Former Deloitte Consulting Partners Form Consulting Practice
In the aftermath of the Sarbanes-Oxley Act of 2002, most of the nation’s largest accounting firms broke ties with their consulting practices. After Deloitte Touche Tohmatsu scrapped plans to spin off its consulting practice and rename it Braxton, a group of former Deloitte Consulting employees formed their own company, Archstone Consulting.
Archstone was formed in June but just officially hung out its shingle on Tuesday.
Based in Stamford, CT, Archstone has about 60 professional employees, half of whom once worked for Deloitte Consulting. Archstone is led by chief executive Todd Lavieri, former global lead partner of Deloitte Consulting's manufacturing practice. He left Deloitte in June after 13 years with the firm, he told Dow Jones Newswires, adding that the majority of Archstone’s senior partners were former Deloitte employees.
The firm plans to focus on customers in the manufacturing, consumer packaged goods, life sciences and business and consumer services sectors.
Archstone will also provide services to customers who are hesitant to purchase new IT systems by helping them retool existing systems to optimize performance. "There's an opportunity in this market where clients are frustrated because they don't need large-scale integration projects," Lavieri told Dow Jones. "They just need to optimize projects they've already started."
According to Dow Jones, Archstone has received private-equity backing from Lake Capital, a firm with offices in Chicago and London. Deloitte Consulting is being absorbed back into its parent firm.