Canadian Accounting Firm MNP Acquires IT Consultancy Mantralogix
Canadian accounting and consulting firm MNP has acquired the Mississauga, Ontario-based ERP (enterprise resource planning) software and IT consultancy firm Mantralogix.
Mantralogix, founded in 1996, specializes in cloud and on-premise ERP and account software, construction software, CRM solutions, and a host of other IT and enterprise solutions.
The deal is being seen as a bid by MNP to expand its technology solutions practice and follows two similar acquisitions. Kerry and Jess Mann, Mantrologix’s president and CEO, and chief operating officer, respectively, will join the company as partners. Their staff of 20 people will be folded into MNP, the company said.
Sean Murphy, MNP’s regional managing partner of consulting for Eastern Canada, commented on the deal:
“MNP has continued to expand our technology solutions practice over the past several years, focusing on bolstering our resources and enhancing the range of problems we are able to help our clients solve. Merging in Mantralogix, a full-service business management software solutions company and IT consulting firm, will allow us to build on our existing strengths and offer new solutions, particularly in the area of cloud and on-premise ERP solutions, in order to bring even greater value for our clients.”
Jess Mann, COO, Mantralogix, also commented:
“MNP already has a thriving technology solutions practice and was looking for a values-aligned firm to build on its strategic plans for growth, while expanding its service offerings to include cloud and on-premise ERP. At the same time, we wanted to expand our service capabilities while offering other specialty accounting and consulting services to our valued clients. During merger discussions, both firms grew more and more impressed with each other’s people, experience and expertise. This is truly a mutually-beneficial union and we are very excited to have found a firm that shares our values and commitment to an outstanding client experience.”
MNP has grown from its humble beginnings in 1958. The company now has more than 75 locations and 4,500 employees across Canada delivering services in accounting, consulting, and tax.
MNP has been stuffing its portfolio with accounting and consulting companies recently. Last year, the company acquired a Kingston, Ontario accounting firm named Collins Blay. In the same month it bought a boutique public sector consultancy company called 4Plan Consulting.
Consulting is currently on an upswing for Canadian accounting firms, according to Canadian Accountant, which covers the industry. ERP is a business process management software used by the majority of chartered professional accountants.
M&A: Accounting Firms and IT Consulting Firms
Indeed, there have been multiple M&A deals involving accounting firms and technology solutions providers in recent months. A sample of the deals ChannelE2E has covered include:
- Richey May, a Denver, Colorado-based accounting and advisory firm, acquired two IT consulting firms in October – Arrow Partnership and Corporate Blue
- BDO USA acquired IT solutions provider SWC Technology Partners in July.
- RSM US LLP bought Explore Consulting in May
- KPMG’s Canadian division acquired Adoxio Business Solutions, a Microsoft Dynamics 365 integrator and gold-level partner, in May
- Deloitte bought certain assets of ATADATA in January