The Bonadio Group has bolstered its internal audit team with the acquisition of Independent Audit Associates, of Rutland, Vt. The deal is expected to close on May 1, 2013.
IAA marks Bonadio’s first acquisition outside of the state of New York. “As our client base continues to expand beyond the borders of New York State, we were actively pursuing opportunities that would allow us to physically meet our clients’ demands, and have done so with our first office location in New England,” Thomas Bonadio, CEO and managing partner of the Bonadio Group, said in a statement.
IAA was co-founded by its president, Eileen Shannon, in 1992. The firm specializes in internal audit work for financial institutions. The IAA staff is composed of former bank internal auditors and bank staff who each have several years of experience in the financial services industry, working with banks and holding companies with assets ranging from $150 million to $1 billion.
The new addition comes with six employees, giving the Bonadio Group the ability to formalize a new internal audit team. The team will be led by principal Thomas Giglio.
“We are better equipped now to serve our existing clients in the financial institutions industry and have the opportunity to expand our reach to new markets throughout the Northeast,” Giglio said in a statement.
IAA will give Bonadio 14 new banking clients, and Bonadio expects the internal audit team’s revenues to increase 10 to 15 percent over the next few years.
The Bonadio Group’s internal audit team will be headquartered at the firm’s Syracuse office. The new team is projected to have annual billings of more than $1.2 million as a result of the acquisition.
IAA marks the second acquisition for the Bonadio Group within the last six months. The firm added Richard Zweifel’s CPA team in the fall, opening its first office location in Utica, N.Y. Currently, with more than 380 employees statewide and annual revenues of more than $55 million, rhe Bonadio Group has offices in Albany, Rochester, Buffalo, Perry, Geneva, Syracuse, Utica, New York City, and now Rutland, Vt.