Private Equity Group Raises $21.5 Million to Buy Accounting Firms

Numica, a New York company that buys small accounting practices, raised $21 million in equity and debt from Roosh X and Flashpoint Capital, funding small accounting firm acquisitions at a size larger buyers have largely passed over, it announced on November 5, 2026.

The company targets practices with annual billings of $700,000 to $5 million. It has bought seven firms since launching in June 2025 and has not disclosed the split between equity and debt, or its valuation.

For owners of small practices, the raise puts a funded buyer in a segment where the usual alternatives are a sale to a larger local firm or a slow internal succession. For clients and staff, it raises a different question: what happens to a practice once its work moves onto a buyer’s own software.

Small accounting firm acquisitions: what Numica is buying

Numica buys practices with established client relationships, typically from owners nearing retirement. Most clients are local businesses such as restaurants, hair salons and dental practices.

After a deal closes, the firm’s clients, staff and workflows move onto Numica’s in-house platform. It includes a general ledger and bookkeeping engine, with practice management, billing and tax filing built on top. Accountants review the output of the AI rather than producing the work by hand.

The first acquisition was a New York practice, bought several months after launch. Its margin rose from 37% to 52% within two months, and Numica projects 70%.

“The model is simple: we acquire a profitable business and make it more profitable,” said Slava Orekoff, the company’s co-founder and chief executive.

Orekoff is a former senior vice president at SAP. Co-founder Victor Lysenko previously founded Osome, an accounting start-up based in Singapore.

The company’s pitch is that “AI can now handle most of the repetitive operational work inside an accounting practice.” That is the premise behind what Accountio has described as an AI-native accounting firm: software does the preparation and licensed staff review it.

Who funded the deal and how it is structured

Flashpoint Capital, a London-based investor, first backed Numica as an equity investor and has now added a growth debt facility. Ilja Velickis, associate partner at Flashpoint Growth Debt, said the facility gives Numica more money to speed up acquisitions.

The debt matters for how the company buys. Borrowed money lets a buyer pay for practices without issuing new equity each time, though it carries repayment terms that equity does not.

Numica has not published price terms for its deals. Nor has it said how much of a purchase price is paid at closing, how much is deferred or tied to client retention, or whether sellers can take equity in the buyer.

Those are the terms that decide what an owner keeps. In any practice sale, a headline price can differ widely from the cash received once earn-outs, retention clauses and rollover equity are counted.

Why small accounting firm acquisitions are a new target

The first wave of private equity buying in accounting began about a decade ago with EisnerAmper, a firm of roughly 3,000 staff and $420 million in billings. Buyers then worked down through firms with more than $100 million in billings and into the large regional firms.

Ten of the 20 largest US accounting firms are now backed by private equity or soon will be. Many of the early private equity deals for accounting firms have reached a second owner, a pattern covered in Accountio’s reporting on second ownership cycles.

The deal that closed this week shows the scale at the top. Grant Thornton Advisors completed its acquisition of CBIZ on November 2, 2026, in a transaction valued at $5 billion and supported by New Mountain Capital. CBIZ shareholders received $55 in cash a share, Grant Thornton said in its announcement.

The combined platform has more than $7 billion in annual revenue and more than 34,500 professionals, according to the announcement. A separate attest transaction involving Grant Thornton LLP and CBIZ CPAs is due to close later this year, and CBIZ CPAs stays a separate licensed firm until then, as set out in CBIZ’s filing with the SEC.

Baker Tilly merged with Moss Adams in 2025, and Blackstone agreed that year to buy Citrin Cooperman. At each step the private equity buyers of accounting firms got larger. Numica is going the other way, and the economics differ: a $1 million practice cannot absorb a large integration team, so a buyer needs standard software to make it pay.

What owners and clients should weigh

Allan D. Koltin, chief executive of Koltin Consulting Group, named Archer Lewis, Franklin Alliance, Haro Ross and Platform Accounting as other providers serving this segment. “Kudos to Numica on successfully entering this segment of the market,” Koltin said.

Numica is therefore not alone, but the field is thin compared with the crowd of private equity-backed buyers competing for accounting firms above $10 million. Fewer bidders usually means fewer sellers can run a competitive process.

The company says the client experience stays the same after a deal and that clients keep the same accountant. It also says it acquires client relationships rather than headcount.

Those two statements pull in different directions, and staff in an acquired practice will want to know which one governs their jobs. An owner selling to Numica should ask for retention terms in writing, covering how many employees stay, for how long and on what pay.

The risk for clients is less about price than about change. Moving a practice from its old ledger and workflow tools to a single in-house platform alters how records are kept, who reviews them and where client data is held. Small businesses that never thought about their accountant’s software will be affected anyway.

The wider backdrop is a shrinking supply of accountants. Over two years, more than 300,000 US accountants and auditors left their jobs, a 17% fall. Retiring owners with no successor are the supply that small accounting firm acquisitions depend on.

Firms that want to assess the AI side of the pitch have comparable cases to study. Baker Tilly and Fieldguide, for example, expanded AI audit automation services inside an existing firm, a different route to the same efficiency gains. Smaller accounting firms weighing outside capital can also read how UK boutiques are approaching private equity.

What comes next for Numica

Numica has seven practices, a new debt facility and a stated plan to buy more. It has not named other states or markets beyond New York, nor given a target for the number of firms it wants to own.

The test of the model will be the second and third years of ownership in the practices it has bought. By then, client retention and staff turnover will show whether the margin gains in the first New York firm were repeatable, and whether Numica can set terms for small accounting firm acquisitions that owners, and the clients they hand over, will accept.