Elevate, a newly launched platform for accounting, tax and advisory firms, made its first acquisition with TYS Advisors, effective Aug. 1.
Elevate is backed by long-term family office investors. While it operates as a fully remote platform, its executive leadership is largely based in the San Francisco Bay Area, with headquarters in Los Angeles.
The platform targets firms across major metropolitan markets nationally with $2 million to $20 million in revenue, according to Sanjay Agarwal, CEO and managing partner at Elevate. He said the platform is also looking to add advisory firms in areas such as tax specialty, valuation and cybersecurity.
Elevate takes a majority stake in its platform firms, which retain their names and brands.
"We could not have asked for a stronger first partner than TYS," Agarwal said in a statement. "They bring a powerful combination of regional depth, industry specialization and visionary leadership. Their construction industry expertise, bicoastal footprint and employee-centric culture make them a perfect fit for Elevate. We're thrilled to support their continued growth while preserving everything that makes TYS great."
As part of the transaction, TYS will adopt an alternative practice structure, dividing its attest and non-attest services. TYS Advisors is the non-attest business of TYS, an accounting and advisory firm with four partners and roughly 30 employees, and offices in Walnut Creek, California, and Rochester, New York. Terms of the deal were not disclosed.
"We chose Elevate because their platform was built for firms like ours — entrepreneurial, focused and ready for what's next," Tim Shortsleeve, a partner at the TYS Rochester office, said in a statement. "We were looking for a strategic partner who would bring capital, infrastructure and strategic support without sacrificing who we are — and Elevate delivered on all of that."
Christopher York, founder and partner, who leads the Walnut Creek office, added, "We're excited about the opportunity to grow with Elevate. Their team understands the profession, and they're committed to building a long-term platform that puts firms and clients first. This partnership allows us to invest in our people, technology and service offerings — and to do it with the same team, values and name our clients know and trust."
