Out of the Box Technology acquired by Foundational Business Services

Foundational Business Services Inc. has made a strategic investment in Out of the Box Technology, LLC, a leading bookkeeping and QuickBooks Solution Provider. Foundational was launched by CrestLake Partners, LLC as a platform to invest in and partner with leading accounting, bookkeeping, and advisory service businesses within the United States

08/09/23 New York, NY , August 15th, 2023 /PRNewswire-PRWeb/ --

Foundational Business Services Inc. has made a strategic investment in Out of the Box Technology, LLC, a leading bookkeeping and QuickBooks Solution Provider.

Foundational was launched by CrestLake Partners, LLC as a platform to invest in and partner with leading accounting, bookkeeping, and advisory service businesses within the United States. With talent shortages, succession challenges, and a need for capital, many firms are facing significant obstacles. Foundational offers a path for owners looking to grow and scale their firms while maintaining their people and culture. Foundational's model is centered around a long-term focus and creating value for stakeholders and founders.

Founded in 1982 by Denise Loter-Koch, ebs Associates began providing accounting services to help build successful businesses. In 1992, Lisa McCarthy founded Accounting Resource, later Out of the Box Technology, with a similar mission. In 2019, ebs Associates and Out of the Box Technology merged, bringing together two powerful companies with a shared vision. Securing a spot on the Inc 5000 for the past 6 years, Out of the Box Technology continues to be a strong leader in accounting and technology.

"This acquisition is taking Out of The Box Technology to the next level! Foundation Business Services continues to grow a powerhouse in the accounting community, and we are thrilled to expand our service lines," said Denise Loter-Koch, Founder of ebs Associates and Chief Executive Officer of Out of the Box Technology.

"The infusion of new talent and additional resources will certainly take Out of the Box Technology to the next level," said Lisa McCarthy, co-founder, and Chief Strategy Officer of Out of the Box, "The team is embracing the culture, excited about new career opportunities within the firm, and is prepping for that expansion that is already underway. The leadership is stronger than ever and is eager to adopt additional technologies to increase efficiencies. I personally, could not be more excited about the growth yet to come!"

Foundational is actively seeking to invest in other leading bookkeeping and advisory firms with approximately $1 to $15 million in revenue. More information can be found at Foundational.Services

Advisors:

Private Practice Transactions served as an advisor to Out of the Box Technology, and Tonkon Torp LLP served as legal counsel.

Goodwin & Proctor served as legal counsel to CrestLake Partners.

Pull Quote

Foundational Business Services Inc. has made a strategic investment in Out of the Box Technology, LLC, a leading bookkeeping and QuickBooks Solution Provider.

Media Contact

Adi Sharma, Foundational Business Services, 1 (888) 232-4758, [email protected], foundational.services

SOURCE Foundational Business Services