Eide Bailly acquires Xerva
Eide Bailly LLP, a Top 100 Firm based in Fargo, North Dakota, is buying Xerva, a provider of data analytics and data warehousing technology in Orem, Utah, effective May 1.
The deal is part of the firm’s move into data analytics technology as more firms seek to take advantage of sophisticated technology to help clients manage their data.
“As a firm, we strive to continually develop and provide innovative services and solutions to clients,” said Eide Bailly CEO Dave Stende in a statement. “Offering the right technology is an essential element to that success. The Xerva team will be a tremendous addition to our award-winning technology practice and shows the market that Eide Bailly is ready to help them take on whatever challenges they face today.”
Financial terms of the deal were not disclosed.
Eide Bailly ranked 21st on Accounting Today’s 2019 list of the Top 100 Firms, with $299.2 million in annual revenue. The firm has 260 partners and over 2,000 employees. Xerva will add more than 20 staff members to Eide Bailly’s data analytics teamv in Utah, where the firm already has offices in Lehi, Ogden, Orem, and Salt Lake City.
Xerva was founded in 2014 with the goal of offering data analytics and business intelligence technology to mid-market enterprises. “We grew from the realization that mid-market companies have all of the same data challenges that Fortune 500 companies do,” said Xerva co-founder Nate Allphin in a statement. "Our team brings business intelligence to organizations that often feel enterprise analytics are out of reach.”
Eide Bailly has diversified its services in recent years with a series of strategic mergers to grow its cybersecurity, NetSuite ERP and Salesforce CRM practices (see Eide Bailly partners with cybersecurity company Secuvant, Eide Bailly acquires Oracle NetSuite provider TrueCloud and Eide Bailly merges in NetSuite provider Tactical Cloud). The move is part of a growing shift in the professional services and accounting professions to embrace technology for firms and their clients.
Last year, Eide Bailly also did a number of other mergers and acquisitions, including with Kohn & Company in Reno, Nevada, and King, Tripp & Henry in Phoenix in October. In January, Eide Bailly announced mergers with France, Basterrechea, Wagner & Bunn, a CPA firm based in Gooding, Idaho, and Decipher Forensics in American Fork, Utah.