CliftonLarsonAllen added Weil & Company, and Cherry Bekaert LLP expanded its digital advisory capabilities by buying Icimo LLC.
M&A roundup: CLA merges in Weil; Cherry Bekaert acquires Icimo
February 4, 2020 4:58 PM
CLA merges in Weil
Courtesy of CLA
Weil & Company was founded in 1953 and focuses on real estate developers, partnership tax returns, business management, and high-net-worth individuals.
“As times have changed, we have realized we must also change,” said managing partner Ronald Iino in a statement Tuesday. “Joining CLA boosts our experience in all matters, allowing us to serve our clients on a deeper level and providing opportunities for our staff to develop and bring even more to the table.”
Financial terms of the deal were not disclosed. Weil & Company has $4.5 million in annual revenue. The firm will be bringing 25 people, including five partners (two of whom are equity partners) to CliftonLarsonAllen. CLA has more than 6,200 people, including more than 800 principals (291 equity partners). The firm earned $1.2 billion in annual revenue. It ranked 8th on Accounting Today’s 2019 list of the Top 100 Firms. CLA’s California team includes more than 350 professionals.
“CLA continues on their magical ride throughout the state of California with the addition of a much sought after firm,” said Koltin Consulting Group CEO Allan D. Koltin, who advised both firms on the combination, in a statement. “Weil is known throughout southern California as one of the ‘go to’ firms when it comes to high net worth individuals as well as the business management and entertainment area. Both firms saw quickly the alignment on culture and strategic fit around growing talent and client service.”
In the last few years, CLA has added a number of California firms, including
Cherry Bekaert acquires Icimo
Icimo will now operate as “icimo analytics, by Cherry Bekaert,” and will bring one principal (Icino CEO Bryce Gartner) and 25 technology professionals to Cherry Bekaert’s digital solutions and services practice. Cherry Bekaert has 145 partners and principals and more than 1,250 associates. Icimo will continue to operate out of its current location in Cary, North Carolina.
Financial terms of the deal were not disclosed. Cherry Bekaert ranked 26th on Accounting Today’s 2019 list of the Top 100 Firms. Its annual revenue is now in the $250 million range.
The technology consultants and data analysts at icimo analytics specialize in designing, implementing and integrating data analysis, visualization and strategy systems for clients. Along with Gartner, co-founders Jennifer Gartner and Matt Illuzzi will continue as leaders within icimo analytics, by Cherry Bekaert.
“This acquisition is part of Cherry Bekaert’s strategic vision and growth plan to expand value-added services within digital consulting and data analytics,” said Cherry Bekaert CEO and managing partner Michelle L. Thompson in a statement Tuesday. “Our clients require innovative, technology-based solutions to help them grow, and the capabilities that Icimo adds to our overall client service offering positions us to meet these evolving and expanding needs.”
Icimo has offered software and technology to its clients since 2010. “By becoming part of Cherry Bekaert — one of the 25 largest CPA and consulting firms in the country — we are better positioned to serve the growing business needs of our clients and expand our service reach,” said Gartner in a statement. “This combination with Cherry Bekaert provides an ongoing catalyst for growth and a broader service platform from which to better serve our clients.”
Last January, Cherry Bekaert expanded in Austin, Texas, by acquiring
