Annapolis, Md. (Oct. 13, 2003) -- FTI Consulting, a leading provider of litigation support and other services, announced Friday that it was acquiring Ten Eyck Associates as part of its strategy to create a national forensic accounting powerhouse.
Ten Eyck specializes in Securities and Exchange Commission investigations and litigation, SEC accounting and enforcement consulting, accountants malpractice, crisis management and other financial litigation services. It was founded by Ernest Ten Eyck, former Assistant Chief Accountant of the SEC.
Commenting on the acquisition, Jack Dunn, FTI’s chairman and chief executive officer, said, “The combination of our two firms increases FTI’s depth and critical mass in Sarbanes-Oxley and related forensic and investigative consulting services in an expanding market. It also creates valuable synergies that will enable us to leverage our complementary skills and deep professional resources nationwide while enhancing FTI’s national and international regulatory consulting expertise.”
PDI Global president Allan Koltin helped structure the merger, and said the deal tracks a trend in the field since the passage of Sarbanes-Oxley to use non-Big Four firms for forensic accounting matters.
“A new Big Four are being created in forensic accounting,” Koltin said. “FTI, Navigant, Kroll and Huron (the former Andersen team). Within two years, I predict that $300 million to $500 million in fees will have transferred to these firms largely due to the new law and the negative taint towards the Big Four accounting firms.”
-- Tracey Miller-Segarra
