PwC is a professional services firm that with its headquarters locates in London, United Kingdom.
With a network of a large number of firms spread across 157 countries of the world it provides quality services like tax advisory, assurance, financial advisory, consulting, actuarial and legal. It has over 195,000 employees who are committed to help organizations as well as individuals create value by their providing them the advice they need. The industry specialization of these employees enables the company to serve its clients by co-creating solutions with them for the sector of their interest.
PricewaterhouseCoopers came into existence in 1998 when Coopers & Lybrand merged with Price Waterhouse. The Management Consulting Services became the fastest growing and generated a large proportion of the fess of PwC but it was pressurized not to provide some consulting services to its audit clients. These services particularly included financial systems design and implementation. This company audited majority of largest clients of the world its consulting market was adversely affected. The Sarbanes-Oxley Act further widened the gap between auditing services and management services. It was due to these reasons that PwC consulting ceased to be the Management Consulting Services (MCS) division of PwC and started conducting business in its own name. Later in 2000, Omnilogic Systems, the largest SAP consulting partner of Canada was acquired by PwC.
In May, 2002 it was decided that the consulting services of the firm would be separated and would operate as an independent entity. A new CEO was appointed to run the consulting business. The new entity was called ‘Monday’ and also an outside consultancy called Wolff Olins was hired to for creation of a brand image for the same. However, in October 2002 the consulting business of PwC was sold off to IBM Global Business Services.
In 2009 PwC started rebuilding its consulting practice by acquiring a number of firms including Paragon Consulting Group, Diamond Management & Technology Consultants Inc., PRTM, Logan Tod & Co., Ant’s Eye View and BGT Partners. Today PwC has global operations but 40% of its operations are in Europe.