Apr 5th 2013
By Frank Byrt
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The Southeastern regional accounting firm Decosimo has acquired Solvability, a Huntsville, Alabama, firm that specializes in accounting and consulting work for government contractors.
"With the government contractor concentration in Huntsville and our regional firm's growing client base in this industry, it was important for us to complement our traditional assurance and tax services with the compliance advisory and specialized accounting solutions that these businesses need to effectively operate and report on their federal contracts, said Ken Conner, a Decosimo principal, in his firm's press release.
Conner told AccountingWEB, "This was a strategic move on our part to strengthen our government contracting practice. Our office in Huntsville is growing, but the skills of Solvability give us strength and diversity that we didn't have before."
Conner said that Decosimo, which has about 300 employees, opened an office in Huntsville about two-and-a-half years ago and saw the opportunity for continued growth with an alliance with an accounting firm that provides services to government contractors. "We were looking for somebody strong in the cost accounting side of defense contract work. We took our time, and Solvability seems to be the best fit."
Solvability founder Jenny Clark and CEO Joe Yearta will serve as directors under the new arrangement with Decosimo, while other personnel will continue in their current roles. Solvability will continue to do business under that name and will keep all of its personnel and continue to serve its clients.
The firm, founded as Joseph Decosimo and Company, PLLC, in Chattanooga in 1971, has nine offices, including in Atlanta and Dalton, Georgia; Nashville, Memphis, Knoxville, and Chattanooga, Tennessee; Cincinatti, Ohio; Huntsville, Alabama; and the Cayman Islands. Additionally, Decosimo is an independent firm associated with Moore Stephens International Limited.
Decosimo serves a wide range of clients, including investment partnerships; financial services firms; companies involved in the hospitality, manufacturing, health care, construction, and real estate industries; government and not-for-profit entities; and professional sports franchises.