Accounting firm Crowe has agreed to sell a stake to private-equity giant KKR in a transaction valued at nearly $3 billion, marking a significant shift for a firm that long resisted outside ownership. The deal represents one of the largest private-equity investments in the accounting sector as firms scramble to fund technology upgrades and expansion.

KKR and co-investors will take a majority stake in the Chicago-based firm, with existing Crowe partners maintaining a minority position. This move reflects a broader trend across the accounting industry, where traditional firms are turning to private capital to accelerate growth and modernize operations.

The push toward private-equity investment stems largely from firms' need for capital to support AI adoption and digital transformation initiatives. Accounting companies face mounting pressure to invest in technology while competing with consulting firms and software providers for market share.

For Crowe, accepting outside capital signals a strategic pivot toward aggressive expansion. The firm's leadership clearly sees private equity as essential for keeping pace with industry-wide digitization efforts that require substantial upfront investment.

The deal underscores how even established professional services firms now view private ownership as necessary for competing in an increasingly tech-driven market.