“Through our growing global network of strategic partners and investments, we’re providing clients with access to the newest areas of social media, mobile, cloud, cyber and analytics advisory services,” said Ian Hancock, Head of KPMG’s Management Consulting practice in Australia.
“There’s been a real rise in demand from clients asking for advice and services to understand, mitigate and manage social media risk. SR7 is a pioneer in its field in Australia. Its suite of social media research, auditing, monitoring and advisory services is a seamless extension of KPMG’s offerings,” he added.
SR7 provides social media intelligence services to blue chip listed companies, government departments, multinationals and institutions.
Following a successful strategic alliance between the two organisations formed in June 2012, KPMG has moved to purchase the SR7 business. Its specialist team of analysts will join KPMG on 3 March 2014. Commercial terms were not disclosed.
“SR7 has been at the forefront of social media research and risk management since 2008. We are unique in that our core focus since inception has been the management of social media risk and strategy as opposed to social media marketing. By combining valuable metrics and analyst-driven solutions, we provide ‘actionable intelligence’ to clients - not just more data,” said SR7 co-founder, Greg Daniel. “Being part of KPMG marks a milestone in SR7’s growth evolution and reflects the profound impact social media is having on organisations.”
Social media is firmly on the agenda of the boards and management of Australia’s listed companies. More recently, the legal consequences of not managing social media risks appropriately have intensified; advertising standards have been impacted; and there has been increased scrutiny of listed companies’ social media practices in relation to continuous disclosure requirements.
The opportunity presented by social media for corporates continues to rapidly evolve. Managing the variety of risks associated with social media - ranging from reputational to compliance, regulatory to operational risks – has seen social media become serious business.
KPMG has been actively expanding its alliances with emerging digital companies around the world, recently announcing relationships with businesses such as cloud-based spending company, Coupa.
Last month, KPMG in the UK announced a strategic partnership with the Chelsea Apps Factory, one of the UK’s leading technology firms specialising in the design and production of Mobile Enterprise Apps. The deal saw KPMG UK take an initial 10 percent equity stake in the business.