Accounting and IT Consulting M&A: Sikich Acquires O’Malley & Kwit

by Ty Trumbull • Nov 29, 2022

Accounting and tax audit firm Sikich is acquiring the operating assets of O’Malley & Kwit, a specialized tax firm, for an undisclosed amount.

This is technology M&A deal number 1,004 that ChannelE2E has covered so far in 2022. See more than 2,000 technology M&A deals involving MSPs, MSSPs & IT service providers listed here.

Sikich, founded in 1982, is based in Chicago, Illinois. The company has 1,482 employees listed on LinkedIn. Sikich’s areas of expertise include accounting services, business valuation, cloud & hosting solutions, dispute advisory, ERP & CRM software, financial advisory, financial reporting, human resources, investment banking, IT infrastructure, marketing & PR, insurance services, tax planning, supply chain, Microsoft Dynamics 365, NetSuite, cybersecurity and cloud services.

O’Malley & Kwit, founded in 2008, is based in Chicago, Illinois. The company has 11 employees listed on LinkedIn. O’Malley & Kwit’s areas of expertise include tax and administrative services for hedge funds and funds of hedge funds, audits of employee benefit plans and tax services to wealthy individuals and families.

The firm also offers accounting and attestation support as well as U.S. compliance related to foreign investment and entity structure guidance.

The O’Malley & Kwit team will join Sikich’s downtown Chicago office, the company said.

Sikich’s Latest Acquisition: Increasing Scale

Tom Krehbiel, partner at Sikich and leader of the firm’s CPA practice, commented:

“Continuing to expand our practice in the Chicago market is a priority for Sikich. Adding the O’Malley & Kwit team strengthens our tax capabilities and enhances the foundation for us to continue to scale in this key market.”

William Kwit and Patrick O’Malley, partners at O’Malley & Kwit, said in a joint statement:

“The benefits of joining the Sikich team are two-fold: we’re able to offer clients a breadth of new and advanced services, and provide expanded growth opportunities to our employees. This additional set of tools and opportunities will allow our clients and employees to thrive in this dynamic landscape.”

Accounting Firms M&A

This is Sikich’s third acquisition in approximately thirteen months. The company previously acquired PA Group USA, a Microsoft Dynamics partner that deploys ERP and CRM applications for manufacturing customers, in October 2021. Earlier in November 2022, Sikich bought Accelerated Growth, an accounting, finance, and technology consulting firm.

These deals come as many traditional accounting firms are diversifying into the IT services sector through M&A deals. Indeed, M&A activity between accounting firms, MSPs and IT consulting firms remains strong. ChannelE2E maintains a list of deals within the sector.