Top 20 accounting firm Armanino, based in San Ramon, CA, said on Tuesday it is merging with Garden City, NY-based CPA and advisory firm Janover. Financial terms of the deal were not disclosed.
The transaction is expected to close on Nov. 1. Once completed, Janover’s 20-plus partners and more than 200 team members will join Armanino. Garden City will be Armanino’s second location in New York; the firm has had an office in New York City since 2021.
“As soon as I met the Janover leadership team, I knew that they’d be a great fit for Armanino, and we couldn’t be more excited to welcome them to the team,” Matt Armanino, CEO of Armanino, said in a press release. “Their highly strategic approach, deep expertise, and shared values resonate greatly with our organization, and I look forward to seeing the success they deliver for our clients under the Armanino name moving forward.”
Founded in 1938 by Richard Janover, the firm delivers a wide range of tax, accounting, and consulting services to clients that include privately held businesses and high-net-worth individuals. Janover’s core industries it serves include real estate, professional services, commercial business, construction, cannabis, manufacturing and distribution, and financial services, among others. It is the 106th biggest public accounting firm in the U.S. by revenue, pulling in $45.5 million during its most recent fiscal year.
“Armanino is one of the best firms in the country, respected as a leading innovator in the profession and possesses a winning attitude that we believe makes them the right strategic partner for long-term success,” said Mark Goodman, managing partner at Janover. “Our industry has been revolutionized over the past few years thanks to technology and a changing workforce dynamic. Armanino has stayed ahead of the curve, and we believe that Janover and our clients will truly benefit from more power and depth as we join forces.”
Allan Koltin, CEO of Koltin Consulting Group, who advised both firms on the deal, added, “Janover is one of the most prestigious CPA firms in New York and is loaded with young, entrepreneurial talent, and like Armanino has a people-first culture. Together they will accomplish great things and become an even greater force in the New York market and eventually the broader Northeast region.”
This is the fourth such deal for Armanino in 2023, which also added Blue Sky Group, Royalty Compliance Organization, and Bemel, Ross & Avedon. The 19th largest public accounting firm in the U.S. by revenue with $577.7 million during its most recent fiscal year, Armanino currently has 23 offices in 10 states.