Chicago-based Baker Tilly Virchow Krause and ParenteBeard in Philadelphia, both members of Baker Tilly International, have merged to become Baker Tilly Virchow Krause, effective 1 October 2014.
The resulting firm will count over 2,500 employees across 29 US cities and turn an annual revenue of $475m, according to the network.
Baker Tilly International is counting on the new firm to strengthen its presence in the US’s northeast corridor between the financial and political centres of New York and Washington.
Baker Tilly US chairman and chief executive officer Timothy Christen said the merger follows a history of successful collaboration between the two firms and added: "This merger is an opportunity for two successful, complementary firms to join forces and create even greater opportunities for our people, while broadening our geographic footprint and deepening our industry and service specialisation capabilities to better serve our clients as valued business advisors."
The merger confirms an ongoing trend towards consolidation in the US market, which has seen networks and associations vie for control of strategic geographical areas.
According to IAB’s 2014 US survey, both firms have recently completed acquisitions of their own. Baker Tilly Virchow Krause acquired Holtz Rubenstein Reminick in New York, while ParenteBeard acquired Connecticut-based Presscott Associates.
Following four mergers and one loss in the past financial year, Baker Tilly International remains the 11th network in the US by fee income for 2013.