BDO USA is merging in Quantum Global Advisors LLC, a Chicago-based international insurance claims and valuation consulting practice, in a deal that’s expected to close on Oct. 16.
The deal will add 28 professionals from Quantum, bolstering Chicago-based BDO’s Forensic Investigations and Litigation Support practice. Financial terms of the deal were not disclosed. BDO ranked 7th on Accounting Today’s 2020 list of the Top 100 Firms. The firm reported $1.8 billion in annual revenue. BDO has over 600 partners, 6,800 client service employees and 8,000 total staff members. Quantum had $9 million in revenue in 2019 and is projected to have $10.2 million in 2020.
Quantum traces its roots back to 1945 and has built a large property claims consulting practice that handles various insurance categories, including business interruption claims processing and forensic loss analysis. Since its founding, the firm estimates it has resolved over 10 billion property and time element claims with clients around the world.
“As we recognized our 75thanniversary on October 1st, I cannot help but think about my father and uncle, who co-founded Quantum Global Advisors and how they helped resolve countless insurance claims across all industries while our country continued to build, progress and evolve throughout the century,” said Kenneth Ritter, principal at Quantum Global Advisors, in a statement Tuesday. “Since then, and throughout my 40 years with the firm, my family and I have remained dedicated to Quantum’s long-standing success. Much like BDO, my father and uncle established Quantum to help people thrive. To us, joining BDO doesn’t just make business sense; it honors the legacy my father helped create.”
BDO plans to use Quantum’s Asset Intel Modeling technology in conjunction with BDO’s claims services to provide clients with interactive, visual data on their property insurance claims.
“Right now, our clients need a 360-degree view of their businesses to remain resilient during these challenging times,” said Jay Duke, national managing partner for advisory services at BDO USA, in a statement. “From the global pandemic, to the wildfires in the West and hurricanes striking our Gulf Coast, these events cause untold disruption to communities, as well as severe business interruption across the country. In combination with Quantum, we now have a deeper, more holistic business insurance advisory practice that will result in stronger outcomes as organizations, large and small, work towards recovery.”
BDO USA has been doing a series of mergers and acquisitions, even during the pandemic. In July, it expanded in Colorado and Wyoming by adding ACM LLP, formerly known as Anton Collins Mitchell LLP. In June, BDO announced two other MA deals, merging in CFO Advisors and MorganFranklin Consulting’s public sector practice. That same month, BDO added Piercy Bowler Taylor Kern, CPAs, a firm based in Las Vegas, expanding BDO’s presence in Nevada and Utah. At the beginning of the year, BDO added Biegel Waller Investment Advisory Services and Biegel Waller Tax Advisory Services in Columbia, Maryland.