By Fasika Tadesse
HST Consulting Plc, which recently broke its ties with one of the leading global consultancy firms, Deloitte Leadership, has acquired the local firm Encore Employment, Training & Consultancy Services Plc as of October 1, 2017.
"The acquisition came as a bold move to strengthen our advisory and centre of excellence," reads a press release from HST.
Founded in 2006 by Zekrie Negatu, Getachew Zewdie and Hailu Zeleke, professionals from teaching, training and consulting in management, accounting, finance and development areas, Encore was sold to HST after a two-month long negotiation between the two. The management of both companies declined to disclose the transaction amount.
"The demand from the economy pushed us to associate with HST," said Getachew, co-founder of Encore. "The economy is demanding diversified and advanced advisory services, which cannot be fulfilled as Encore."
The total asset of Encore will be transferred to HST, according to Teshome Bekele, lecturer of International Marketing at Addis Abeba University College of Business & Economics. But the transfer is not mandatory for the human resource as it will be done based on the agreement of the two parties.
The directors of Encore will take similar positions within HST, leading in their specialised service areas. Zekrie will be the director of HST's Corporate Finance Function, Getachew will be the director of Strategy & Innovation Function, and Hailu will be director of Research & Industries Development Function.