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Virchow Krause changes name to Baker Tilly

Mike Ivey  —  8/21/2008 12:09 pm

Madison-based Virchow Krause, which has grown into the nation's 15th largest accounting firm, is changing its name to Baker Tilly.

The firm announced Thursday it will become the exclusive U.S. branded firm for Baker Tilly International, the London-based global accounting giant, pending regulatory approvals.

Virchow Krause is not merging with Baker Tilly or any of the network's independent member firms, nor is it being acquired, CEO Tim Christen emphasized in an interview with The Capital Times.

Rather, Christen said the move will give Virchow Krause better name recognition and help it expand nationwide,

"We are simply moving forward to change the name of the firm," he said.

Virchow Krause currently does business in four Midwestern states, including Minnesota, Michigan and Illinois. But Christen said the firm is looking for a presence in the largest markets like New York.

"Having the Baker Tilly name makes us much more attractive to merger candidates," he said.

Headquartered in the American Center on the city's far east side, Virchow Krause has over 300 employees locally and 1,300 in total. It had revenues of $216 million last year.

Baker Tilly International is the world's eighth largest accounting and business services network. Virchow Krause has been an independent member of Baker Tilly since 1999.

"As the largest U.S. member firm, Virchow Krause became the logical choice to carry the brand in the U.S.," Geoff Barnes, CEO and president of Baker Tilly International, said in a statement.

The firm will maintain its independent member status and will not assume any management responsibilities within the network as a result of the name change.

Christen said the decision to move forward in the discussions was met without hesitation.

"The world is becoming smaller, and many of our current clients, and the new clients we're engaging, are involved in international commerce," he said.

No official name or implementation date will be established until all regulatory and compliance standards have been met.

Baker Tilly International is a worldwide network of 144 independent accounting and business services firms in 108 countries, with more than 24,000 staff. The combined worldwide revenue of independent member firms exceeds $2.7 billion.

Mike Ivey  —  8/21/2008 12:09 pm