CPA Trendlines Podcasts May: From Negative K-1s to National Platform | Big 4 Transparency
“CAS gets stronger as tech gets better. The market’s expanding, not shrinking.”
Big 4 Transparency
By Dominic Piscopo, CPA
For CPA Trendlines
In this episode of Big 4 Transparency, Matthew May, former co-founder of Acuity and now CAS Leader at Sorren, pulls back the curtain on one of the most significant private equity-driven rollups in the accounting profession. Speaking with host Dominic Piscopo, May details how Acuity, alongside other firms, became part of a growing national platform backed by DFW Capital, and why he believes Client Accounting Services (CAS) will soon eclipse audit.
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The seeds of the Sorren platform were planted in a BDO Alliance roundtable where six firms fantasized about joining forces. That vision crystallized when DFW Capital, with a thesis to invest $100M in the space, entered the picture. From there, May and his partners at Acuity ran a rigorous process, engaging investment bankers to evaluate 250 potential paths, leading to 11 indications of interest (IOIs), seven in-person meetings, and five formal offers. The decision to join Sorren wasn’t about cashing out - it was about autonomy, cultural fit, and the chance to help shape a future-focused firm from the ground up.