KraftCPAs PLLC announced it will purchase 40 percent of Axis Accounting Systems Inc., in a deal that goes into effect Nov. 1.
Financial terms were not disclosed, in what is the first acquisition in six years for KraftCPAs.
Kraft stopped providing accounting software implementation two years ago and began referring clients to Axis, recognizing the software consultant had a specialization they couldn't compete with. Axis provides software installation and support to a number of large companies in the Nashville area, and projected its revenues for 2005 at $2.6 million.
Axis will retain and its name and location, as well as its dozen staff members. Axis founder and chief executive Dallas Wilt will remain on staff as chairman of the board for the next five years. In 2010, Wilt, who launched the company in 1996 after working as a partner with Lighthouse Consulting Corp. and with Arthur Andersen's Business Systems Consulting Group , will then sell her remaining stake in the company to her management staff, who will then have the option of staying on board with Kraft or leaving the business entirely.
Founded in 1958, KraftCPAs has 15 members and a total staff of over 100 people -- half of whom are CPAs. The firm has offices in Nashville, Columbia and Lebanon, Tenn., and provides audit, tax, and accounting services, as well as performing a range of consulting work.
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