PricewaterhouseCoopers (PwC) is set to boost its advisory business by purchasing consulting firm Booz & Co. for an undisclosed price.

By acquiring the smaller firm, PwC expects to bolster its advisory segment, which has grown about 23 percent during its 2013 fiscal year.

The deal is part of PwC’s effort to rebuild its consulting segment in recent years, after having sold a previous version of the business to IBM Corp. (NYSE: IBM) for $3.5 billion in 2002. The firm also expects to use elements of the Booz consulting business to improve auditing operations, namely with enhanced cybersecurity and data analysis.

Booz is expected to be PwC’s biggest deal in recent years. The New York target has reportedly taken steps to review client matters to defend against any scrutiny it may receive from regulatory agencies, with partners dropping any consulting assignments that conflict with existing auditing clients.

PwC, based in London, dates back to the middle of the 19th century, while Booz was founded in 1914 and eventually grew into government consulting business Booz Allen Hamilton. It was eventually spun off prior to the Booz Allen sale to the Carlyle Group LP (Nasdaq: CG) in 2008.

Financial services industry