
PE Closed 104 Accounting Deals in 2025. They’re Not Buying Cash Flow.
Cornerstone recorded 104 PE deals in accounting in 2025. What a buyer pays at exit depends on whether the new offerings already have clients.
One piece a week on AI strategy for professional services firms. What’s working, what isn’t, where margin is moving.

Cornerstone recorded 104 PE deals in accounting in 2025. What a buyer pays at exit depends on whether the new offerings already have clients.
Not sure where to start? See where your firm stands — 8 minutes, no account required.
The firm believes it sells judgment. The client believes it buys documents. AI made the mismatch impossible to ignore.
Every managing partner I meet can explain, precisely and correctly, why each obvious AI move would fail at their firm.