Sikich Expands Federal Services with Cherry Bekaert Deal
Sikich, a prominent technology-enabled professional services firm, has taken a significant step by agreeing to acquire the Federal contracts from Cherry Bekaert Advisory LLC, specifically serving the US Patent and Trademark Office. This strategic acquisition comes with an important addition to Sikich's team, as six skilled members from Cherry Bekaert will now contribute their expertise and experience in cost management and activity-based information to Sikich’s growing federal practice. Moreover, Aurpon Bhattacharya joins as a principal, further enhancing their proficiency in the government sector.
Significance of the Acquisition
This acquisition marks a pivotal moment for Sikich as it continues to solidify its leadership among full-service providers in the governmental landscape. Over the past five years, Sikich has executed four notable acquisitions within the D.C. metropolitan area, reinforcing their commitment and capability to serve government agencies and contractors effectively. The addition of Cherry Bekaert’s Federal contracts demonstrates Sikich’s ambitions and strategy to be a primary player in the federal government professional services arena.
Growth Through Strategic Acquisitions
The past acquisitions that Sikich has undertaken have significantly contributed to their expanding influence in the federal services sector. Notable previous transactions include the acquisition of the public accounting firm Halt, Buzas & Powell in 2019, Cotton & Company in 2022, and CLA's federal government practice earlier this year. This consistent pattern of growth epitomizes Sikich's strategic maneuvers within the industry, allowing it to broaden its service offerings and expertise.
Leadership Commitment to Excellence
Steven Koons, principal and leader of the Sikich Federal Government Service Line, expressed enthusiasm about the acquisition's potential impact. He noted that unlike many consulting firms choosing to exit the federal government sector, Sikich is well-resourced and fully committed to delivering exceptional professional services. The emphasis on proper handling of taxpayer funds and data underlines the firm’s dedication to integrity and efficacy in service delivery.
Financial Backing for Expansion
Earlier this year, Sikich secured a notable minority growth investment of $250 million from Bain Capital, aimed at bolstering their acquisition strategy and operational excellence. This financial influx signifies confidence in Sikich's growth trajectory and sets the stage for further expansion and service diversification in the professional services market.
About Sikich
Sikich is renowned for its specialization in technology-enabled professional services, based in Chicago. With a robust workforce exceeding 1,900 employees, Sikich leverages an array of innovative technology solutions to drive digital transformation for clients ranging from corporations to various government entities. The firm’s commitment to enhancing performance and achieving long-term strategic objectives distinguishes it in the professional services landscape.
Frequently Asked Questions
What recent acquisition did Sikich announce?
Sikich announced the acquisition of Federal contracts from Cherry Bekaert Advisory LLC, enhancing its federal service capabilities.
Why is this acquisition significant?
This acquisition significantly strengthens Sikich’s leadership position as a full-service provider in the government sector, following a series of strategic acquisitions in recent years.
Who are the new members joining Sikich?
Six members from Cherry Bekaert’s team will join Sikich, along with Aurpon Bhattacharya, who will serve as a principal in the federal government practice.
How has Sikich been supported in its growth efforts?
Sikich received a $250 million minority growth investment from Bain Capital, fostering its acquisition strategy and operational excellence.
What is Sikich’s commitment to government services?
Sikich is committed to providing a wide range of professional services to government agencies while ensuring proper handling of taxpayer resources and data.
