LBMC acquires W Squared
Top 100 Firm LBMC has added W Squared, a Tennessee-based outsourcing company that offers finance, accounting, payroll, human resources, technology and procurement services, effective August 1.
LBMC, short for Lattimore Black Morgan & Cain, anticipates the combination will allow it to become a major player in the outsourcing space and bring procurement services to LBMC clients.
Financial terms of the deal were not disclosed. LBMC ranked 45th on Accounting Today’s 2017 list of the Top 100 Firms, with $86.59 million in annual revenue. The combined revenues are expected to bring LBMC to just under $100 million.
Both firms are based in Brentwood, Tenn. “We have worked with W Squared for over a decade through our mutual clients and are excited to be adding them to our team permanently,” said LBMC CEO Jeff Drummonds in a statement. “They are as engaged and enthusiastic about their clients and the work they do as we are. They are a great cultural fit and share our entrepreneurial approach to finding creative solutions. Their addition will aid our efforts to be a national leader in comprehensive back-office solutions.”
The merger adds approximately 60 employees to LBMC’s more than 500 employees, including W Squared CEO Tammy Wolcott, who will retain a leadership role.
“We are pleased to be joining the LBMC family,” Wolcott said in a statement. “This is an exciting time for W Squared and our employees.”
This isn't LBMC first M&A deal this year. In April, the firm acquired Pivotal Bridge's Intacct practice.