainian reconstruction.
Entering the Top 10 Global Network ranking
What does the integration with FORVIS globally bring to Mazars?
This integration hasn’t happened all of a sudden, it is a natural evolution of our ongoing global strategy. When Mazars started 80 years ago, our master plan had been to accompany our clients everywhere. We started with European roots, in France, and have been leading our large international European clients. Subsequently, we recognized our clientsʼ need to be well-present in the USA market and started to develop the company there but not on such a huge scale. To expand our presence in the USA remarkably we applied to FORVIS, number 8 in the American market, and decided on both sides that it could be interesting to go further together. Globally, when we have known each other for 20 years and share the same culture, it has been almost natural to create Forvis Mazarsʼ network. That’s why this solution is the best way to advance our expansion in the USA market quickly and significantly.
Forvis Mazars
Forvis Mazars
Will you have a common customer base, or how do you plan to allocate new clients?
We have different client bases, and it is complementary. If American clients appear to Forvis Mazars, they will be coordinated by Forvis Mazars US in the new organization. If the client is located in any other country, Forvis Mazars Global (operating in the rest of the world) will deal with him further. Globally I donʼt see any problem with the allocation of clients. Our goal is not to compete and to be as big as possible – as the company’s size is not the most important criterion. Our key goal is to accompany our clients everywhere in their development and expansion. Itʼs not about the number of clients – the matter is to lead a well-known client in the concrete industry. For instance, we work with many leading international banks and other financial organizations. We have a very large proportion of Public Interest Entities amongst our clients and Mazars is usually ranked in the top 5 in many European countries. Five years ago, we were the first non-Big Four firm selected by Goldman Sachs to audit all their entities in Europe.
What are the networkʼs key benefits for clients?
Firstly, we are reaching a truly international scale for the Mazars clients, reinforcing our presence in the US. Secondly, we are a network of two members, not of 100+ ones. It is one of the specificities of Forvis Mazars compared to other organizations. It allows us to maintain our core identity, enabling us to stay agile in supporting our clients, including smaller ones. Whatever the size of our clients, we give them more opportunities to accompany them everywhere. Another point is that we combine our industry expertise, as we are now 40, 000 people worldwide. So we can bring more industry expertise to our clients.
The companies – FORVIS and Mazars – have a 20-year history of collaboration and similar cultures. What are your clue values?
At Mazars, we have six values, and these are values that we share globally with FORVIS: integrity, responsibility, independence, technical excellence, diversity & respect, and stewardship. We value entrepreneurship as a spirit of initiative and an entrepreneurial mindset helps us understand our clients. We also consider diversity a way to enrich our knowledge. By looking beyond borders and cultural differences, we uphold respect for the individual and the importance of sharing as the cornerstone of all human relations. Our ability to listen and exchange ideas is a true driver of innovation. Regarding our people, our goal is to develop them so that each generation can pass the baton to the next. We are currently working on the group strategy for the next four years, with a primary focus on people, data, and technology.
Forvis Mazars
Forvis Mazars
Forvis Mazars
About the IT industry in Ukraine
We know that Forvis Mazars serves many IT companies, in 2024, for the first time, the volume of annual IT exports did not grow but fell by 8.5%. The share of IT in total exports also decreased. Is the IT sector still an important industry in Ukraineʼs economic recovery?
On one side, our communication with partners, associations, and authorities shows that the IT industry is adapting and on the way to recovery. There is an incredible perspective area for the Ukrainian IT sector — military tech. Since the full-scale invasion, there has been a boom in military tech resulting in a remarkable number of new players in the IT market. May startups and existing IT companies getting funds from private investors, international donors and several programs initiated by the Ukrainian Government and all these push the Ukrainian IT sector. In recent years, our IT client base in Ukraine increased with the number of companies that decided either to increase or establish a presence in Ukraine.
On the other hand, several issues have significantly impacted the IT market. Many professionals have left Ukraine, and the ongoing threat of mobilization remains a concern. We also have currency control restrictions which don’t help to develop business. However, recently the National Bank introduced some relief – for example, in repaying loans and payment for services. It becomes a good sign for foreign investors.
How should the IT companies attract investors’ interest in the Ukrainian market?
