FiveStar3 has acquired the Alliance of Professional Associations, a national association management company for accounting firms.

APA members service clients in industry-specific markets. APA manages five niche associations for accountants who work in the auto dealer, community banking, health care, manufacturing and not-for-profit sectors.

"Accounting firm clients are demanding CPAs who understand their business," said APA executive director Patrick Pruett in a statement. "In today's competitive world, understanding the financial reporting rules and the tax law is not enough."

Former APA president Nancy Drennen and her team will continue working with FiveStar3 through a transitional period and will be involved in the planning and delivery of the spring and summer meetings for the various APA industry groups.

"Our team was limited in what we could bring accountants and their firms," she said in a statement. "This is a terrific value-add for our members, and places all the groups we manage in a good position to take things to a new level."

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