A fast-growing Ottawa accounting firm has acquired a southwestern Ontario cloud-based practice as it continues to chase its goal of quadrupling its revenues over the next five years.
Envolta purchased the eponymously named Denise Wright-Ianni, CPA Professional Corp., a one-person firm based in London, Ont., in a deal that closed last week. Financial terms of the transaction were not disclosed.
Envolta owner David DiNardo said Wright-Ianni, who ran the business for 25 years, had built a lucrative practice providing accounting, tax and advisory services to lawyers and other high-net-worth professionals in Ontario, B.C. and Alberta.
“It definitely gives us a boost,” he said of the deal, adding Wright-Ianni plans to exit the business and retire.
DiNardo, who founded Envolta seven years ago and led the firm to two consecutive appearances on OBJ’s list of Ottawa’s fastest-growing companies in 2018 and 2019, said recently his goal is to raise the firm’s revenues from $5 million to $20 million annually by 2026.
“We’re looking for a big expansion in the next five years,” he said.
Now at about 40 employees, Envolta expects its headcount to hit 50 before year end. The firm recently launched a major Google ad campaign in a bid to boost its customer base in the GTA and is working with Poe Group Advisors, which specializes in brokering M&A deals for accounting firms, as it looks to expand organically and through acquisitions.
“Any future cloud accounting firms that come on the market, we’d definitely be interested in the acquisition process with that,” DiNardo said.