To meet the growing demand by global clients for anytime, anywhere access to financial information to make better and faster business decisions, Aprio, LLP, a full-service CPA-led business advisory firm, has entered into an agreement to acquire HPC, a technology-driven, cloud-based accounting firm with a global footprint.
The closing of the transaction is subject to certain contingencies. When completed, the acquisition of HPC, with its strong technology processes and experienced cloud team, will allow Aprio to eliminate time-consuming data entry, which can now be done through automation and machine learning, and significantly enhance its ability to provide clients actionable insights.
“We need to meet our clients where they are and serve them the way they want to work,” said Richard Kopelman, CEO and managing partner of Aprio. “Once we add the experienced staff and technology stack that HPC provides, Aprio will be able to further service our clients at the speed of now. After HPC is on board, we will be prepared to deliver the next generation of client service fueled by the transformation of machine learning and artificial intelligence. We will be able to leverage a myriad of technologies and create the best cloud-based accounting practice for our global small to mid-size clients. Clients want to collaborate with us and engage with their business data to gain real-time insights that will drive growth and take them to their next.”
HPC has been using Xero since its entry into the U.S. market in 2011, was an early adopter of the technology in 2012 and has achieved the status of U.S. Platinum partner. HPC has provided proven custom solutions for businesses across industry verticals, including professional services, technology and SaaS, e-commerce, and retail, making them a strong strategic fit for Aprio.
Once completed, the acquisition of HPC will complement Aprio’s existing outsourced accounting services practice that was established in 2016, giving clients the ability to have a cloud accounting solution using best of breed products and processes. Bruce Phillips, CEO and founder of HPC, is expected to lead the practice as president and partner in charge. After completion of the transaction, Aprio will be able to offer a robust suite of technology solutions to meet each client’s specific needs, from Xero to NetSuite, and provide integration with products such as Bill.com, Gusto, Expensify, Karbon, Hubdoc and Receipt Bank.
“We are excited to have signed our agreement to join Aprio because, like us, Aprio is continuously changing and adapting to what’s next. Once closed, Aprio will provide our clients a breadth of new services like sophisticated international tax planning and structuring, and tax credits and incentives, including the R&D tax credit, which is so critical for technology companies,” said Bruce Phillips, CEO and founder of HPC. “Once we become part of Aprio, we will continue our tremendous growth and further increase our capabilities, so we can advise and partner with our clients to help them be ready for the future.”
Since 2007, Aprio has combined with seven strategically chosen firms as part of their initiative focusing on targeted expansion. At Aprio, the most important part of the process is choosing the right firm for an acquisition based on cultural fit. Specifically, Aprio evaluates whether or not the firm would be able to implement The Aprio Way, the firm’s signature client experience, with their partners, staff and clients. This focus on culture has led to streamlined integrations of the firms and incredible revenue growth.
“HPC will be a great cultural fit for Aprio, which is the most important thing we look for in a firm, for example, both of us conduct regular client satisfaction surveys using a Net Promoter Score,” continued Kopelman. “Like Aprio, HPC’s focus is on innovation and providing clients with the insights they need to better perform in today’s market and in the future. It is not just about giving clients the best accounting advice but is instead about becoming a full-service business advisory partner to all our clients.”