Indianapolis-based accounting and tax firm mAccounting has been acquired by InDinero, a Portland, Oregon-based accounting and tax software company.
The deal closed Friday. InDinero declined to disclose financial terms.
InDinero, founded in 2009, offers cloud-based bookkeeping, accounting and tax-prep software for startups that want to outsource these functions. Prior to the mAccounting acquisition, InDinero had 200 employees at offices in Arizona, California, Massachusetts, New York, Oregon and two offices in the Philippines.
Annual revenue for mAccounting is in the “mid-seven figures,” and the acquisition puts InDinero “well into eight figures," said InDinero spokeswoman Emily Goetz. Goetz declined to disclose specific revenue figures for either company.
The Indianapolis company, originally known as Milestone Advisors, was founded in 2003 as a firm that offered outsourced CFO services to clients. The company, at 9311 N. Meridian St., has 36 employees, including 17 certified public accountants.
Tom Gabbert and Jeff Good, the two managing directors at mAccounting, will stay with the company under its new ownership.
“We hope to leverage them in larger leadership roles in the combined company over time,” Goetz said. “We intend to continue to grow the presence in Indianapolis and the area.”
“We’ve always felt like the accounting firm that wanted to be a tech company,” Gabbert said in a prepared statement. “By partnering with inDinero, now we really are both.”
Goetz said mAccounting will operate under its existing name for several months, after which a decision will be made on whether to change its name.