Blumshapiro merges in Brighton
Top 100 Firm Blumshapiro has expanded in New England by adding The Brighton Company, a firm in Burlington, Massachusetts, that offers financial outsourcing services, effective Aug. 15.
Blumshapiro, based in West Hartford, Connecticut, also has offices in Rhode Island and Virginia. It plans to keep Brighton’s office in Burlington, which will be joining other blumshapiro offices in Boston, Newton, Worcester, Quincy and North Andover, Massachusetts. The combination will expand blumshapiro’s employee count to over 500.
Financial terms of the deal were not disclosed. Blumshapiro ranked 56th on Accounting Today’s 2020 list of the Top 100 Firms. Its estimated revenues in 2020 are $110 million, while Brighton’s 2020 revenue is $2.5 million. Blumshapiro has 66 partners and 530 staff, while Brighton has one partner and 18 staff members.
“We continue to look for opportunities to partner with leading firms who are strategically aligned with our firm’s focus on delivering innovative services and thought leadership to the market,” said Blumshapiro CEO Joseph A. Kask in a statement Thursday. “Brighton has established themselves as such a company and I am excited to have them as part of the blum team.”
The Brighton Company, founded in 2003, focuses on outsourcing the CFO, controller and accountant functions to early-stage and middle-market companies. Its accountants act as a virtual finance team for a client’s management team. Brighton also helps clients deal with audits, mergers, acquisitions, fundraising and turnarounds. It has clients in the technology, real estate, life sciences and manufacturing industries in addition to other professional service firms.
“This merger with blumshapiro is an incredible opportunity for us to expand our service capabilities with an organization that shares our professional and personal values,” said Brighton co-founder and managing director Mark Zarrow in a statement. “Our two companies provide a complementary set of capabilities that will deliver world-class levels of support and strategic decision making to our clients.”
Last October, Blumshapiro merged in SunBlock Systems, a consulting firm in Reston, Virginia, that provides cybersecurity, digital forensics and business intelligence services, and last August, the firm added Cowan Bolduc Doherty, a firm in North Andover, Massachusetts.