ParenteBeard Adds 26 Employees in Recent Acquisition of Invotex
Philadelphia-based CPA and business consulting firm ParenteBeard LLC  will open a new office in Baltimore after acquiring specialized consulting business Invotex .
As part of the deal, twenty-six Invotex employees, including four partners, will join ParenteBeard, which now has eighteen offices throughout the Mid-Atlantic and Northeast regions of the United States, as well as one location in Dallas.
According to a recent article  by Jeff Blumenthal of the Philadelphia Business Journal, ParenteBeard Chairman and CEO Bob Ciaruffoli has been talking to the Invotex management team, led by partners Raymond Peroutka, Neil Demchick, Jim Stangroom, and Les Schott, for three years. The two firms have participated in joint projects and referred work to one another.
“They were looking to join a larger firm and our expertise complemented their practice,” Ciaruffoli told Blumenthal in an interview.
In a written statement, Ciaruffoli said, “Invotex has a reputation for excellence and creative thinking and brings additional nationally recognized experts in forensic accounting, financial analysis, and insurance consulting to ParenteBeard.”
Established in 2005, Invotex offers its clients accounting, economic, financial and regulatory consulting services, and helps the business and legal communities, financial institutions, insurance companies, and government entities solve complex problems in matters involving disputes, investigations, reorganizations, insurance, and valuations, according to the firm’s LinkedIn page .
Invotex also offers advisory services for intellectual property owners, including royalty audits, licensing, damages calculations, and expert testimony for matters involving litigation.
ParenteBeard officials said the addition of Invotex enhances ParenteBeard’s insurance consulting practice and its forensic, litigation, and valuation consulting services to now include bankruptcy and liquidations.
“By combining the nationally recognized financial consulting capabilities of Invotex with the consulting, accounting, and tax services of ParenteBeard, our clients will benefit from enhanced resources and a deeper range of skill sets in litigation and transactional work,” Peroutka, who served as Invotex’s managing director and CEO, said in a written statement.
Ciaruffoli told the Philadelphia Business Journal that the Baltimore office will start with Invotex’s consulting practices, but the plan is to turn it into a full-service location with tax and audit practices.
“We will be looking at strategic merger candidates in that marketplace,” Ciaruffoli said.
With more than 1,000 professionals, ParenteBeard provides CPA and business advisory services to small businesses, middle-market companies, not-for-profit groups, and US Securities and Exchange Commission (SEC) registrants. ParenteBeard is an independent member of Baker Tilly International.