- Companies
- Baker Tilly
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
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
Website
Status
Privately held
Customer focus
B2B & B2G
Revenue model
Services
Valuation
$2B (Feb 2024)
Sectors
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
| Date | Stage | Valuation |
|---|---|---|
| Feb 2024 | Undisclosed stage | $2B |
Baker Tilly Funding History
Baker Tilly has raised a total of $985M across 1 funding round.
Baker Tilly funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Feb 2024 | Undisclosed stage | Hellman & Friedman (lead); Valeas Capital Partners | $985M | $2B | Baker 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
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
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Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
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Start Free TrialAcquisitions 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
| 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 Country | |||||
| HQ City | New York City, NY | Seattle, WA | Dallas, TX | Danbury, CT | |
| Deal Date | 9 Jun 2026 | 21 Apr 2025 | 27 Mar 2025 | 11 Feb 2025 | |
| Valuation | undisclosed | $7B | undisclosed | undisclosed | |
| EV/Revenue | |||||
| EV/EBITDA | |||||
This data is available for Pro users. Sign up to see all Baker Tilly acquisitions and their M&A valuation multiples. Start Free Trial | |||||
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.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Private | - | - | $2B | - | ||
| Private | - | - | $1.8B | - | ||
| Private | - | - | $1.8B | - | ||
| Publicly listed | $1.5B | $168M | $2.2B | 1.7x | ||
| Publicly listed | $1.9B | $201M | $1.8B | 1.2x | ||
| Publicly listed | $414M | $88M | $1.7B | 2.7x |
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 FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $1.9B | $201M | 1.2x | 1.2x | 11.3x | 10.7x | |||
| $1.5B | $168M | 2.3x | 1.7x | 21.1x | 10.8x | |||
| $414M | $88M | 2.8x | 2.7x | 13.0x | 19.1x | |||
| $2.8B | $416M | 0.7x | 0.7x | 4.8x | 4.5x | |||
| $4B | $344M | 0.4x | 0.4x | 4.6x | 4.0x | |||
| $1.2B | $132M | 4.0x | 3.8x | 36.5x | 28.8x | |||
| $411M | ($62M) | 3.2x | 3.0x | (21.1x) | 19.3x | |||
| $752M | $111M | 2.0x | 1.9x | 13.6x | 15.2x | |||
This data is available for Pro users. Sign up to see all Baker Tilly competitors and their valuation data. Start Free Trial | ||||||||
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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