Accenture switches headquarters to Ireland from Bermuda
Outsourcing giant follows exodus to Europe
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And finally! Some good economic news for Ireland.
Accenture, the outsourcing and consultancy giant, is switching its headquarters from Bermuda to Ireland.
Accenture is joining an exodus of large multinational companies to Europe as the U.S. government plans to tighten tax rules.
Earlier this month, drug maker Warner Chilcott Ltd. (WCRX) moved to Ireland from Bermuda.
Accenture chairman William Green said: "A member of the European Union, Ireland offers a sophisticated, well-developed corporate, legal and regulatory environment.
"It also has a long history of international investment and long-established commercial relationships, trade agreements and tax treaties with European Union member states, the United States and other countries around the world where Accenture does business."
The move follows the announcement from the Obama administration that it would begin to clamp down on companies trying to avoid taxes through havens such as Bermuda.
Ireland, unlike Bermuda, maintains tax treaties with the U.S., and the country is thus expected to benefit from President Obama's intiative.
Accenture, which currently employs some 1,500 people in Ireland, does not plan to relocate top executives here.
Accenture was first established in Ireland in 1969 and serves a wide range of clients, including the Irish Government.
It employs about 180,000 people worldwide and generated net revenues of US$23.39bn for 2008.
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