Baker Tilly Valuation, Funding & Investors

Baker Tilly is valued at $2B as of February 2024.

Last Baker Tilly valuation

$2B

Undisclosed stage · Feb 2024

Last Baker Tilly funding round

$985M

Undisclosed stage · Feb 2024

Cumulative funding Baker Tilly raised

$985M

across 1 funding round

Key investors in Baker Tilly

  • Hellman & Friedman
  • Valeas Capital Partners

Baker Tilly Overview

About Baker Tilly

Baker Tilly US is a Chicago-headquartered accounting, tax and advisory firm whose US business originated in 1931, with the present partnership organized in 1953. It was formerly known as Virchow, Krause & Company, LLP, joined Baker Tilly International in 1999 and adopted the Baker Tilly name on 1 June 2009. In February 2024 it sold a majority stake to private equity firms Hellman & Friedman and Valeas Capital Partners and adopted an alternative practice structure, with Jeff Ferro as chief executive of the advisory business. It has expanded through acquisitions since 2020, including Squar Milner and Margolin Winer & Evens. The April 2025 combination with Moss Adams, valued at about $7 billion, created the sixth-largest US CPA advisory firm with more than $3 billion of revenue and about 11,500 people.


Founded

1931

HQ

United StatesChicago, IL

Status

Privately held

Customer focus

B2B & B2G

Revenue model

Services

Valuation

$2B (Feb 2024)

Baker Tilly Valuation

Baker Tilly is currently valued at $2B, based on its undisclosed-stage round in February 2024.

The $985M round was led by Hellman & Friedman, with participation from Valeas Capital Partners.

Baker Tilly valuation by funding round

Baker Tilly valuation by funding round
DateStageValuation
Feb 2024Undisclosed stage$2B

Baker Tilly Funding History

Baker Tilly has raised a total of $985M across 1 funding round.

Baker Tilly funding rounds

Baker Tilly funding rounds
DateStageInvestorsRaisedValuationDeal Summary
Feb 2024Undisclosed stageHellman & Friedman (lead); Valeas Capital Partners$985M$2BBaker Tilly US, a top-10 advisory CPA firm, received a strategic investment from Hellman & Friedman (lead) and Valeas Capital Partners, announced around February 2024 and closed in June 2024. The deal, the largest private equity investment in the US CPA sector, involved restructuring into Baker Tilly Advisory Group LP (for advisory, tax services) and Baker Tilly US LLP (for attest services), with partners retaining equity alongside investors. The transaction valued Baker Tilly at over $2 billion, per Latham & Watkins representing the lenders. Baker Tilly reported FY23 net revenue of $1.6 billion and was on track for $1.8 billion in the fiscal year ending May 2024. The investment supports growth via talent, technology, acquisitions, partner payouts, and recapitalization, doubling workforce in prior five years.

Who has invested in Baker Tilly?

2 investors have backed Baker Tilly across its funding rounds, including Hellman & Friedman and Valeas Capital Partners.

Lead investors include Hellman & Friedman.


Baker Tilly Investors

Investors in Baker Tilly by funding rounds participated
InvestorHQRoundsRoleFirst check

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Acquisitions by Baker Tilly

Baker Tilly has acquired 21 companies to date.

Last acquisition by Baker Tilly was on June 9th 2026. Baker Tilly acquired Anchin, Block & Anchin LLP for undisclosed valuation.


