What is the story about?
What's Happening?
Sainvus, a new platform designed to support accounting firms, has launched and announced its acquisition of Schulman Lobel, a firm with $23 million in revenue and offices in New York City, Los Angeles, and Princeton, New Jersey. Founded by Jonathan Smidt and Hilliard Milner, Sainvus aims to alleviate the operational burdens faced by CPAs, allowing them to focus more on client services. The platform offers centralized administrative support, tech tools, and human resources services. Sainvus is backed by long-term investors, including family offices and endowments, and plans to acquire more firms to expand its reach.
Why It's Important?
The launch of Sainvus represents a significant shift in the accounting industry, where firms are increasingly seeking ways to streamline operations and enhance client service. By providing a centralized infrastructure, Sainvus allows accounting firms to focus on delivering comprehensive solutions to their clients, potentially increasing client satisfaction and retention. This development could lead to a transformation in how accounting services are delivered, with a focus on efficiency and value-added services. The acquisition of Schulman Lobel is a strategic move that positions Sainvus to quickly establish a strong presence in the market.
What's Next?
Sainvus plans to continue its expansion by acquiring additional firms, particularly those serving high-net-worth and small business clients. The platform's approach of allowing acquired firms to retain their brand and identity may appeal to firms looking to maintain their established reputation while benefiting from Sainvus's resources. As Sainvus grows, it may influence other firms to adopt similar models, potentially leading to further consolidation in the accounting industry. The success of this model could also encourage other sectors to explore similar operational support platforms.
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