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MERGERS & ACQUISITIONS

By the Numbers: 10 Years of Private Equity in Accounting

A decade of private equity in accounting: From a handful of deals to hundreds a year

By CPA Trendlines Research

For most of the teh 21st century, private equity in accounting had been a rumor, a distant memory. Today it is the market.

The CPA Trendlines CPA PE Deal Tracker™ now lists 621 transactions involving accounting, tax and related-service firms from January 2016 through October 2026. The pace is uneven at first and then relentless. But today CPA Trendlines Research estimates that investors have pumped up the valuations of the acquired firms to a total of more than $55 billion.

SEARCH, SORT AND FILTER ALL THE DEALS – By firm acquired, private equity investor, CPA firm platform, and date. Plus exclusive insights and notes on the biggest deals, in the CPA Trendlines CPA PE Deal Tracker™ PRO here.

Exclusively for PRO Members. To join CPA Trendlines as a PRO Member, click here.

Fewer than 70 transactions are recorded in the seven years from 2016 through 2022. In 2016, five entries appear. Activity in 2020 and 2021 stays in the single and low double digits, at three and 10 entries.

The turn comes in 2023, with 47 entries. The count roughly doubles in 2024, to 97, and doubles again in 2025, to 203. Through October, 2026 already logs 214 transactions, more than any full year before it, with two months still to go.

The monthly rhythm tells a similar story. January 2026 is the busiest month on record, with 34 transactions, and August 2026 follows with 33. Between those peaks, activity cools to 12 to 16 deals a month from March through July. It is a pause rather than a retreat, and the rebound is immediate.

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MERGERS & ACQUISITIONS

PE-Owned CPA Firms Surge into Advisory Buyouts

Consolidators scoop up tech, CFO services, insurance, AI engineering.

By CPA Trendlines Research

Sponsor-backed accounting firms are expanding and diversifying their range of advisory services with a slew of new deals in adjacent specialties, according to the CPA Trendlines CPA PE Deal Tracker™.

This edition of the private equity Deal Tracker™ identifies 27 transactions: 26 acquisitions or combinations and a financing round. The acquisitions include six U.S. technology businesses, one U.S. insurance services business, two U.S. wealth businesses and four international businesses. The other 13 involve U.S. accounting, tax, accounting advisory or mixed accounting and wealth businesses.

NEW, BIGGER TRACKER: See the PRO edition of the CPA PE Deal Tracker™ – Filter, search and sort more than 600 deals spanning 10 years for a total valuation of more than $60 billion 

BY THE NUMBERS: The decade in deals, year by year valuations, acquiror rankings, top ten biggest buyouts, the most connected investors, here.

The Tracker™ this month includes a new  $355 million financing round for Platform Accounting Group to support further expansion, and, in perhaps the largest takeover in October, Apax-backed CohnReznick is buying Aldrich, a group reportedly grossing $100 million a year.

