The Bonadio Group, a Top 50 Firm based in Pittsford, New York, has acquired Webber CPA, an forensic accounting and financial consulting firm in Rochester, New York, that caters to clients across the U.S. and the U.K.
Financial terms of the deal were not disclosed. Bonadio ranked No. 48 on Accounting Today's 2022 list of the Top 100 Firms. The firm earned $153.58 million in revenue last year, and has over 850 staff members and 111 partners, to which Webber CPA is adding a total of six employees and one partner.
Webber CPA was founded in 2015 to provide forensic accounting services, such as internal fraud investigations and compliance audits, in financial exploitation cases for nonprofits, government agencies, financial institutions, and regulatory bodies across the U.S. and the U.K. It has since expanded its offerings to include personal finance, business and staffing consulting services.
"As part of our commitment to be greater, we are constantly seeking ways to grow and expand our services for our clients," said Bonadio Group CEO Bruce Zicari. "A couple of the service lines we had an interest in enhancing were our forensic accounting and consulting specialties, and Webber CPA's talented team of experts in those fields posed an attractive partnership for our two firms. It was clear from the start of our conversations that Webber employees and clients would fit perfectly within our purpose-driven culture as well, given the firm's commitment to integrity and delivering meaningful work. The firm's location in Rochester — where Bonadio is headquartered — also presented an opportunity for us to grow our footprint in the region and reach new clientele."
As a part of the acquisition, Karen Webber, founder and owner of Webber CPA, is joining Bonadio as a partner in the consulting service line, bringing with her years of leadership experience and expertise in fraud and forensics. She is also the founder of FraudFindr, a forensic accounting software solution that will add to the Bonadio Group's portfolio.
"From our initial conversations with TBG, it was immediately clear that they shared our core values, and with the firm's proven track record of success, I know this acquisition will present great opportunities to enhance the experiences of our team and our clients," said Webber.
Bonadio and Webber CPA had done some work together in the past. "We have referred work to each other in person and, as active members in the Rochester community, we have often had the opportunity to network together and collaborate," said Webber.
The services offered by her firm will bolster those at Bonadio, especially in the forensic accounting and fraud detection areas.
"Bonadio has an existing team of forensic accounting and fraud experts throughout New York State that oversee investigative accounting projects for clients," said Zicari. "So, while Webber's forensic accounting expertise will not introduce a new service, it will certainly enhance Bonadio's current team of experts thanks to the talent and experience of the Webber employees that will be joining us as part of the acquisition."
The two firms' service areas should mesh together well. "Where TBG's forensic work focused primarily on organizational fraud (businesses), Webber's historically focused on individuals — criminal prosecutions, civil litigation, divorce and trusts/estates," said Webber. "I also have a national reputation as a leader in the elder abuse fraud space. Additionally, Webber's FraudFindr forensic accounting software is a new offering as part of the deal. The future of accounting is technology, and this is a great opportunity to gain market share in this space."
Founded in 1978, the Bonadio Group has offices in Rochester, Buffalo, Syracuse, Albany, New York City and other locations, and has completed more than 20 mergers and acquisitions over the years. In 2021, Bonadio merged in
The firm may be expanding with future M&A deals as well, perhaps in Texas. "We are looking to continually grow throughout New York State and beyond, with special interest in expanding our presence in Dallas," said Zicari. "We currently have a Dallas/Fort Worth office, and we will continue to pursue growth there to best support clients in the area."
