In a powerhouse merger of two IPA 100 firms, Chicago-based Baker Tilly (FY20 net revenue of $789.6 million) and Irvine, Calif.-based Squar Milner (FY19 net revenue of $126.4 million) are coming together as Baker Tilly US in a deal that becomes effective on Nov. 1.
The merger of the 11th largest accounting firm in the nation with Squar Milner, No. 46, creates a new $1 billion coast-to-coast firm with a workforce of nearly 4,300.
The deal adds Squar Milner’s established client relationships and on-the-ground local presence in California to the Baker Tilly portfolio, extending the firm’s recent growth into new markets and practice areas. Over the past several years, Baker Tilly has expanded into Texas and completed strategic acquisitions in data analytics, municipal advisory, global forensic accounting, valuation and litigation services, and outsourced accounting.
“We are creating a new organization with substantial scale – a true combination of two leading advisory CPA firms that are forward-thinking and future-leaning,” says Baker Tilly CEO Alan Whitman. “Together we are driving progress for a new world, combining our knowledge and expertise to guide our clients through anything.”
Squar Milner MP Stephen Milner adds, “We are still very much dedicated to serving our California communities, and we are delighted to have the coast-to-coast and global advantage. Our firms are like-minded in our commitment to our clients, support for our profession and putting people at the center of it all.”
Veteran consultant Allan Koltin, meanwhile, believes this merger has the potential to reshape the upper ranks of the profession. “This combination can be a game-changer for our profession as Baker Tilly approaches that significant revenue threshold of $1 billion,” he notes. “They have the scale to innovate and stay ahead of the curve while keeping their entrepreneurial and agile edge. Alan Whitman and Steve Milner make a great team.”