KPMG Australia acquires social media company

KPMG Australia has acquired Australian social media intelligence company SR7.

The two organisations originally formed a strategic alliance in June 2012 to help clients understand their social media footprint, develop social media strategies and manage their reputational risk.

According to KPMG, the legal risks of not managing social media appropriately have intensified for Australia's listed companies.

While there are risks associated with social media, Ian Hancock, head of KPMG's management consulting practice in Australia said "there's been a real rise in demand from clients asking for advice and services to understand, mitigate and manage social media risk."

As part of the deal, SR7 analysts will join KPMG on 3 March 2014. Commercial terms were not disclosed.