TFS Gulf 
- Springline Advisory (the 4th fastest growing US firm in 2025) just made its first big India move.
- On November 5, 2025, the PE-backed firm acquired two Ahmedabad-based outsourced accounting and compliance firms.
- Translation: India is mission-critical for a US PE-backed firm…And it’s not hard to see why: the talent pool.
But first, a little about Springline Advisory
Established in 2024, Springline Advisory is a financial and business consulting firm on a mission to “dominate the middle market.”
- Dallas-based private equity firm Trinity Hunt Partners ($2 billion in assets under management) invested in the “advisory business of MarksNelson” (an Accounting, tax, and advisory firm based in Kansas City).
- This led to the inception of Springline Advisory.
Within the first year, it added several other “founding firms” to the roster, including:
- BGBC Advisory (Indianapolis)
- Clark, Raymond & Co. (Redmond, WA)
- Fiske Advisory (South Florida)
- HM&M Advisory (Dallas)
- EFPR (New York)
- Actuarial Resources Corp. (Kansas)
Services:
- Tax
- Accounting
- Advisory
- Wealth management
- Outsourced support
Leadership: Springline is steered by CEO Tim Brackney.
Team: Post-acquisition, Springline’s global headcount now tops 750 professionals. According to Accounting Today, both firms added a total of 191 employees to Springline.
Revenue: Springline recorded an annual revenue of approximately $89 million. (as of 2024).
The India acquisitions
Smart Accountants (Founded in 2005)
Serves individuals such as U.S. expats and businesses pursuing global expansion. The firm offers services across expat tax preparation, international taxation, accounting, and advisory.
Infinity Globus (Founded in 2021)
An outsourcing accounting firm delivering customised tax and accounting services to accounting firms across the United States.
And the man behind both? Vivek Shah.
- MD of both firms
- CA from India, and CPA in the US and Australia
- 20+ years building outsourced accounting and advisory solutions
- Now Springline’s India Country Lead.
The deal value?
Not officially disclosed, but word on the street is: Springline shelled out well over INR 150 crore (that’s approximately $17M USD) for Smart Accountants alone.
What Springline really gains from this acquisition
1. Expanded global footprint
Springline has now expanded its reach beyond U.S. borders. This gives them the capability to support clients across multiple time zones and markets with serious efficiency.
2. Scalability
Adding over 190 professionals from Smart Accountants and Infinity Globus shoots Springline’s total headcount past 750 global team members.
3. Enhanced service capabilities
It massively broadens Springline’s service portfolio across tax, compliance, advisory, and managed services.
By fusing offshore delivery with top-tier advisory capabilities, Springline positions itself as a more comprehensive, globally capable firm.
4. 24/7 Global Delivery Model
With teams on the ground in both the U.S. and India, Springline can provide its multinational clients faster turnaround, higher responsiveness, and a noticeable lift in service quality.
5. India’s talent pool
And most importantly, Springline gains access to India’s deep pool of experts with outstanding technical excellence.
And, what are Indian Accounting KPOs looking for?
Not widely reported, but upon talking to insiders, we found out that many Indian outsourced accounting firms are hunting for PE investors.
If the market grapevine in Ahmedabad is to be believed, a leading outsourcing firm is eyeing a valuation of ₹800 crore.
What could be the reasons?
More competition: Mid- to large-sized U.S. CPA firms have long been entering India and setting up GCCs. Now, even smaller CPA firms are skipping outsourced providers and building their own operations. This is creating fierce competition for existing GCCs.
Rising talent costs: Indian GCCs of U.S. CPA firms, especially those backed by PE, are paying employees very generously.
Add non-monetary perks, remote work, and food subsidies, and the costs climb even higher. Attrition is high (With top talent flocking to GCCs), with employees expecting 30–50% salary hikes.
Rising influence of AI: U.S. clients now expect AI integration for efficiency, which requires significant capital. On top of that, employees need upskilling in AI, another expense you can’t ignore.
Experts predict AI will automate routine outsourced tasks: If you want to survive, you need to focus on premium services, like Complex Tax Advisory & Structuring, Virtual CFO services, or Management Consulting. And yes, that also demands investment.
Cash in on the gold rush: PE wants scale, speed, and margin expansion. Indian delivery centres deliver all three, whether it’s tax, audit support, compliance, or advisory work. No surprise then that outsourced accounting firms are lining up to monetise the moment!
Wrapping up…
Remember The Finance Story’s Mumbai Networking Event back in 2024?
Here, industry insiders unpacked India’s growing role in the accounting outsourcing ecosystem.
Uday Ranpara, Managing Director at Unison Globus and Initor Global (they serve the U.K., U.S., and Australia), pointed out that private equity firms are really paying attention to the accounting outsourcing boom right now.
CA Kavita Chakraborty, who founded Konnect Books & Taxes (a U.S. bookkeeping, tax firm, Fractional CFO pulling in around $2.5 million in revenue as of Nov 2024), echoed the same reaction.
She said that multiple domestic firms have reached out to her, specifically because they’re impressed by the quality and stability of her India-based team.
India, with its massive pool of CA, CPA, EA, and ACCA talent, has become the ultimate talent hotspot. (Let’s not forget, India is still cost-effective too.)
Their expertise in U.S. tax, audit, SEC, and international taxation is unmatched.
Will 2026 see a wave of acquisitions in India? All signs point to a big YES!
FAQs
1. How big is the Indian accounting and tax outsourcing market currently?
The Indian accounting services market (including outsourced functions) was valued at roughly USD 25.8 billion in 2024.
It is expected to grow significantly in the coming decade, potentially reaching over USD 65 billion by 2033, as per IMARC Group.
2. Why are PE firms buying up Indian outsourcing firms?
The trend of PE-backed firms acquiring outsourcing and advisory practices, especially India-based operations, is to construct massive global delivery platforms.
They want to build global delivery engines that run 24/7, offer true round-the-clock service models.
