NOW CFO has acquired Formation Financial, expanding the fractional finance and outsourced accounting firm’s capabilities to serve venture capital- and private equity-backed startups.
Formation Financial was founded in 2018 and is based in the San Francisco Bay Area. The firm provides finance, accounting and human resources support to startup companies.
Terms of the transaction were not disclosed.
Formation will continue operating under its existing brand, with founder David Mozaffarian remaining responsible for day-to-day operations.
As part of NOW CFO, Formation will anchor a dedicated startup practice serving businesses ranging from pre-seed companies through Series C-stage businesses.
The practice will support companies with runway forecasting, investor and board reporting, fundraising preparation and audit-ready financial reporting.
The acquisition also strengthens NOW CFO’s presence in Northern California while adding Formation consultants who already work with clients across the country.
Formation clients will gain access to NOW CFO’s nationwide consultant network and global delivery capabilities, while NOW CFO customers gain additional expertise in venture-backed finance and fractional human resources services.
NOW CFO plans to begin integration immediately, initially focusing on internal operations to minimize disruption for Formation customers.
The acquisition fits NOW CFO’s broader strategy of adding specialized expertise for different industries and stages of company growth.
Founded in 2005, NOW CFO provides fractional CFO and controller services, interim and project-based finance support, and permanent hiring services. The company has more than 300 consultants and a global operating footprint.
KEY QUOTES:
“Formation brings us a team that knows the venture-backed market inside and out. This acquisition adds real depth to our team.”
Randy Christensen, CEO of NOW CFO
