Two accounting firms in Texas announced plans to merge, with San Antonio-based Padgett, Stratemann & Co. combining with Austin-based Sprouse & Andersen under the PS&Co. name.
The merger allows PS&Co. to expand into Austin and increase its presence in the insurance and technology sectors. Sprouse & Andersen has been operating in Austin for more than 45 years.
This is Padgett's first merger. Financial details were not disclosed, but the combined firm anticipates revenue of $22 million to $25 million in 2008, compared to $18 million for PS&Co. this year.
"This merger extends our reach and is aligned with our vision for the company," said PS&Co. managing partner Ray Berend (left) in a statement.
After the merger, Lester Sprouse will become managing partner of PS&Co.'s Austin office. All 25 of his employees will remain with the firm, bringing the total headcount of PS&Co. to 150 in Texas. Sprouse & Andersen's five partners will become partners in PS&Co. The firm anticipates adding five to 10 new employees in Austin and 15 in San Antonio over the next 12 months. It also plans to expand its focus to public companies, and manufacturing and medical services businesses.
