denkstatt and EY join forces to become one of the industry's largest ESG and sustainability services companies

• denkstatt becomes part of the EY network in Austria, Bulgaria, Romania, Hungary and Slovakia and will be known on the market under the EY denkstatt brand in the future 
• EY denkstatt will provide comprehensive solutions on ESG and sustainability issues

Sofia, April 23, 2024. EY and denkstatt are joining forces to become one of the largest consulting and auditing firms in the field of ESG and sustainability in Bulgaria. The Austrian group, of which the Bulgarian office is a part, becomes part of the EY network in Austria, Bulgaria, Romania, Hungary, and Slovakia, with a total of 170 employees, and will operate under the EY denkstatt brand.

The professionals from denkstatt will complement the existing expertise and services of EY in every aspect of ESG: audit, tax and legal, strategy and transactions. EY denkstatt will also contribute to expanding EY's existing offerings in every aspect related to sustainability - from preparing or auditing ESG reports to transforming entire business models, creating sustainability strategies, technical expertise on regulatory issues, "green taxes", and others. 

Work teams will be multidisciplinary and will be formed according to the specific needs of the client, providing personalized services and solutions. They will range from tax, legal, business and audit consultants, to environmental and resource management experts, climate modeling, corporate carbon footprint management, ESG reporting and biodiversity conservation.

Nikolay Garnev - EY Bulgaria Country Managing Partner and South cluster leader, Boyan Rashev - EY denkstatt Partner, Milka Natcheva-Ivanova - EY Bulgaria Partner and Assurance Leader, Klimentina Rasheva - EY denkstatt Partner (from left to right)

"By joining a leading consulting company on sustainability issues, we are expanding our consulting portfolio and significantly upgrading our competence and capacity in the field of sustainability services," commented Nikolay Garnev, EY Bulgaria Country Managing Partner and South Cluster Leader.

"Our common goal is to contribute as much as possible to the sustainable development of companies, and thus to the society as a whole. In this configuration, we can address the problems of our clients individually and help them in every respect by providing comprehensive and specialized sustainability solutions for each industry. Together, we create an even stronger positive effect and added value for our clients, employees and the economy as a whole, which is in harmony with our goal at EY to build a better working world." Garnev added.

denkstatt Group was founded in Vienna in 1993 and since then has become one of the leading sustainability consulting companies on the Austrian and European markets with around 170 employees and offices in five countries. With more than 30 years of experience, denkstatt offers a comprehensive range of services on sustainability topics, including CSRD and European taxonomy consultancy, sustainability assessments, circular economy and sustainable finance, as well as comprehensive climate and ESG strategies. In Bulgaria, denkstatt began operating in 2007 and quickly established itself as a leading consultant in the field of ESG. Its joining the EY network creates important synergy which will fully support and provide valuable guidance to businesses and society on all sustainability-related issues and challenges of the day.

"We are not afraid to look far and wide. Together with EY, we are expecting a larger scale of business using our knowledge and skills globally. We want EY denkstatt to support its clients - both companies and institutions - so that the path to a green future makes them stronger and more successful," commented Boyan Rashev, Partner, EY denkstatt.

"The acquisition of denkstatt is a compliment to us. We started with two people and created the niche for corporate sustainability services in Bulgaria. Today, we have a team comparable to far more developed European countries, and we are confident enough to measure ourselves against global companies. We believe that the combination of international presence and EY's experience will allow us to develop this capital," shares Klimentina Rasheva, Partner, EY denkstatt.

EY has been providing sustainability services for almost 20 years and in 2021 the portfolio of sustainability services has been significantly expanded with additional services such as strategy, tax, mergers and acquisitions, subsidies, as well as implementation of the European Taxonomy, CSRD or CSDDD regulations . All of these EY and denkstatt services will now be combined under the umbrella of EY Sustainability.