What's Happening?
Elevate, a newly launched platform for accounting, tax, and advisory firms, has made its first acquisition by acquiring TYS Advisors, effective August 1. Elevate is backed by long-term family office investors and operates as a fully remote platform with executive leadership based in the San Francisco Bay Area and headquarters in Los Angeles. The platform targets firms across major metropolitan markets nationally with revenues between $2 million and $20 million. Elevate takes a majority stake in its platform firms, which retain their names and brands. TYS Advisors, the non-attest business of TYS, is an accounting and advisory firm with offices in Walnut Creek, California, and Rochester, New York. The acquisition allows TYS to adopt an alternative practice structure, dividing its attest and non-attest services.
Why It's Important?
The acquisition of TYS Advisors by Elevate marks a significant step in the expansion of Elevate's platform, which aims to support accounting firms with capital, infrastructure, and strategic support. This move is crucial for Elevate as it seeks to establish a strong presence in the accounting industry by partnering with firms that have regional depth and industry specialization. The acquisition allows TYS Advisors to continue its growth while maintaining its employee-centric culture and industry expertise. This partnership is expected to enhance the service offerings and technological capabilities of both firms, benefiting their clients and employees.
What's Next?
Elevate plans to continue expanding its platform by targeting additional advisory firms in areas such as tax specialty, valuation, and cybersecurity. The partnership with TYS Advisors sets a precedent for future acquisitions, as Elevate aims to build a long-term platform that prioritizes firms and clients. TYS Advisors will focus on investing in its people, technology, and service offerings, leveraging the support from Elevate to enhance its growth and maintain its trusted brand.