The CPA Trendlines CPA PE Deal Tracker™ – Filter, search and sort

October 2026 – 27 deals, including CohnReznick takeover of Aldrich and Platform Accounting $355 funding round.
DateSeller / FirmBuyer / InvestorInvestor connectionsDeal typeCategoryNotes
Oct 2026Alan Gray and A.G. Risk ManagementLewis & EllisNovacapAcquisitionAccounting-adjacent (insurance services)Insurance consulting business provides claims consulting, forensic accounting and legal expense management; subsidiary adds run-off administration and accounting support.
Oct 2026Aldrich group of companiesCohnReznickApax PartnersAcquisition agreementMixed accounting and wealthAgreement covers Aldrich CPAs + Advisors and Aldrich Wealth. Closing expected in mid-December 2026.
Oct 2026BAO Consulting GroupCFGICarlyle; CVC Capital PartnersAcquisitionAccounting and advisoryDallas and Houston advisory business adds accounting and finance support, CFO and controller services, finance transformation and transaction work.
Oct 2026Blume KeeneyLarson GrossThrive Holdings (Current)AcquisitionAccounting and taxEverett, Wash., tax and consulting team joins Larson Gross. Effective Sept. 15; announced Oct. 23.
Oct 2026Charted NetSuite services practiceWilliamsMarstonKelso & CompanyAcquisitionAccounting-adjacentAcquires the NetSuite services practice. Charted's accounts payable software company remains independent.
Oct 2026ComtaxRyanOnex Partners; Ares Management; Neuberger BermanAcquisitionAccounting and tax (international)Brazilian tax technology and consulting business adds tax determination, compliance, systems implementation and tax audit support.
Oct 2026Equify AdvisorsElliott DavisFlexpoint FordAcquisitionAccounting-adjacentNetSuite implementation, business systems consulting and advanced analytics business joins Elliott Davis.
Oct 2026Fabietti, Hale, Hammerstedt & PowersProsperity PartnersLightyear Capital; Unity Partners (continuing minority)AcquisitionAccounting and taxSouthern New Jersey advisory, tax, client accounting and attest practice acquired. The acquired practice's clients include family-owned and closely held businesses.
Oct 2026FastricsKNAVNKSquaredAcquisitionAccounting-adjacentFlorida technology consulting and digital transformation business adds Workiva, connected reporting, governance, risk and compliance capabilities.
Oct 2026FlightlineStoutIntegrum HoldingsAcquisitionAccounting-adjacentAI technology and engineering business acquired after a period of collaboration.
Oct 2026Forensic Accountants & ConsultantsJ.S. HeldKelso & CompanyAcquisitionAccounting and advisoryForensic accounting and litigation consulting practice acquired and integrated.
Oct 2026Goal Line FinancialMercer AdvisorsOak Hill Capital; Genstar Capital; Altas PartnersAcquisitionWealth managementCincinnati wealth management firm acquired.
Oct 2026Havard & AssociatesBK PlusPalatine Private EquityAcquisitionAccounting and tax (international)Hornchurch, England, accounting, bookkeeping, payroll and tax practice joins BK Plus.
Oct 2026KBS CFONumeraAstira Capital PartnersAcquisitionAccounting and advisoryFractional CFO, bookkeeping and client advisory services practice joins Numera.
Oct 2026Loveridge Hunt & Co.Eide BaillyReverence Capital Partners (investment announced; closing before this acquisition unconfirmed)Combination announcedAccounting and taxBellevue, Wash., tax, accounting, audit and consulting firm announces joining Eide Bailly. Effective Oct. 19.
Oct 2026Platform Accounting GroupTreville-led financing groupTreville Capital Group; Vista Credit Partners; Siguler Guff; Aquiline; Brightwood Capital Advisors; The Cynosure GroupGrowth financingAccounting and advisoryOne completed $355 million financing with six named participants. The total includes PT&C Group Holdings’ $85 million equity offering, according to reported company confirmation.
Oct 2026QuishSequoia Financial GroupValeas Capital PartnersAcquisitionWealth managementBoulder, Colo., family office and wealth management firm acquired.
Oct 2026Rosetree SolutionsCitrin CoopermanBlackstoneAcquisitionAccounting-adjacentAI consulting business acquired; transaction closed Oct. 1. New Mountain Capital exited Citrin Cooperman in April 2025.
Oct 2026ScaleUp Financial SolutionsLarson GrossThrive Holdings (Current)AcquisitionAccounting and advisoryFractional CFO, controller and outsourced accounting business joins Larson Gross, effective Oct. 2. ScaleUp retains its brand.
Oct 2026Sephton AccountantsBK PlusPalatine Private EquityAcquisitionAccounting and tax (international)Solihull, England, practice adds accountancy, tax, VAT, bookkeeping, audit and payroll services.
Oct 2026Stolberg & BlanchetteWalter Shuffain (Ascend)Alpine InvestorsAcquisitionAccounting and taxWorcester, Mass., public accounting practice joins Walter Shuffain, adding tax, assurance, advisory and business valuation capabilities.
Oct 2026StrideAccordionCharlesbank Capital Partners; Motive PartnersAcquisitionAccounting-adjacentSoftware engineering and AI systems business joins the financial consulting firm.
Oct 2026Stroemer & CompanyCRICenterbridge Partners; Bessemer Venture PartnersAcquisitionAccounting and taxFort Myers, Fla., accounting, audit and tax practice specializing in community associations joins CRI.
Oct 2026TGRP SolutionsAprioCharlesbank Capital PartnersAcquisitionAccounting and advisoryTechnical accounting, fractional CFO, transaction support, staffing and recruiting business joins Aprio, effective Oct. 1.
Oct 2026The Curchin GroupHBKH.I.G. Capital (investment announced; closing before this acquisition unconfirmed)AcquisitionAccounting and taxNew Jersey accounting and advisory practice joins HBK. Effective Oct. 16.
Oct 2026Whalen CPAsUHYSummit PartnersAcquisitionAccounting and taxCentral Ohio tax, accounting, audit, valuation and advisory firm joins UHY.
Oct 2026White Hart AssociatesShaw GibbsECI PartnersAcquisitionAccounting and tax (international)Richmond, England, practice combines audit, accountancy and tax with corporate finance and travel-sector regulatory advice.

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MERGERS & ACQUISITIONS

PRO Tracker™: The Complete List, 621 Deals, 10 Year

SEARCH, SORT, FILTER – Look up by firm acquired, private equity investor, CPA firm platform, or date.

EXCLUSIVE INSIGHTS and notes on the biggest deals.

The CPA Trendlines CPA PE Deal Tracker™ now lists 621 transactions involving accounting, tax and related-service firms from January 2016 through October 2026. The pace is uneven at first and then relentless.

But today CPA Trendlines Research estimates that investors have pumped up the valuations of the acquired firms to a total of more than $60 billion.

Exclusively for PRO Members. To join CPA Trendlines as a PRO Member, click here.

 

 

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ARTIFICIAL INTELLIGENCE

Zoho Freezes Raises as AI Costs Climb

Intuit, Sage, Xero grapple with ‘bubblelicios’ AI spending strategies.

Surging AI costs are making managing profit margins a new challenge at many of the same companies seeking to generate new revenue in the technology.

