Meridian-based accounting and advisory firm Sorren has acquired CDP Inc., a Charlotte, North Carolina, provider of construction accounting and project management software, according to a news release issued Nov. 5.
At a Glance:
- Sorren acquires Charlotte-based CDP Inc.
- CDP expertise integrated into Sorren’s Digital Advisory practice
- Capstone Partners advised CDP on the transaction
The deal folds CDP’s expertise in construction enterprise resource planning systems, project management software, implementation and integration into Sorren’s Digital Advisory practice. The two companies say the combination will help construction companies and other project-driven organizations better connect field operations with back-office financial controls.
Sorren, ranked among the top 50 accounting and advisory firms in the U.S., provides tax, assurance, advisory and outsourced accounting services to businesses, organizations and individuals.
“Construction is one of Sorren’s largest industries, and our clients are increasingly looking for help connecting technology, operations and financial performance,” said Chad Back, managing partner of Digital Advisory at Sorren. “CDP brings deep expertise in project management technology, implementation, integration and training that complement our accounting, tax and advisory services.”
Founded in 1981, CDP offers software, implementation, integration, consulting and training to project-centric organizations. Its services include project management, construction job costing, estimating, budgeting, scheduling, application integration, reporting and implementation support. Beyond construction, the company serves clients in engineering, energy, pharmaceuticals, the public sector, industrial manufacturing, IT and telecommunications, and aerospace and defense.
As construction companies adopt more digital tools, linking project management, financial systems and daily operations remains a challenge, the release noted. Problems with job costing, scheduling, budgeting and project visibility can make it hard to manage complex projects and make timely decisions.
“The biggest technology challenges rarely come down to software alone,” said Paul Riefenberg, president of CDP. “That’s especially true in construction, where project management, scheduling, job costing and financial operations all need to work together.”
CDP clients will continue working with the same professionals while gaining access to Sorren’s accounting, tax and advisory resources, including tax and audit expertise specific to the construction industry.
“Construction companies are managing increasingly complex projects, and having the right technology and financial expertise working together is becoming more important,” said George Lambert, national construction and real estate sector leader at Sorren.
Capstone Partners served as financial adviser to CDP in the transaction. Financial terms were not disclosed.
This story was written using artificial intelligence with human oversight.
