Rea & Associates Merges in Jones Battles Group

New Philadelphia, Ohio-based Rea & Associates, an IPA 100 firm, has acquired Jones Battles Group of Concord, Ohio.

The three employees of Jones Battles – Curtis Jones, Chris Bartlett and Pat Reno – will work out of Rea & Associates’ Mentor, Ohio, office, with Jones serving as an executive principal, Bartlett as a manager and Reno as a client service specialist.

“This merger supports Rea’s strategic growth plan and Jones Battles’ succession plan,” says Rea & Associates CEO Don McIntosh. “Combining our firms will better position us to provide accounting, auditing, tax and business consulting services in northeast Ohio and beyond.”

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MNP Acquires Applied Data Company T4G

In a move to bolster its digital transformation services, Calgary, Alberta-based MNP has acquired applied data services company T4G, which operates four offices across Canada.

Founded in 1996 by David Posluns and Geoff Flood – both of whom will join MNP as part of the acquisition – T4G helps businesses to collect, organize and use their data to drive growth, gain competitive advantage and increase market share. The company’s solutions focus largely on the areas of business intelligence and analytics, artificial intelligence (AI) and machine learning, modern data engineering and developing intelligent applications and AI tools that businesses can use to automate tasks, empower employees and engage with their customers.

“Business goals remain broadly the same from one decade to the next – companies are always looking for ways to operate more efficiently, engage effectively with customers and to continue to grow – but the tools available to support their journey are changing rapidly,” says Tanya Knight, executive vice president for MNP’s clients and services. “The strategic acquisition of T4G reflects our commitment to always look for new ways, including the use of new technologies, to help our clients reach their full potential.”

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BKD Merges in CampbellWilson

Springfield, Mo.-based BKD LLP (FY18 net revenue of $662.9 million) will acquire health care regulatory consulting firm CampbellWilson of Dallas effective June 1.

BKD will expand its health care practice by taking on CampbellWilson’s proprietary physician time study system, which assists hospitals in capturing reimbursable expenses on Medicare and Medicaid cost reports. BKD will also welcome CampbellWilson’s 10 staff members to its team in Dallas-Fort Worth.

“With the addition of CampbellWilson, BKD will strengthen what’s already one of the largest health care consulting teams in Texas,” says Chris Clark, BKD’s health care industry leader for the couth region. “We’re especially excited about launching the time study system with our clients firmwide, giving us another chance to provide unmatched client service.”

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Right Networks Acquires Rootworks

Cloud-based technology solutions provider Right Networks has acquired firm-improvement organization Rootworks.

Rootworks will continue to operate as an independent line of business within Right Networks, giving the latter’s accounting firm customers the option of subscribing to Rootworks’ Modern Firm® suite of front-office tools and resources for management, organization and execution.

“In an era marked by profound change and a new normal, the accounting profession needs focused, dedicated guidance and support now more than ever, so this merger could not have been better timed,” says Darren Root, the co-founder of Rootworks, who will stay on to serve as Rootworks GM and Right Networks VP of Market Strategy. “Firms will greatly benefit from the combined strengths of both companies, including Right Networks’ unparalleled expertise in cloud-enabled technology solutions and Rootworks’ deep insight into firm operations and proven track record with targeted education and coaching – not to mention the proven leadership across both companies.”

“Firms need the business context, the ‘why and how,’ in order to adapt and move forward,” adds Joel Hughes, CEO of Right Networks. “Rootworks has pioneered and perfected a repeatable business model for The Modern Firm, supported by education and dedicated coaching via a technology platform and peer community that fosters success. Firms owners need help. Right Networks with Rootworks can deliver the level of help they require.”

EisnerAmper Merges in Compensation Resources

New York-based EisnerAmper (FY19 net revenue of $380.6 million) has acquired consulting firm Compensation Resources Inc. (CRI) of Upper Saddle River, N.J.

Founded in 1989, CRI provides compensation consulting services including executive compensation, base pay administration, sales compensation, performance management, board advisory services and litigation support.

“As companies continue to face complex organizational changes and human capital challenges, combining with CRI represents a strategic move that bolsters EisnerAmper’s consulting group and provides yet another value-added service that clients eagerly seek,” says EisnerAmper Vice Chair of Services Christopher Loiacono.

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Rea & Associates to Merge in Jones Battles Group, Dyer Roche & Company

New Philadelphia, Ohio-based Rea & Associates (FY18 net revenue of $50.4 million) will acquire two nearby firms in 2020, merging in Jones Battles Group of Concord, Ohio, on June 1 and Wooster, Ohio-based Dyer Roche & Company on Nov. 1.

