BST & Co. CPAs LLP has acquired CFO for Hire LLC, a finance, management and accounting services company also based in Albany, N.Y.
The acquisition, announced Tuesday, takes effect immediately. As part of the deal, CFO for Hire’s 19 staff members are joining BST. The deal is expected to complement BST’s current tax planning, financial consulting and business valuation services by providing companies with an outsourced alternative for day-to-day accounting services. Financial terms of the deal were not disclosed.
The new division will be led by Jim Lozano, who founded CFO for Hire in 2000 and grew its client base to 84 last year.
“We are pleased to welcome Jim and his skilled team to BST as we further our services to meet a new type of client need,” said BST & Co managing partner Ron Guzior in a statement. “This addition is an opportunity for us to take advantage of the growth opportunities available to us in upstate New York while bringing BST’s signature brand of service to new businesses.”
BST dates back to 1944 and has 105 employees in Albany, Mineola and New York City. The firm is a member of the RSM US Alliance.
CFO for Hire plans to keep serving clients in New York State’s Capital Region, Central New York and Mohawk Valley under the BST banner, while expanding its reach to businesses in the Hudson Valley. It will continue to provide bookkeeping and accounting services to closely held businesses in different industries along with nonprofit organizations.
“When I began CFO for Hire nearly two decades ago, it was in response to seeing the clear need for a permanent financial solution for companies that simply do not require full-time, in-house accounting personnel,” Lozano said in a statement. “I have long respected the team at BST, and am excited to join them while simultaneously expanding their service offerings to a new client base.”
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