The group recognised the takeover as a “significant opportunity” for both organisations as the R&D market consolidates.
Following the transaction, Vicki White and Ian Batkin, founding partners at Luvo, will continue to serve the group’s clients and accounting partners.
However, the deal sees GovGrant’s entire team provide the duo with resources to offer a wider range of technical expertise, account management, and claims processing.
White said: “We look forward to expanding the service we offer to our clients, in particular to bringing greater capacity to our accounting partners.
“GovGrant has developed additional tools for accountants, particularly Elevation which, in our view, is one of a kind.”
Luke Hamm, CEO at GovGrant, added: “We are delighted to welcome Vicki and Ian to the GovGrant team as they have a clear commitment to quality for their clients and accounting partners.
“We look forward to working with them to help all of our clients maximise the value of their innovation.”