By CPA Trendlines Research

Zoho is freezing its usual annual pay increases for its 19,000 employees worldwide and cutting marketing spending as rising server prices and AI usage are driving up costs.

Sridhar Vembu, Zoho co-founder

“AI has raised costs dramatically,” Sridhar Vembu, Zoho’s co-founder and chief scientist, says. Server prices have risen fourfold, and the company is working to avoid mass layoffs.

MORE AI in Tech

Meanwhile, Zoho’s peers and competitors report surging A.I. costs that make managing margins a new challenge. Intuit, for example, says it spent $110 million last year alone.

AI costs are rising fast enough at Zoho to stop raises, yet the company is adding capabilities to Analytics and Campaigns without increasing the base subscription prices. For now, the response includes payroll restraint and metered usage charges.

For accounting firms using Zoho products, the news shows why base subscription prices may not capture the full cost of AI. Zoho’s Analytics documentation also says some features share data with external vendors and some built-in agents support only OpenAI, determining which providers receive business data. READ MORE →

SPECIAL

TwineBiller Launches in QuickBooks App Marketplace

To help accounting firms protect software billing margins

Yesberg

By CPA Trendlines Research

Timed for Intuit Connect this week, TwineApps is rolling out Twine Biller to the QuickBooks app marketplace,  to help firms keep client software billing in alignment.

View TwineBiller in the QuickBooks app marketplace: https://quickbooks.intuit.com/app/apps/appdetails/twinebiller/

Twine Biller helps firms manage software subscriptions purchased on behalf of clients and how they rebill them. The aim is to make the relationship between software expenditure and client billing clearer, so firms can identify changes and decide how to respond.

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FEATURED

New Guide Shows How Firms Build New Sales Tax Service Lines

New CPA Trendlines / Avalara playbook shows accountants don’t need to be SALT specialists before they can help.

Sales tax is getting harder for clients to manage.

By CPA Trendlines
with Avalara

Sales tax used to be easy to leave to somebody else.

That gets harder as clients sell more products and services across more state and local boundaries. The accountant may not consider sales tax part of the engagement. The client may assume it is.

Download the guide: From Generalist to SALT-Savvy: How Accounting Practitioners Can Build Sales Tax Expertise That Wins Clients.

A new guide from CPA Trendlines and Avalara takes aim at the gap.

“From Generalist to SALT-Savvy: How Accounting Practitioners Can Build Sales Tax Expertise That Wins Clients” is now available, with a practical roadmap for accounting firms that want to add sales tax compliance and advisory work without first building a full-fledged state and local tax practice.

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BUSY SEASON MANAGEMENT

On Hold with the IRS. On the Hook with Clients.

A shrinking workforce leaves tax professionals spending more time pursuing answers and explaining delays.

Emily Aprea, NAEA: “On hold for up to two hours, only to be disconnected”

By CPA Trendlines

Despite the IRS’s insistence it’s processing 98% of the returns it receives, practitioners are reporting two-hour phone waits, authorizations that take weeks to post and client problems that remain unresolved after they finally reach an employee.

MORE Tax | Logan Graf: Build a Modern Accounting Business, Not a Job | Jason Ackerman: Roth Mistakes That Cost Clients the Most | The Top Tip for Reviewing Tax Returns

The problem, apparently, is the difference between routine e-filed processing and what happens when a case needs an actual human.

New oversight reports and practitioner complaints show an agency that moves enormous volumes of returns while struggling to clear exceptions.

For accounting firms, those exceptions mean repeated calls, delayed access to records and more time explaining why a filed return has not produced a finished case.

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CHARTS & GRAPHS

Grant Thornton-CBIZ Deal: $43 Million in Golden Parachutes

Under CEO Grisko, stock runs up from $10 to $88. But that was before Marcum.

CBIZ execs stand to gain $43 million with the GT transaction.

By CPA Trendlines

CBIZ shares closed at $10.42 on March 9, 2016, the day Jerome P. “Jerry” Grisko Jr. became chief executive. Grant Thornton is now offering $55 a share in cash for the company. A shareholder who simply held through Grisko’s tenure would be looking at a 428% increase in the share price, or about 17.4% compounded annually through the July offer.

MORE Special Report on the CBIZ-Grant Thornton Deal: 
  1. Fatal Attraction: How the Marcum Deal Set Up CBIZ for the Grant Thornton Takeover
  2. CBIZ Tells Grant Thornton No, No, No, Before Saying Yes
  3. Grant Thornton Flexes PE Muscle in CBIZ Deal
  4. CBIZ: Spanning 2 Rollup Eras in 2 Centuries
  5. $55 a Share: Who Won, Who Lost in CBIZ’s 29-Year Rollup
MORE Private Equiity

So, is Grisko worth the $7.1 million CBIZ reports as his total 2025 compensation? Or the $22 million with the Grant Thornton deal? Over the long haul, there is a pretty good case for yes. Marcum makes the answer considerably messier.

Stock price hits $88 high with Marcum deal in 2024. Then the bills come due in 2025. Grant Thornton offers $55 in July.

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