Bonadio & Co. LLP will acquire a bank internal auditing business in Vermont, its first out-of-state acquisition, the Perinton-based accounting firm said Tuesday.
The purchase of Independent Audit Associates Inc. will be completed Wednesday, Bonadio said. The deal enhances the local firm’s expertise in internal audits of banks.
IAA’s offices in Rutland, Vt., will become the first Bonadio location outside New York. Bonadio plans to establish a new internal audit team.
“As our client base continues to expand beyond the borders of New York State, we were actively pursuing opportunities that would allow us to physically meet our clients’ demands, and have done so with our first office location in New England,” CEO and Managing Partner Thomas Bonadio said in a statement.
The internal audit practice is projected to have annual billings of $1.2 million as a result of the deal, officials said.
The acquisition gives Bonadio & Co. 14 additional banking clients, and will help grow revenues by more than 10 percent in future years, Bonadio said.
The firm, which does business as the Bonadio Group, is the largest independent provider of accounting, consulting and financial services in Upstate New York. It employs 380 at nine locations, with annual revenues of more than $55 million.
Bonadio ranked first on the Rochester Business Journal’s most recent list of local CPA firms with 81 local accountants.
Thomas Giglio, a principal in Bonadio’s enterprise risk management division, is to lead the audit team from his Syracuse office, where Bonadio’s internal audit practice has its headquarters.
Founded in 1992, IAA employs six. It is comprised of former internal auditors of financial institutions and other bank staff, officials said. It works with banks and holding companies with assets of $150 million to $1 billion.