The merger of two Rhode Island accounting firms makes DiSanto, Priest & Co. one of the largest in the smallest state in the union.
DiSanto, Priest & Co. announced the aquisition, effective Jan. 1, with Pirolli, Deller & Conaty. The companies did not disclose financial terms.
The company hopes to use the added strength to gain market share on the major firms working in the region, the Providence Journal reported Wednesday.
The merger creates an accounting and consulting firm with 33 CPA's, more than 50 accounting professionals and 77 total staff, according to spokesman John J. Brough, Jr.
Brough told the Journal that since the accounting scandals and reform laws like Sarbenes-Oxley, corporate accounting firms are busier with compliance and expend less time and attention on to personal service. This opens the door to smaller, private firms who serve small to mid-size clients, he said.
"If you have a medium-sized or small firm, they find they are better served by regional accounting firm," the Journal quoted Brough.
The firm will continue to operate under the DiSanto, Priest & Co. name, with Pirolli personnel moving to the Disanto, Priest offices in Warwick, Brough told the Providence Business News. David DiSanto will remain managing partner.
DiSanto, Priest & Co. is ranked sixth on the Providence Business News' list of top accounting firms, as ranked by number of CPAs. The acquisition of the smaller firm adds three CPA's to the firm.
Pirolli, Deller & Conaty, PC provided corporate and personal tax and consulting services to local businesses and individuals. The two firms were no strangers to each other in the smallest state in the union.
âOver the years, our working relationship with DiSanto Priest & Co. has grown to the point where a merger made perfect sense to better serve our clients,â Bill Pirolli, who was managing partner of Pirolli, Deller & Conaty, told the Business News. âWe have been positioning our practice for just such a merger for years.â
âThe combined professional and management experience of the partners of Pirolli, Deller & Conaty will greatly enhance the firm's capabilities,â DiSanto, Priest & Co. said in its announcement of the merger.
Pirolli currently serves on the American Institute of Certified Public Accountants' PCPS Executive Committee and on several task forces. He is past member of the AICPA's Governing Board and the Group of 100 strategic-planning committee, and a past president of the Rhode Island Society of Certified Public Accountants and the Central Rhode Island Chamber of Commerce.