Two of the top 25 accounting and advisory firms in the United States – Baker Tilly Virchow Krause and ParenteBeard – have announced that they will merge, effective on 1 October. After the merger the new firm will continue its operations as Baker Tilly Virchow Krause, and remain part of the Baker Tilly International network.
With more than 1,700 employees, Baker Tilly Virchow Krause is a top-20 player in the American professional services market. The firm is headquartered in Chicago and serves clients from 11 offices across the country. Counterpart ParenteBeard has approximately 800 professionals and similar to Baker Tilly provides accounting and business advisory services to small businesses, middle market companies, nonprofits and multinationals.
Over the past years Baker Tilly Virchow Krause and ParenteBeard – who both are members of Baker Tilly International* – have worked closely together, both in business development as in project delivery and knowledge management. Based on the successful cooperation and common culture and values, the advisory firms have now decided to join their forces are merge. The combined firm, which will keep the Baker Tilly Virchow Krause name, will employ approximately 2,500 professionals across 29 cities in the United States. Its revenue will jump to $475 million – making it the 12th largest professional services firm in the United States.
“This merger is an opportunity for two successful, complementary firms to join forces and create even greater opportunities for our people while broadening our geographic footprint,” says Baker Tilly Chief Executive Officer Timothy L. Christen. According to Robert J. Ciaruffoli, Chief Executive Officer of ParenteBeard, the merger will also prove benefits to customers: “Our clients will benefit from even deeper industry knowledge and resources, as well as a broader depth of talent to deliver customized solutions to help them solve their business challenges.”
* Baker Tilly International is a London-based network of 161 independently owned and managed accounting and business advisory firms from 137 countries, with a combined revenue of $3.4 billion.