Armanino acquires AppWrap team, clients

Top 25 firm Armanino announced that the leaders and staff of AppWrap, a Netsuite implementation and support specialist, have joined the firm, dramatically expanding the firm's NetSuite practice. The deal also included AppWrap's 115 managed service clients, who will now become Armanino clients. 

"AppWrap has built something exceptional: a vertically focused, technology-forward NetSuite practice with deep accounting expertise and an understanding of the unique needs of PE-backed and high-growth clients," said Armanino CEO Matt Armanino in a statement. "Our certified, award-winning NetSuite experts go beyond implementing the service. They make NetSuite fit the business. By bringing the AppWrap team into Armanino, we're adding a differentiated and scalable managed services model built on proactive optimization and automation, along with a client community that will benefit from the full depth of our office of the CFO capabilities."

Armanino chose AppWrap because its client base (composed almost entirely of publicly traded companies or those backed by major private equity and venture capital firms) aligns with the firm's transaction advisory, tax and CFO services capabilities, creating cross-sell opportunities across both platforms. The deal also complements Armanino's existing NetSuite client base in manufacturing, professional services and nonprofit verticals. The AppWrap team will be joining Armanino's technology consulting team, and AppWrap's clients will be serviced by Armanino following the transaction. Together, the combined practice now covers the full breadth of industries served by NetSuite.

"We chose Armanino because of how closely our values and vision align," said John Rochefort, co-CEO of AppWrap, in a statement. "We've always believed that the office of the CFO deserves more than a legacy consulting model. It deserves a technology-forward partner who can automate, optimize and scale alongside the business. Armanino is that firm. Joining with them accelerates by years what we set out to build, and gives our clients access to the depth and resources of a national firm without losing the relationship-driven model they expect."

Envoy Capital Advisors served as the exclusive advisors to the deal. The specific terms of the transaction were not disclosed. When asked to confirm that this was an acquisition of AppWrap as a company, a spokesperson replied that the deal has AppWrap's team and clients joining Armanino, expanding its NetSuite practice.