In the latest example of accounting firms taking on outside investments, Regional Leader KNAV Advisory Inc. has taken on a minority investment from NKSquared, the U.S. investment vehicle of Indian billionaire Nikhil Kamath.
The Atlanta-based firm, which has 10 partners and reported $17.11 million in revenue in the U.S. for 2023, plans to use the money for acquisitions, new talent and technology.
"This investment will enable us to further enhance our seamless and integrated service delivery model across the globe," said Nishta Sharma, CEO of KNAV Advisory Inc., in a statement.
KNAV operates internationally in an alternative practice structure, and its plans include acquisitions abroad, such as its acquisition earlier this year of Singapore's Natarajan & Swaminathan. It has operations in the U.S., Canada, the U.K., the Netherlands, India, Singapore and the Philippines.
Terms of the deal were not disclosed; it is supposed to represent the first tranche of a larger commitment from NKSquared, though it does not plan to move beyond a minority position.
"We are thrilled to partner with KNAV, a firm that consistently demonstrates innovation and leadership in the accounting and advisory industry," said Nikhil Kamath, in a statement. "At NKSquared, we seek businesses that not only show strong growth but also drive positive change within their sectors, making KNAV an ideal partner. We believe this investment will further enhance KNAV's ability to scale globally, providing top-tier services and setting themselves apart from the competition."
