Carpathia Corp., a provider of accounting consulting, staffing and executive search and placement, announced its investment in a trio of California-based accounting services firms -- Irvine's Corporate DNA, Walnut Creek's the Nolan Group and San Francisco's A4C.
Financial terms of the deal were not disclosed.
The move into metropolitan Los Angeles and San Francisco is Carpathia's first foray outside its home base in the Philadelphia area, where it announced its investment in Lordi Consulting and Peopleflex in October 2005.
Carpathia's expansion strategy focuses on entering key markets across the country through the acquisition of firms that are a natural fit with its business model, as well as organic growth. The firm ultimately plans to operate 40 offices over the next four years.
The senior management from all three firms will join Carpathia's leadership team and be directly involved with servicing clients in their respective markets.
Carpathia's business model involves offering complementary services under two distinct brands. That model will see a re-branding effort begin in the fourth quarter to integrate the various operating entities, as well as any future acquisitions. Carpathia Consulting offers premium accounting and audit services, including specialties in Sarbanes-Oxley compliance and internal audit. Peopleflex Accounting Professionals provides executive-level accounting professionals on an interim, or permanent basis.
The trio of firms said that the deal would allow them to offer existing customers a wider array of services while still providing a local touch.
The Nolan Group serves a wide range of Bay Area and Silicon Valley clients -- from companies to the Fortune 500, while A4C CEO works in a wide spectrum of industries, including biotechnology, banking, financial services, manufacturing, distribution, retail, not-for-profit, legal, real estate, health care and public utilities. All 40 of the employees at Orange County staffing and placement firm Corporate DNA will join the Carpathia team.
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