Listen to this articleCBIZ, a Cleveland, Ohio-based professional services advisor, has completed the aquisition of the non-attest business of Marcum, which has offices in Melville, with an expected combined annualized revenue of approximately $2.8 billion, according to a news release about the acquisition. The firm provides accounting, tax, advisory, benefits, insurance and technology services, primarily to middle-market businesses.
The cash-and-stock transaction is valued at approximately $2.3 billion, according to the news release.
With the closing of this transaction, the attest business of Marcum was acquired by CBIZ CPAs, a national independent CPA firm with which CBIZ has had an administrative service agreement for over 25 years.
“We are pleased to have successfully closed the acquisition of Marcum, which represents a major milestone and new chapter for CBIZ, our people and our shareholders,” Jerry Grisko, president and CEO of CBIZ said in the news release.
“Now, with over 10,000 team members, we will offer our clients an enhanced breadth of services and depth of expertise unmatched in our industries all aimed at helping them grow their business,” Grisko added. “With even deeper subject matter expertise, industry resources, service lines and insights, we can provide actionable advice and new and innovative data-driven products and solutions. We are excited to welcome the Marcum team to CBIZ and look forward to a bright future together.”
Founded in 1951 and headquartered in New York City, Marcum, as reported earlier this year, boasted 43 offices in major markets across the U.S., including Melville, Riverhead and Bridgehampton offices on Long Island, serving more than 35,000 clients. With about $1.2 billion in revenue and more than 3,500 professionals, Marcum in July ranked as the 13th largest accounting firm in the U.S., providing professional services to entrepreneurial companies, midcap and micro-cap SEC registrants, and high-net-worth individuals. Its offerings include traditional tax, attest, accounting, and advisory services, as well as technology solutions and executive search and staffing services.
