Aprio LLP, a Top 100 Firm, has signed an agreement to acquire HPC, a cloud-based accounting firm that services its clients online.
The deal, whose closing is still subject to certain conditions, would position Atlanta-based Aprio to provide cloud-based services for clients, as well as leverage HPC’s technology to automate data entry and use machine learning and artificial intelligence.
Financial terms of the deal were not disclosed. Aprio ranked 51st on Accounting Today’s 2018 list of the Top 100 Firms, with $85.13 million in annual revenue. Before the deal, Aprio had 51 partners and 400 professionals in four offices.
The deal comes as more accounting firms take advantage of cloud-based technologies to connect with clients online. The use of artificial intelligence and machine learning has also been growing among accounting and auditing firms.
“We need to meet our clients where they are and serve them the way they want to work,” said Aprio CEO and managing partner Richard Kopelman in a statement. “Once we add the experienced staff and technology stack that HPC provides, Aprio will be able to further service our clients at the speed of now.”
HPC was an early adopter of Xero’s technology and has become a U.S. platinum partner for the New Zealand-based company. HPC also provides custom solutions for businesses in various industries, including professional services, technology and retail.
“Once closed, Aprio will provide our clients a breadth of new services like sophisticated international tax planning and structuring, and tax credits and incentives, including the R&D tax credit, which is so critical for technology companies,” said HPC CEO Bruce Phillips in a statement. “Once we become part of Aprio, we will continue our tremendous growth and further increase our capabilities, so we can advise and partner with our clients to help them be ready for the future.”
Aprio has combined with seven other firms since 2007 as part of an expansion strategy, including Yeager & Boyd and RRB Business Services. The firm used to be known as Habif, Arogeti & Wynne and rebranded last year as Aprio.
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