Indian Outsourced Accounting firms acquired by Private Equity backed firm

• PE-backed Springline Advisory (the 4th fastest growing financial & business advisory firm in 2025) made its first major India bet.
• On November 5, 2025, it acquired two Ahmedabad-based accounting firms. 
• Market grapevine suggests several Indian outsourcing firms are quietly courting PE. 
• Could 2026 be the acquisition season for Indian outsourced accounting firms?

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, a business advisory platform, focused on building and scaling high-performing accounting and advisory firms.

Within the first two years, it added several other firms to the roster, including:

• MarksNelson (Became the “founding firm” under Springline)
• BGBC Advisory (Indianapolis): January 25, 2024
• Clark, Raymond & Co. (Redmond, WA): December 12, 2024
• HM&M Advisory (Dallas): December 12, 2024
• Fiske Advisory (South Florida): January 14, 2025
• EFPR (New York): February 27, 2025
• Smart Accountants and Infinity Globus (Ahmedabad, India): November 5, 2025
• Actuarial Resources Corp. (Kansas): December 10, 2025

Services:

• Tax
• Accounting
• Advisory
• Wealth management
• Outsourced support

Leadership: Springline is steered by CEO Tim Brackney.

Team: Post-acquisition, Springline’s global headcount now exceeds 750 professionals. (According to Accounting Today, the Ahmedabad 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 the firms?

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?

The deal value and structure have not been officially disclosed.

However, industry chatter suggests that Smart Accountants’ acquisition could alone be in the ₹120–150 crore range (approx $13-17M USD), subject to structure, earn-outs, and final terms.

Note: Trusted sources say this, but take it with a grain of salt; nothing’s official.

Also read: Indian Tax to US Tax Preparer: A Small Town Boy’s Global Pivot to US outsourcing

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 

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.

Market grapevine…

Indian Accounting Firms are quietly courting Private Equity!

Ahmedabad grapevine suggests one leading outsourcing firm is exploring PE at a ₹700–800 crore valuation (USD 78 million).

So what’s driving this sudden rush?

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.

AI is forcing big CapEx: U.S. clients now expect AI-led delivery. That means:

• Heavy investment in tools
• Continuous AI upskilling for teams

Experts warn: routine outsourced work will be automated first.

Survival now depends on moving up the value chain:

• Complex Tax Advisory & Structuring
• Virtual CFO
• Management Consulting

All of this requires capital.

Cash-in 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!

Also read: Opportunities in outsourcing: Audit Partner turned entrepreneur

Wrapping up…

Remember The Finance Story’s Mumbai Networking Event back in 2024?

Here, several Outsourcing leaders at the event pointed out that private equity firms are really paying attention to the accounting outsourcing boom right now.

Why? Because India’s talent pool is now mission-critical for US PE-backed accounting / advisory firms.

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.