CBIZ Inc., the only publicly traded accounting service provider in the United States, has announced its acquisition of Marcum LLP in a deal valued at $2.3 billion. This merger is poised to create a significant impact in the audit industry.
The acquisition, projected to close by the end of the year, will see CBIZ become the seventh largest accounting firm in the US. Combined, the firms are anticipated to generate $2.8 billion in annual revenue, according to the company’s statement.
In the context of the deal, CBIZ will integrate Marcum’s consulting and tax services into its portfolio. However, Marcum’s audit services will be acquired by Mayer Hoffman McCann P.C., a Kansas City-based firm that has an existing business relationship with CBIZ.
For more details on this development, you can read Bloomberg Tax’s coverage.