Vertical markets, Mergers and Acquisitions, IT management, Mergers and Acquisitions, Content

Accounting Firm Cherry Bekaert Acquires Data Analytics, IT Services Firm

Cherry Bekaert, an accounting firm from the Southeastern United States, is pushing further into the IT market with the acquisition of icimo, a data analytics and services firm from Raleigh, North Carolina.

This is M&A and investment deal Number 112 that ChannelE2E has covered so far in 2020. See the complete M&A deal list here.

The acquired company will now operate as icimo analytics, by Cherry Bekaert and will add 25 technology professionals to Cherry Bekaert’s digital solutions and services practice, the buyer said.

Icimo founders Bryce Gartner, Jennifer Gartner and Matt Illuzzi will continue their leadership roles within icimo analytics, by Cherry Bekaert, the firm announced.

Cherry Bekaert Acquires icimo: Executive Perspectives

Michelle L. Thompson, CEO and Firm Managing Partner, Cherry Bekaert

Michelle L. Thompson, Cherry Bekaert’s CEO and firm managing partner, commented:

“This acquisition is part of Cherry Bekaert’s strategic vision and growth plan to expand value-added services within digital consulting and data analytics. Our clients require innovative, technology-based solutions to help them grow, and the capabilities that Icimo adds to our overall client service offering positions us to meet these evolving and expanding needs. We’re excited to add the Icimo team to the Cherry Bekaert family.”

Bryce Gartner, former CEO of Icimo and now Principal with icimo analytics, by Cherry Bekaert, added:

“By becoming part of Cherry Bekaert – one of the 25 largest CPA and consulting firms in the country — we are better positioned to serve the growing business needs of our clients and expand our service reach. This combination with Cherry Bekaert provides an ongoing catalyst for growth and a broader service platform from which to better serve our clients.”

Accounting Firms and IT Services

Headquartered in Richmond, Virginia, Cherry Bekaert also has offices in Maryland, Virginia, Washington, D.C., Florida, Georgia, North Carolina, Rhode Island, Texas, Tennessee, and South Carolina. The company is one of the largest certified public accounting firms in the country.

This deal represents the latest in a string of moves from Cherry Bekaert to expand into the IT services sector. In May 2017, Cherry launched its Technology Solutions Group, and a month later it formalized its work Oracle NetSuite on cloud ERP solutions.

Indeed, this is indicative of an overall trend within the market as accounting firms continue expanding beyond their traditional financial services to offer additional technology consulting, risk mitigation, cybersecurity and managed IT services to their clientele.

See a complete list of accounting firms acquiring IT services and technology consulting firms here.