CBIZ to Acquire Accounting Firm Marcum in $2.3 Billion Deal

CBIZ Inc. (CBZ), a leading national provider of financial insurance and advisory services, announced today that it has entered into an agreement to acquire the non-attestation services business of Marcum LLP. The transaction is expected to close in the fourth quarter of 2024, subject to customary closing conditions, including regulatory approvals.

Strategic Expansion

Tax Services Growth

The acquisition of Marcum's non-attestation services business will significantly strengthen CBIZ's tax practice, which is currently the fifth-largest in the United States. Marcum has a strong reputation in the industry and a deep bench of experienced professionals. The combined group will have over 1,500 tax professionals, providing a comprehensive range of tax services to clients across the country.

Advisory Services Expansion

In addition to tax services, Marcum also provides a range of advisory services, including consulting, valuation, and forensic accounting. These services are highly complementary to CBIZ's existing advisory practice, and the acquisition will allow CBIZ to offer a broader range of services to its clients.

Increased Scale and Market Share

The acquisition of Marcum will significantly increase CBIZ's scale and market share. The combined company will have annual revenue of approximately $2 billion and a team of over 6,000 professionals. This increased scale will allow CBIZ to compete more effectively in the market and provide a wider range of services to its clients.

Transaction Details

CBIZ will pay $2.3 billion for Marcum, with approximately half in cash and half in stock. The transaction is expected to be accretive to CBIZ's earnings per share in the first full year following the close.

Financial Outlook

CBIZ expects the acquisition of Marcum to be a significant driver of growth in the future. The company is confident that the combined group will be well-positioned to capitalize on the opportunities in the market and continue to provide value for its clients and shareholders.