born for scale, built to sell, and run like a tech company.
by 卡塔尔世界杯常规比赛时间 research
a new $300 million entrant is challenging the big four’s lock on fortune 500 advisory—and it may be the next big thing.
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unity advisory, a london-based firm launched by former ey uk chair steve varley and ex-pwc uk managing partner marissa thomas, is taking direct aim at the cfo suite with a venture capital mindset, ai at its core, and no legacy constraints.
with a clean cap table, private equity fuel, and ai baked in from inception, unity may be the next phase in the accounting firm lifecycle: born for scale, built to sell, and run like a tech company.
in contrast to typical pe roll-ups that buy and consolidate existing practices, unity is a greenfield build, a clean-slate platform focused on scalable, high-margin advisory powered by automation.
unity’s private equity backing comes from warburg pincus, which manages over $87 billion in assets and is betting that unity’s model can carve out market share among cfos of private equity-backed and upper mid-market companies.
warburg pincus has made other investments in the accounting sector, notably through its investment in evelyn partners, a uk-based wealth management and professional services firm formed in 2022 from the tilney and smith & williamson accountancy mergers. warburg has also taken a majority stake, for $125 million, in contabilize, a brazilian accounting technology company specializing in automating accounting services for small businesses and self-employed professionals, serving over 50,000 clients.
unity targets businesses with annual revenues between £500 million and £1.5 billion.
“our goal is to create a next-generation firm that is entrepreneurial in spirit and rigorous in execution,” varley says.
the new playbook: metrics, not headcount
unity’s launch arrives at a pivotal moment, with over 100 pe-funded cpa firm deals reported in 2024 alone, according to 卡塔尔世界杯常规比赛时间 research.
unity’s founders are tapping into the same valuation mechanics driving today’s top-dollar deals: artificial intelligence, automation, and revenue per professional.
in the cpa m&a market, ai-enabled firms are outperforming traditional shops in nearly every performance metric.
“revenue per professional is the new litmus test,” says allan koltin of koltin consulting group. “the higher it is, the higher the multiple.”
high-rpp firms, particularly those above $400,000 per year, are fetching the highest valuations in the market.
unity aims to capitalize on this metric-driven shift by aligning technology with advisory scale. services will include finance operations, tax and compliance, deal readiness, and digital transformation—all without the regulatory baggage of audit services.
the pe thesis: no audit, no conflict
how ai is redefining cpa firm value
traditional |
ai-enabled |
|
|---|---|---|
monthly close cycle |
10–15 days |
3–7 days |
error rate |
~10% |
2–3% |
staff utilization |
65–75% |
85%+ |
ebitda margins |
15–20% |
25–30% |
revenue per person |
$150k-$200k |
$300k-$500k+ |
ebitda multiple |
4×–6× |
8×–10×+ |
revenue multiple |
0.8×–1.0× |
1.4×–1.8×+ |
source: 卡塔尔世界杯常规比赛时间 research, july 2025
by skipping audit entirely, unity avoids the conflicts of interest that limit the scope of firms offering attest services. this opens up broader advisory mandates, faster execution, and reduced regulatory risk—key factors for pe investors looking for asset-light, recurring-revenue businesses with room to grow.
the model mimics several pe-driven plays that split audit and advisory via alternative practice structures, such as the $2.4 billion baker tilly-moss adams merger backed by hellman & friedman and valeas capital.
but unity takes it further: it never built an auditing arm.
“this is a scale game. we’re not buying books—we’re building capacity, efficiency, and speed,” says jake sloane, co-founder of crete, a separate thrive capital-backed platform that’s rolled up 20 firms into a $300 million advisory player.
u.s. expansion on the horizon?
though unity is launching from london, u.s. expansion appears likely. varley, now chairman, previously held global roles at ey that included overseeing client relationships with fortune 500 companies. thomas also worked with numerous u.s.-based private equity firms during her pwc tenure.
the firm’s first priority is establishing its brand in the u.k. market, but its scalable platform model and tech-first architecture suggest ambitions beyond the atlantic.warburg doesn’t back regional boutiques. they back global growth stories. this is about reshaping cfo services everywhere—not just in britain.
a market in flux
unity’s emergence adds another data point to a fast-moving trend. private equity firms are racing to find assets leveraging ai to compress monthly close cycles, minimize errors, boost margins, and consolidate market share.
卡塔尔世界杯常规比赛时间 research estimates over 73 percent of accounting firms will use ai daily by the end of 2025.
“this isn’t just about accounting anymore,” says elizabeth beastrom of thomson reuters. “it’s about outcomes. and the rpp number tells buyers whether a firm is just billing hours—or building something scalable.”