The new additions will help Rea expand its accounting and consulting services in the manufacturing, construction and real estate, dental, not-for-profit, health care and government industries.

“These upcoming mergers support Rea’s strategic growth plan and the respective firms’ succession plans,” says Rea CEO Don McIntosh. “Combining our firms will better position us to provide accounting, auditing, tax and business consulting services throughout Ohio and beyond.”

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Wipfli Merges in Tidestone Solutions

Milwaukee-based Wipfli (FY19 net revenue of $362.5 million) has acquired consulting firm Tidestone Solutions of Portland, Maine, effective April 16.

Since its founding in 1995, Tidestone Solutions has focused largely on Microsoft Dynamics software implementations, and in 2014 launched Your Cloud™ for Microsoft Dynamics GP, an Azure-based cloud alternative for companies operating Microsoft Dynamics GP on in-house hardware servers.

“In today’s marketplace, technology consulting, along with the insights and data provided by exceptional software platforms, are helping to enhance business performance,” says Kurt Gresens, MP at Wipfli. “The exceptional skills and service offerings that Tidestone Solutions brings to Wipfli will accentuate the firm’s ability to continue to support our large client base of Microsoft Dynamics clients.”

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Blucora Adjusts Agreement to Acquire HK Financial Services

Blucora, an Irving, Texas, wealth management provider focusing on tax strategies, has amended its agreement to acquire the registered investment advisor HK Financial Services (HKFS).

The original purchase price, announced in February, was for $160 million in stock. The amendment, agreed upon by both parties, lowers the price to $100 million in light of current economic conditions.

The agreement also includes a financing contingency and a new target to close the deal by Oct. 1. The closing can be extended upon mutual agreement, as well as the potential for performance-based earn-out payments over time, should the asset targets from the original agreement be achieved.

“We continue to believe that the acquisition of HKFS will bring significant short and long-term strategic value to our advisors, end-customers and stockholders and given the current market environment we felt it was appropriate to undertake a detailed review of the transaction terms and timing,” Chris Walters, president and CEO of Blucora, says in a statement. “At a time of dynamic change and uncertainty, we believe that the addition of HKFS to our business will allow us to deliver even more compelling solutions and choices.”

HKFS ended the first quarter with approximately $4.1 billion in total client assets. More details can be found on Form 8-K filed by the company with the SEC.

Cherry Bekaert Acquires Tax Advantage Group

Richmond, Va.-based Cherry Bekaert (FY19 net revenue of $219.7 million) has announced the acquisition of the Tax Advantage Group (TAG) of Greenville, S.C. The consulting firm specializes in New Markets Tax Credit (NMTC) services.

TAG will now operate as Tax Advantage Group by Cherry Bekaert. Six professionals will join Cherry Bekaert’s credits and incentives practice.

TAG has secured over $1.7 billion in NMTC funding. TAG also offers compliance and asset management services through a series of proprietary processes. TAG professionals work with NMTC allocation applications, NMTC placement and deployment, and NMTC compliance and asset management services.

“The addition of TAG aligns with the firm’s strategic growth vision to enhance our value-added specialty tax offerings,” says CEO and MP Michelle Thompson. “TAG has a long track record of creating a substantial economic impact and making a difference for those that live and work in communities across the U.S.”

Tammy Propst, founder of TAG and now managing director with Tax Advantage Group by Cherry Bekaert, says, “This combination provides the opportunity to expand the economic impact we can have on the communities we care about.”

Cherry Bekaert says TAG has structured and facilitated NMTC investments that have created more than 14,500 direct jobs, served more than 489,000 clients, and helped create over 7.1 million square feet of new and improved commercial and industrial real estate.

Tax Advantage Group by Cherry Bekaert will operate from the firm’s Greenville office.

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MNP Merges in White + Abbott, Winsor Coombs

Calgary, Alberta-based MNP has acquired White + Abbott and Winsor Coombs, both located in the area of St. John’s, Newfoundland and Labrador. The merger is effective June 1.

MNP, formerly known as Meyers Norris Penny, offers tax, accounting and advisory services from more than 80 locations in Canada, and is looking to add to its growing presence in the eastern part of the country. MNP is the largest accounting firm in Canada after the Big 4.

“We’ve been delighted to help MNP grow as a part of the Nova Scotia community over the last few years and are excited to do the same here in Newfoundland and Labrador by welcoming not just one, but two well-established accounting firms that share our values and client-centric approach,” says Kirk Higgins, MNP’s regional MP for Atlantic Canada.

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