WithumSmith+Brown has combined practices with the IT consulting firm Portal Solutions, expanding Withum’s array of digital services, effective May 1.
The deal will also add two partners and 31 other team members to Withum, along with Portal Solutions’ two offices, in Bethesda, Md., and Woburn, Mass. Withum has 14 offices and 900 staff members.
Financial terms of the deal were not disclosed because of a confidentiality clause in the agreement. Withum ranked 26th on Accounting Today’s 2017 list of the Top 100 Firms, with $147.78 million in annual revenue. Portal Solutions will add another $5 million to that total for the combined firm.
“We found the perfect match with Portal Solutions in terms of service expertise and culture,” said Withum managing partner and CEO Bill Hagaman in a statement. “We are thrilled to have the talented staff from Portal Solutions come on board.”
Portal specializes in digital workplace systems, along with Office 365, Azure cloud technology, data analytics, business process automation and mobile development and security.
“Since the inception of Portal Solutions in 2003, our primary focus has been to provide remarkable client experiences while creating the best possible digital workplaces, always putting the client first,” said Portal Solutions CEO Daniel Cohen-Dumani, who will join Withum as a partner in its advisory practice. “The fact that Withum embraces personalized attention and a commitment to excellence is tremendously important to us.”
“Withum’s innovative mindset and value added approach to servicing its clients was a big attraction to Portal Solutions,” said Allan D. Koltin, CEO of Koltin Consulting Group, who advised both firms on the combination. “Although Portal Solutions was courted by many other Top 30 accounting and consulting firms, they felt Withum’s entrepreneurial culture and ability to grow in the technology area were major strategic advantages in their reaching a decision.”
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