Latest Acquisitions by Baker Tilly

Anchin, Block & Anchin LLP
Moss Adams
Invoke Tax Partners
Cirone Friedberg
Description
Anchin, Block & Anchin LLP is an accounting firm. The firm delivers accounting, financial, and business advisory services.
Moss Adams was a Seattle-based accounting, consulting and advisory firm that served middle-market companies across more than 30 industries from more than 30 locations before combining with Baker Tilly. It was founded in 1913 by John G. McIntosh, initially serving the forest products sector in the Pacific Northwest, and had roughly 3,800 employees, 403 partners and reported revenue of about $1.26 billion in its latest fiscal years. Its services covered audit and assurance, tax advisory, consulting, risk management, IT risk management, M&A advisory and valuation. The combination with Baker Tilly, announced on 21 April 2025 in a deal reported at about $7 billion and completed on 3 June 2025, created the sixth-largest US advisory CPA firm with more than $3 billion of revenue; Moss Adams chief executive Eric Miles became chief executive of the combined firm on 1 January 2026.
Invoke Tax Partners is a tax consulting firm specializing in state and local tax solutions for corporations. The company delivers agile strategies for sales tax, property tax, and unclaimed property compliance across multiple jurisdictions in the United States.
-
HQ CountryUnited StatesUnited StatesUnited StatesUnited States
HQ City
New York City, NY
Seattle, WA
Dallas, TX
Danbury, CT
Deal Date9 Jun 202621 Apr 202527 Mar 202511 Feb 2025
Valuationundisclosed$7Bundisclosedundisclosed
EV/Revenue
EV/EBITDA

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Baker Tilly Competitors

Baker Tilly competitors include listed companies like TIC Solutions, ICF International and Engineers India, and private ones like Cognitive Boundaries Education, MegazoneCloud and Distyl AI.

Public and private companies comparable to Baker Tilly
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
Cognitive Boundaries EducationChinaNanjingPrivate--$2B-
MegazoneCloudSouth KoreaSeoulPrivate--$1.8B-
Distyl AIUnited StatesSan Francisco, CAPrivate--$1.8B-
TIC SolutionsUnited StatesUnited StatesPublicly listed$1.5B$168M$2.2B1.7x
ICF InternationalUnited StatesUnited StatesPublicly listed$1.9B$201M$1.8B1.2x
Engineers IndiaIndiaIndiaPublicly listed$414M$88M$1.7B2.7x

Baker Tilly Public Comps

Baker Tilly is still privately-owned, but its public comps include ICF International, TIC Solutions, Engineers India, Ipsos, Everforth, MLP, SMS, Charles River Associates, Andersen Group and CBIZ.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
ICF International$1.9B$201M1.2x1.2x11.3x10.7x
TIC Solutions$1.5B$168M2.3x1.7x21.1x10.8x
Engineers India$414M$88M2.8x2.7x13.0x19.1x
Ipsos$2.8B$416M0.7x0.7x4.8x4.5x
Everforth$4B$344M0.4x0.4x4.6x4.0x
MLP$1.2B$132M4.0x3.8x36.5x28.8x
SMS$411M($62M)3.2x3.0x(21.1x)19.3x
Charles River Associates$752M$111M2.0x1.9x13.6x15.2x

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Common questions about Baker Tilly

When was Baker Tilly founded?Baker Tilly was founded in 1931.
Where is Baker Tilly headquartered?Baker Tilly is headquartered in Chicago, IL, United States.
Is Baker Tilly publicly listed?No, Baker Tilly is a private, VC-backed company.
What is Baker Tilly's valuation?Baker Tilly was last valued at $2B in its undisclosed-stage round in February 2024.
How much funding has Baker Tilly raised?Baker Tilly has raised $985M across 1 funding round.
What was Baker Tilly's last funding round?Baker Tilly's last funding round was a $985M undisclosed-stage round in February 2024, led by Hellman & Friedman.
Who are Baker Tilly's investors?Baker Tilly's investors include Valeas Capital Partners and Hellman & Friedman.
Which companies are comparable to Baker Tilly?Companies comparable to Baker Tilly include Cognitive Boundaries Education, MegazoneCloud, Distyl AI, TIC Solutions, ICF International and Engineers India.
How many companies has Baker Tilly acquired?Baker Tilly has acquired 21 companies, including Anchin, Block & Anchin LLP, Moss Adams, Invoke Tax Partners, Cirone Friedberg and Alirrium.
What was the largest acquisition by Baker Tilly?The $7B acquisition of Moss Adams in April 2025 is the largest acquisition Baker Tilly has made to date.

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