PricewaterhouseCoopers (or PwC) is one of the world's largest professional services firms. It was formed in 1998 from a merger between Price Waterhouse and Coopers & Lybrand, both formed in London.PWC History and milestones
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PricewaterhouseCoopers (or PwC) is one of the world's largest professional services firms. It was formed in 1998 from a merger between Price Waterhouse and Coopers & Lybrand, both formed in London.PWC History and milestones
PricewaterhouseCoopers earned aggregated worldwide revenues of $28 billionPricewaterCoopers 2008 revenues rose 10% to $28.2 billion for fiscal 2008, and employed over 146,000 peoplePWC Global Annual Review 2007 Page 39 in 150 countries.
In the United States, where it is the third largest privately owned organization, it operates as PricewaterhouseCoopers LLP.
PricewaterhouseCoopers is a Big Four auditor, alongside KPMG, Ernst & Young and Deloitte Touche Tohmatsu.
History
The firm was created by the merger of two large firms Price Waterhouse and Coopers & Lybrand in 1998. These two firms each had histories dating back to the nineteenth century.
Price Waterhouse
Samuel Lowell Price, an accountant, started his practice in London in 1849. In 1865 Price went into partnership with William Hopkins Holyland and Edwin Waterhouse. Holyland left shortly after to work alone in accountancy and the firm was known from 1874 as Price, Waterhouse & Co. (The '& Co' and comma were dropped from the name much later.) The original partnership agreement, signed by Price, Holyland and Waterhouse could be found in Southwark Towers, one of PwC's important legacy offices (now under demolition) in London.
By the late nineteenth century, Price Waterhouse had gained significant recognition as an accounting firm. As a result of trade between the United Kingdom and the United States of America, Price Waterhouse opened an office in New York in 1890, and the American firm itself soon expanded rapidly. The original British firm opened an office in Liverpool in 1904 and then elsewhere in the United Kingdom and countries abroad, each time establishing a separate partnership in each country: the worldwide practice of PW was therefore a federation of collaborating firms that had grown organically rather than being the result of an international merger.
