Deloitte Canada buys tax credit consultancy Flow
Deloitte Canada has acquired Flow, a Toronto-based firm specializing in scientific research & experimental development (SR&ED) tax credits.
Founded in 2006, Flow helps early-stage technology, media, and telecom (TMT) firms in securing SR&ED tax credits, grants, venture capital funding, and loans. The consultancy has worked with thousands of founders and helped companies raise over $350 million in financing since its founding.
Deloitte’s acquisition of Flow will strengthen its footprint in the TMT startup ecosystem, and builds on the 2022 creation of a $150-million VC fund for TMT startups.
The 15-person Flow team will join the Big Four accountancy’s global innovation and investment incentives (Gi3) practice. Founder Raymond Luk will serve as a senior advisor and CEO Elaine Coopersmith will serve as director and continue to lead the team.
“Joining forces with Flow adds strong leadership, technical capabilities, and deep industry relationships to our Gi3 practice, which are at the forefront of building sustainable and vibrant communities where investments and innovation flourish,” said Anthony Viel, CEO of Deloitte Canada. “With our brand, resources, and adjacent offerings, and Flow’s market eminence, relationships, and technical capabilities, we will undoubtedly help and inspire our clients and technology ecosystems to grow.”
Gi3 has more than 150 professionals in Canada. The practice works with clients to secure non-dilutive funding, including tax credits, grants, and government loans. The practice also works to inform government policy and collaborates with funding agencies.
"This integration allows us to continue in our role as trusted advisors to early-stage startups and Small and Medium-sized Businesses, leveraging Deloitte's national brand and extensive reach to enhance our services,” Luk said. "We are excited for our clients to access a comprehensive suite of services as they scale. This positions us to deliver even more value to clients and to grow alongside them.”
Deloitte also recently acquired Fleet Challenge Canada, a Toronto-based fleet management consulting firm.
