West Monroe Partners, a Chicago-based tech consulting firm, just acquired a Los Angeles-based competitor that specializes in commercial banking.
West Monroe plans to announce Thursday that it has acquired CAST Management Consultants, a firm that launched in 1986 that works with some of the country's largest commercial banks and insurance companies. Terms of the deal were not disclosed.
Though small in size---CAST has just 20 employees---the move positions West Monroe to have a greater presence in the commercial banking space, according to West Monroe Managing Director Gil Mermelstein.
"What CAST brought to us was a very deep domain expertise in commercial banking," he said. "It allows us to be so much more effective in the market."
CAST's employees will join West Monroe's L.A. team. The company's CEO, Thomas Collins, and Executive Vice President, Christopher Caulfield, will become directors based in the west coast office.
CAST counts top 20 banks among its clients, though Mermelstein declined to name specific companies CAST has worked with.
The acquisition comes at a time of fast growth for West Monroe, which recently announced plans to add 500 jobs to its Chicago headquarters, and 1,000 nationwide, in the next five years. Roughly 400 of those positions will be in technology roles, the company said. West Monroe currently has around 925 employees.
"The acquisition of CAST fits right into our long-term strategic growth plan, where 10% of our corporate growth comes from acquisition," West Monroe CEO Kevin McCarty said. "This acquisition adds to and deepens our capabilities in the financial services sector, and will allow our people to tap into new innovations to best serve clients in that space. As always, we are proud to be a fast-growing, Chicago-headquartered firm.”
