Headquartered in Plano, TX, Ryan, LLC (Ryan) is a global tax services and software provider offering an integrated suite of federal, state, local, and international tax services. Ryan’s multidisciplinary team of more than 7,100 professionals and associates serves over 74,000 clients in more than 80 countries, including many of the world’s most prominent Global 5000 companies.

Stout provided sell-side due diligence services to Ryan in connection with the firm securing a significant minority equity investment from Neuberger Berman Capital Solutions. Our work included the preparation of a comprehensive quality-of-earnings databook and written report, net working capital analysis, and assistance during diligence calls with potential investors.

During the quality-of-earnings process, we combined the financials from the firm’s historical acquisitions to create an acquisition adjusted view of the business throughout the historical period. We assisted in the analysis of key financial and operational areas for the business, including pro forma impacts of realized synergies from prior acquisitions, revenue recognition for performance-based fees, non-recurring expenses, and other key considerations.

Additionally, we supported the company throughout the transaction process, which was successfully signed in January 2026 and is expected to close in H1 2026.