What is the story about?
What's Happening?
SAINVUS, a new platform aimed at supporting accounting firms, has launched and made its first acquisition by acquiring Schulman Lobel. The platform, backed by long-term investors including family offices and endowments, seeks to alleviate the operational burdens faced by accounting firms, allowing them to focus more on client service. Founded by Jonathan Smidt and Hilliard Milner, SAINVUS provides services such as human resources, offshoring, tech tools, and centralized administrative support. The acquisition targets firms with high-net-worth and small business clients across the U.S., with Schulman Lobel retaining its name and brand.
Why It's Important?
The launch of SAINVUS represents a significant shift in the accounting industry, where firms often struggle with operational challenges that detract from client service. By providing centralized support, SAINVUS aims to enhance the efficiency and effectiveness of accounting firms, potentially leading to improved client satisfaction and business growth. This development could also influence the competitive landscape, as firms that join SAINVUS may gain a strategic advantage over those that do not.
What's Next?
SAINVUS plans to continue acquiring firms similar in size to Schulman Lobel, as well as smaller firms to integrate into its existing operations. This expansion strategy could lead to increased consolidation within the accounting industry, with SAINVUS emerging as a major player. Firms considering joining SAINVUS will likely evaluate the benefits of centralized support against the potential loss of autonomy.
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