Sikich LLP, a Top 100 Firm based in Chicago, is buying Process Stream, a quality management and insurance technology consulting firm in Princeton, New Jersey.
Process Stream manages quality and insurance claims systems for companies in the pharmaceutical, biotechnology, medical device and insurance industries. Process Stream has 60 employees, one of whom will join Sikich at partner level. Sikich has 97 partners and 963 total professionals. The Process Stream team includes system engineers, software developers, quality management and claims systems administrators, and industry experts. They will continue to work from their office in Princeton, New Jersey. The transaction is scheduled to close April 30.
The deal comes as firms like Sikich are expanding their technology and consulting teams. Process Stream also provides support for its customers’ digital transformation efforts, by managing data migrations and conversions, data archiving and more.
“Increased regulation, more exacting customer demands and enhanced competition will force organizations across industries to improve their quality management efforts in the coming years,” said Sikich CFO Ryan Spohn, who leads the firm’s business advisory services, in a statement Thursday. “The addition of Process Stream expands our existing technology services and industry expertise and enables us to meet these evolving needs for clients across regulated industries.”
Financial terms of the deal were not disclosed. Sikich ranked 30th on Accounting Today’s 2021 list of the Top 100 Firms, with $184 million in annual revenue.
Process Stream CEO Bobby Roy sees Sikich’s national footprint and extensive technology and consulting talent strengthening his company’s ability to help clients with their digital transformation efforts. “This move will also enable us to bring our best-in-class services to a wider audience,” he said in a statement.
Sikich frequently does M&A deals, but it has been relatively quiet on the M&A front in the past year. Last December, though, Sikich acquired
