Unrivalled Success – Still the World’s #1 Alliance
We are pleased to announce that Praxity has maintained its position as the number one alliance in the world.
According to the results of the most recent IAB World Survey, Praxity is still the number one alliance in the world by total revenue. Representing the combined incomes of Praxity’s member firms in more than 120 countries, revenues grew for every region of the world and across every service line. Membership of the Alliance allows its 71,000 professionals to share their know-how and expertise, to better serve their clients and identify new business opportunities.
When looking at the overall results from the IAB featuring networks and alliances combined, Praxity remains in 6th place behind only the Big 4 accountancy firms and BDO, representing consistency and commitment to excellence.
Highlights of 2022’s results include:
- Another year of double-digit growth at 11.7%
- Fee income increased from $7.94bn to $8.77bn
- Strong growth across all service lines
- Increased revenues in all regions
- 6,000 new professionals around the world
Every Service Line Expanding
Audit and accountancy continued to be by far the biggest income generator for Praxity’s member firms. Generating revenues of $4.4bn, a 6% rise on the previous year, the service line represented just over half of the Alliance’s total $8.77bn revenues for the year. Tax revenues also saw healthy growth, up 12% to $2.2bn, while other revenues totalled $33m.
Advisory services saw the strongest rise in revenues – growing by 29% to $1.8bn – and Praxity’s innovative new Mergers & Acquisitions (M&A) Hub will support this service line going forward. The bespoke platform makes essential details of potential disposals and acquisitions, in varied sectors and geographies around the world, easily accessible to members.
The results represent a second consecutive year of double-digit growth for the Alliance, building upon last year’s high of $7.94bn. The further improvement in the latest figures demonstrate member firms’ success in navigating the uncertainties around the global economic outlook and adapting to the continuing challenges as working practices evolve.
Praxity’s CEO Samantha Louis welcomed the results, commenting: “2022 saw some really strong organic growth by region and by service line. It was a great year for the Alliance and in 2023 we are going to see a lot of that work come to fruition.”
The strength of the alliance provides all members with opportunity, collaboration and professional support at the highest level, with Sam adding “This confirms that our strategic pillar Reach is working well for member firms and ensures they have access to the right skills at the right time in the right place.”
Remaining at the Vanguard
The combined effort of our member firms puts the Praxity Alliance firmly at the forefront of the industry, giving each of our independent members access to outstanding networking and expertise across borders. The next 12 months will bring more forward motion to the whole Alliance, with our Global Leadership Conference an opportunity for member firms to share and leverage each other’s knowledge and experience.