Jitasa Acquires Two Related Firms
May 13, 2016 Paul Clolery
Jitasa, a company specializing in accounting services for nonprofits, announced the acquisition of firms AVF Consulting and K12 Enterprise. They are related companies, with K12 Enterprise being spun from AVF Consulting. Terms of the deal were not disclosed.
AVF Consulting, based in Baltimore, Md., has been deploying accounting and business management solutions to nonprofit clients for 25 years. K12 Enterprise, with offices in Powhatan, Va., and Towson, Md., provides public school districts with financial and HR solutions.
All three companies, as well as previous acquisition Dynamic Shared Services, will fall under the name The Jitasa Group. Jitasa is an accounting and bookkeeping service with international operations focusing on the charitable sector and is based in Boise, Idaho. Rather than consolidating operations the acquisition might translate into more jobs at the various locations, according to Jitasa founder and CEO Jeff Russell.
“These organizations are currently all combined into one legal entity yet are currently operating as separate business units. We are in the process of integrating our organizations further, and that process will take some time,” said Russell via an email.
There are a combined 150 employees across all of the firms. “Our focus and intent in integrating these companies was to create new products and service combinations and solutions unique in the nonprofit market,” said Russell. “We are investing in growth and have a variety of open positions to hire across all three business units,” said Russell.
AVF will continue to be a provider of support and sales for the Serenic Navigator product. “Jitasa has historically been a service provider for managed back-office accounting services. We believe the blend of this technology and managed service could be a leading BPaaS (Business Process as a Service) solution for the nonprofit market,” said Russell.
The acquired firms are run by brothers Andrew and Jeremy Fass, said Russell. “K12 Enterprises was created by Jeremy and other staff at AVF. As there was already a strong bond and relationship between the organizations, it made this multi-organization combination and integration even easier, he said.