West Hartford-based blumshapiro, which was founded 40 years ago and has grown to become the second-largest accounting firm in Greater Hartford, said Thursday it is joining one of the largest firms in the country.
Blumshapiro, which offers tax, accounting, audit, and advisory services, said it will join CliftonLarsonAllen (CLA) LLP on Jan. 1, strengthening the Minneapolis-based firm’s foothold in New England and giving it its first-ever presence in Connecticut. CLA, named the eighth-largest accounting firm by industry publication Accounting Today this year, provides wealth advisory, outsourcing, audit, tax and consulting services across a spectrum of industries.
The terms of the deal weren’t disclosed, but CLA will now have more than 7,000 people in 130-plus locations across 31 states.
In an interview Thursday morning, blumshapiro CEO Joseph Kask said the deal will expand the menu of capabilities blumshapiro offers to its clients, including wealth management and cybersecurity.
“We’re going to be able to draw on some deep expertise,” said Kask, who joined blumshapiro in 2007 and became CEO in 2016.
Employees will also have expanded career prospects, given CLA’s larger array of service areas and geographies, he added.
Kask will become CLA’s regional managing principal for New England and New York.
The vast majority of his 500-plus employees across several states are also staying, he said. While there may be some positions that overlap between the two firms, he said there will be minimal job cuts as a result of the deal, which he said is unrelated to any pressures caused by the COVID-19 pandemic this year.
Blumshapiro’s 2020 revenue is expected to grow to about $100 million, up from just under $91 million in 2019, he said.
While blumshapiro will adopt CLA’s name, Kask said much will remain the same from customers’ perspectives, including the firm’s rate structure, personnel they interact with, and blumshapiro’s presence in Connecticut.
“We are not closing any offices in Connecticut, we are going to grow them,” Kask said.
Blumshapiro is the second-largest accounting firm in Greater Hartford, with 102 local CPAs and 281 local employees, according to Hartford Business Journal’s Book of Lists. Only Big Four firm PwC has a larger presence here.
