Accounting and consulting firm Rehmann has signed a memorandum of understanding to acquire Veritas Global LLC, a firm that provides corporate investigative services and business intelligence.
Veritas was established in 2005 by former members of the FBI, the U.S. Secret Service and intelligence services along with professionals in the business reorganization, mergers and acquisition industry. Veritas provides corporate due diligence, business intelligence and analysis, and risk management services.
The acquisition is part of Rehmanns recent efforts to expand its range of services in areas such as forensic accounting and expand beyond its Michigan base to Ohio and Florida. The firm ranked 35th on Accounting Todays 2010 list of the Top 100 Firms, with $73 million in revenue. Financial terms of the deal were not disclosed.
Since their founding in 2005, Veritas has established an impressive track record assisting businesses with corporate investigations, global intelligence, fraud and forensic services, said Rehmann chairman and CEO Steve Kelly in a statement. He noted that Veritas has an international client base, including Fortune 500 companies, large hedge funds, private equity groups, professional sports franchises and national law firms.
Upon completion of the transaction, Veritas will be merged into Rehmann with Kerby, Bailey and Associates, one of Rehmanns subsidiaries. The combined entity will be renamed Rehmann Corporate Investigative Services.
Stephen Kerby, currently the president of Rehmanns Kerby Bailey & Associates, will become the chief operations officer, and Gregory Suhajda of Veritas will become the president of the combined entity when the merger is complete.
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