US-based tax services and software company Ryan has agreed to acquire Svalner Atlas Advisors in a deal reportedly valued at approximately $400 million, marking one of the largest tax advisory transactions in recent years and further reshaping the competitive landscape of the professional services sector.
The acquisition significantly strengthens Ryan’s presence across Northern Europe and underlines the growing ambitions of independent advisory firms seeking to challenge the dominance of Deloitte, EY, KPMG and PwC.
A Strategic Expansion Across Europe
Svalner Atlas Advisors was formed in 2024 through the merger of advisory firms in Sweden, Finland and the Netherlands. The firm has quickly established itself as one of the region’s leading independent tax and transaction advisory groups.
The business currently comprises:
- More than 450 professionals;
- 50 partners;
- Over 4,000 clients;
- More than $120 million in annual revenues; and
- Offices in Amsterdam, Copenhagen, Gothenburg, Helsinki, Oslo, Stockholm and Turku.
Following completion of the transaction, expected in the third quarter of 2026, Svalner Atlas’ partners, leadership team and employees will join Ryan.
Why This Deal Matters
The acquisition is not simply another cross-border expansion.
It reflects a broader transformation within the tax advisory market, where independent firms, supported by private equity investment and strategic consolidation, are building platforms capable of competing with the Big Four.
Ryan’s European Growth Strategy
Ryan has rapidly expanded its European operations under the leadership of Tom Shave, the former Head of Tax at Evelyn Partners.
Globally, Ryan generates approximately $1.7 billion in annual revenues and employs more than 7,100 professionals worldwide. The addition of Svalner Atlas further strengthens its position as one of the fastest-growing independent tax advisory businesses.
Taxspoc’s Take
Ryan’s acquisition of Svalner Atlas may prove to be a defining moment in the evolution of the global tax advisory market.
While the Big Four continue to dominate internationally, the emergence of scaled independent challengers offers clients greater choice, broader expertise and increasingly sophisticated cross-border capabilities.
Whether these new entrants can meaningfully disrupt the established order remains to be seen.
However, one thing is becoming increasingly clear: the future of tax advisory is likely to be more competitive, more specialised and more diverse than ever before.