Local accounting and advisory firm LBMC has acquired a five-year-old local data analytics venture that specializes in business intelligence for health care, manufacturing, retail, media and finance companies.
Terms of LBMC’s purchase of Think Data Insights aren’t being disclosed. The leaders of Brentwood-based LBMC say the deal adds to their lineup of tools and services that help customers grow their business, especially as the firm grows its roster of clients in private equity, health care, manufacturing and service providers.
“This acquisition underscores our commitment to providing our clients with transformational solutions, so that the thousands of businesses we work with across the country have access to best-in-class resources and experts that advance their success,” said LBMC CEO Jeff Drummonds.
Think Data Insights was launched by CEO Ken Raetz and local entrepreneur Dave Castro — who is now involved with DataYou and CareLink Solutions, among other things — and has been run by Raetz since early last year. Among its clients at the time were Second Harvest Food Bank of Middle Tennessee, the National Federation of Independent Business and a number of restaurant chains.
“Joining forces with LBMC means our technology can empower more companies to harness the power of data to drive growth, decrease expenses and manage other business objectives,” said Raetz, who has joined LBMC as a shareholder. “This allows us to expand our footprint and leverage LBMC’s deep expertise, while increasing the company’s resources, and ultimately, helping clients master their most critical business issues.”
LBMC, which was founded in 1984, employs more than 600 people at its offices in Brentwood, Chattanooga and Knoxville.