Harshman Phillips Acquires Online Accounting Firm

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Harshman Phillips & Co. has acquired the cloud integration provider Cloudsourced Accounting. The deal is expected to close on July 1, 2015.

Blake Oliver, cofounder and CEO of Cloudsourced Accounting, will join the HPC team as director of technology and marketing. “My role is to grow the cloud integrator side of HPC,” said Oliver during a phone interview with Accounting Today.

Oliver initially met HPC’s CEO, Bruce Phillips at a Sleeter Conference. “We hit it off immediately,” Oliver noted. “We started talking and realized there were a lot of synergies [between Cloudsource and HPC].”

HPC provides accounting and advisory services on the Xero accounting platform and add-on ecosystem. As a Xero Platinum Partner, HPC offers clients a full back office solution with staff that can fill needs from bookkeeper to controller to virtual CFO.

Cloudsourced was founded in 2012 and has grown to serve hundreds of clients with only 12 team members. Cloudsourced has been able to achieve its growth rate by focusing on two services — accounting technology support and business process optimization. “We started out marketing ourselves as an online bookkeeping firm,” said Oliver who quickly realized that with that people were price shopping under that description. “We decided to change our marketing strategy to cloud integration. Once we did that we had no competition …. That’s what Bruce really liked.”

“What Blake has accomplished with Cloudsourced Accounting in a short period of time is very impressive,” HPC managing director and CEO Bruce Phillips said in a statement. “We are incredibly excited to be able to add such a high caliber individual to our growing team. The addition of Blake and his team will allow HPC to really up the ante in providing truly unmatched business technology solutions both in the U.S. and globally.”

Cloudsourced Accounting will give HPC 10 experienced staff on the Xero platform. The addition of Cloudsourced Accounting will enable HPC to accelerate its expansion of service offerings into the growing field of cloud integration consulting. HPC also plans to expand its services to provide virtual back office solutions to small businesses.

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