Davies, the leading specialist professional services and technology business serving insurance and highly regulated markets, today announced that it has signed a deal to acquire the leading international forensic accounting firm, Matson, Driscoll & Damico (“MDD”).
MDD is one of the largest specialist forensic accounting firms in the world, serving the insurance and legal sectors. MDD specializes in assessing economic damages in relation to insurance claims, business disputes, natural or man-made catastrophes, business interruption, fraud and product recalls, expert litigation support, business valuations and shareholder disputes. Its team of 330+ professionals serve 1,000+ international clients from 40+ office locations across the globe, including North America, Latin America, Europe, Asia, and Australia.
MDD will form a new business line within Davies’ Global Solutions division, establishing a new global forensic accounting capability for the firm. Davies Global Solutions also incorporates the firm’s Consulting, Technology and Insurance Solutions businesses, and is led by CEO, Mark Grocott. Paul McGowan, CEO of MDD, will report directly to Mark and join his Global Solutions executive team.
Paul McGowan, CEO, MDD said: “MDD is excited to join Davies where MDD will remain focused as a business providing objective expert advice serving the litigation, economic, insurance and forensic accounting markets. In Davies, we have found a like-minded business offering expanded professional growth opportunities for our employees, enhanced capabilities to better serve our clients through continued expansion across global markets, investment in technology driven solutions, while maintaining a platform to attract similarly aligned entrepreneurs.”
Over the past 10 years Davies has consistently delivered strong organic growth alongside a program of carefully targeted M&A that has enabled it to grow revenues more than 25-fold over that period. In the last five years Davies has executed a strategy of adding new capabilities, investing in technology & transformation, and adding new geographies for its operations and delivery.
Through the addition of leading forensic accounting expertise through the MDD acquisition, Davies will be able to offer its clients in the insurance, and other highly regulated markets, access to independent and leading forensic accounting solutions across five continents, complementing Davies’ wide range of solutions across the claims, insurance management, consulting, and technology areas.
Dan Saulter, Group CEO, Davies said: “It is very exciting to welcome Paul and the whole MDD team to Davies. MDD has an enviable international reputation for expertise in the field of forensic accounting alongside delivering excellent results for its insurance and wider client base.
“This deal is a further demonstration of our ambition to add new capabilities, invest in pioneering technologies, and in top talent across the world to provide our clients with end-to-end services across the entire insurance lifecycle, with Davies as their strategic partner.”
Following the addition of MDD, Davies boasts 8,000 colleagues operating from 20 countries, including large operational centres in the UK and the U.S. and MDD expands on the growing Asia Pacific presence. The business delivers professional services and technology solutions across the risk and insurance value chain, including excellence in claims, underwriting, distribution, regulation & risk, dispute resolution, customer experience, human capital, digital transformation & change management. Today the group serves more than 1,500 insurance, financial services, public sector, and other highly regulated clients.
Waller Helms Advisors acted as exclusive financial advisor to MDD in connection with this transaction.