One of the key factors for success for startups and fast-growing IT businesses is to be compliant and transparent. Otherwise, it may be hard to raise funds or attract investors. Thatʼs why in Forvis Mazars we are promoting the Diia City regime from the very beginning. We are helping businesses to prepare and apply for the Diia City resident status and also provide legal, accounting, and audit services to ensure compliance. Recently we delivered another free seminar for Diia City residents and around 100 IT companies participated. We do believe that receiving the status of Diia City residents significantly increases the attractiveness of the IT company to foreign investors.
From your perspective, has the Ukrainian government been doing enough to support the IT sector?
The Ministry of Digital Transformation has done a lot and continues supporting the industry including efforts to reduce tax burden, establishing an attractive legal framework, etc. But again there are a lot of things to do. Let’s turn to military tech. Ukraine has a ban on weapons or military products export now. The idea of such a ban is clear – everything should stay in Ukraine and work for victory. However, if it were possible to sell the products for export to Europe, it would help businesses grow by attracting investorsʼ money and reducing the costs of the Ukrainian government. When we appeal to investors, they may be ready to provide financing but with the possibility to export and trade with the European Union and other friendly countries. That’s why the Ukrainian Government should make balanced decisions allowing the military tech to develop and spread outside of Ukraine.
What could you consider to be great opportunities for the sector?
At the beginning of 2024, we launched in France a startup accelerator. This program aims to give entrepreneurs in the Tech comprehensive multidisciplinary domains to build a successful foundation for business development. The first cohort of startups to participate in the program was focused on women entrepreneurship. For the second cohort, we are considering onboarding Ukrainian startups. We offer an environment to grow to venture capital funding. We share advisors to develop a business plan and propose specialists in marketing, pitching, and promoting. We are not investing money, but we share the knowledge of our 40,000 experts around the world.
Forvis Mazars
Forvis Mazars
Forvis Mazars
About the Ukraine Reconstruction Program
How did you start the Ukraine Reconstruction Program? What pushed you to create it?
During the first year of the war, we focused on urgent needs and worked on charity and humanitarian projects. But rapidly, we started to think about a longer-term recovery of Ukraine. The idea was to bring the maximum of Forvis Mazars’ expertise to play our part in Ukraine’s reconstruction. We created a working group, the members of which were chosen by geographical and sectoral criteria. Today, in this working group we have 10 countries represented by 30 experts from the USA, Germany, France, Poland, UK, etc. They have expertise in industries that are key for Ukraineʼs infrastructure and in services that will be in high demand. The key goal of our group is to communicate about the war in Ukraine abroad. We’ve noticed a gap in perception of the situation in Ukraine. When I go to Paris, I am always surprised when people start asking me basic questions. For example, if we still have a team in Ukraine. And when I answer ʼYes, we have a team that is even bigger now than before the warʼ, they are astonished. I explain to them that we have more than 30 million people living on the territory of Ukraine and they continue to live: eat, work, and highly contribute to fight invaders.
Forvis Mazars
What are the clue points of Reconstruction doing business guide? Is it a kind of instruction for those international clients who want to participate in the reconstruction?
Our communication aims to reduce this gap of perception that I’ve mentioned and attract more foreign investors to support the reconstruction. I see that foreign investors already operating in Ukraine before the full-scale war, stay in Ukraine. On another note, a potential investor with no business experience in Ukraine understands it would probably be interesting to work on the reconstruction but they aren’t yet ready. They have different fears regarding guarantees and corruption, for instance. So, we speak openly about it to clarify and reassure. Thatʼs why we need to communicate. We have a newsletter and the reconstruction business guide to give more understanding. Reconstruction is a complex process involving many stakeholders like authorities, municipalities, private investors, and agencies.
We know Forvis Mazars is supporting the Ukrainian people a lot. What fields do you choose?
We created a humanitarian fund to collect donations and focused on healthcare and education. Thus, we supported – and continue to support — schools and maternity damaged by bombs by providing new computers and other essential supplies. Also, there are a lot of pro bono activities, we assist some non-government organizations with their finance, accounting, and administrative life. We give them not only money but time. We have 120 people working in Ukraine today. They are all encouraged to bring their ideas and initiatives in these areas as well. We support one another to deliver quality, create change, and make an impact so everyone can reach their full potential.
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