In the latest Big Four acquisitions in the consulting sector, Deloitte has acquired substantially all of the assets of LRA Worldwide (LRA), a fast-growing US-based consulting firm specialising in customer experience measurement, and will become part of Deloitte Advisory, the firm’s risk and financial advisory practice
The move strengthen Deloitte’s brand and reputation risk measurement services, and the Pennsylvania-based company will operate under the name, LRA by Deloitte.
The acquisition allows Deloitte Advisory to expand its brand intelligence offering, building on LRA’s brand protection and customer experience measurement solutions, technology-enabled, field-based examinations, and research and analytics.
LRA by Deloitte will focus on its core client base in hospitality and will look to expand the business further targeting healthcare, financial, and consumer and industrial products.
‘We help our clients create value from risk, and to leverage that risk to power performance within a dynamic global economy,’ said Owen Ryan, CEO of Deloitte Advisory. ‘We’ll continue to make critical innovation investments, like that of LRA, to enhance the value Deloitte delivers to our clients.’
The combined value of the top 100 global brands is more than $3 trillion (£1.9trn), according to a recent BrandZ report, and this is an increasingly important area of focus and potential risk for multinationals and businesses.
‘Brand and reputation risk are among the most important risks with which CEOs are grappling. Together with LRA, we can help clients promote a consistent brand and customer experience,’ said Mike Kearney, Deloitte Advisory partner, and strategic risk services leader.
The new acquisition is core to the future development strategy for the business, he added. ‘We will grow our strategic risk services market offering as one of the most significant focuses for Deloitte Advisory and our clients’ businesses.’
The ability to understand the marketplace and gather intelligence on important trends is critical so that organisations can anticipate changes and ensure that they are protecting, preserving, and enhancing their reputations the right way.
Rob Rush, CEO, LRA Worldwide, said: ‘By joining forces with Deloitte, we are strengthening and expanding our ability to serve the broad needs of our clients more completely. LRA clients will greatly benefit from Deloitte’s global reach, services and capabilities.’
In 2013, LRA Worldwide was ranked in the Fortune 500 with annual revenue of $25.7m.
In a recent joint study on reputation risk conducted by Deloitte Touche Tohmatsu and Forbes Insights, reputation is considered the highest impact risk area to business strategy.