Grant Thornton LLP, the US member firm of Grant Thornton International Ltd, one of the six global audit, tax and advisory organizations, has purchased assets of Dallas-based IT consulting and software solutions firm Avalion Consulting LLC. The transaction, which falls under Grant Thornton’s Business Advisory Services (BAS) group, comprises two partners; Avalion’s IT consulting staff; and its IT and governance, risk and compliance (GRC) intellectual property, including Avalion’s patented GRC software solution – ComplianceSet.
“Avalion is a great fit for Grant Thornton in many ways,” said Paul Kanneman, national managing principal of Grant Thornton’s BAS group. “They share the same passion we have for exceptional client service and have a similar corporate culture. I also believe this transaction not only demonstrates Grant Thornton’s commitment to our GRC and IT consulting practices, but also shows that we are investing in these important business units to meet the renewed demand in the marketplace.”
ComplianceSet is a patented, comprehensive Software as a Service (SaaS) solution that serves as the technical foundation for a process-based approach to GRC requirements, including Sarbanes-Oxley Act (SOX) compliance, internal audit and enterprise risk management. It provides client management with a real-time portal view into a company’s system of internal controls for financial reporting. The ComplianceSet application uniquely incorporates proven SOX compliance thought leadership, best practices and process-based tools (e.g., work approaches, methodologies, accelerators, and training materials) that help companies manage and measure the ongoing compliance process.
Noted John Gutierrez, former vice president of Avalion, now a Grant Thornton BAS principal, “Grant Thornton clients around the country will be able to take advantage of the ComplianceSet® software. This will enable them to manage their internal audit, SOX and other compliance processes more efficiently and effectively.”