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Summer is blockbuster season, and the accounting world has a deal to rival anything Hollywood has slated for theaters.
CBIZ Inc. announced it’s acquiring Marcum in a $2.3 billion deal that will make CBIZ the seventh-largest accounting firm in the US.
The deal is slated to close in Q4, according to a news release. CBIZ will pay for half of the deal in cash and the remainder through common stock. Marcum’s attestation business will be sold to Mayer Hoffman McCann, a separate accounting firm that’s held an administrative service agreement with CBIZ for a quarter-century.
“At closing, our company will have combined annual revenue of approximately $2.8 billion, more than 10,000 team members and over 135,000 clients,” Jerry Grisko, CEO of CBIZ, said in the release. “Together, we will provide a breadth of services and depth of expertise that is unmatched in our industry, allowing us to bring a broader array of high-value solutions to our combined client base. This transaction enables CBIZ to strengthen our presence in key markets, continue to attract and retain top talent, and innovate through technology.”
The accounting world is going through some major changes. Private equity is acquiring more (and larger) accounting firms, “taking advantage of the firms’ need for capital to invest in new tech” and attract workers amid a shortage of accountants, as CFO Brew previously reported.