Mergers

Community News

Virchow Krause Eyes More Midwest Mergers

The management of Madison, Wisconsin, based Virchow Krause & Co., one of the accounting profession’s 20 largest firms, is busy gobbling up small chunks of the Midwest’s accounting market and has an appetite for more.Advertisement
Community News

Mergers and Acquisitions Integrated Library Combines Best of Aspen and CCH

“This Library contains the materials that experts look to first for insight and strategies – notably works by Martin Ginsburg and Jack Levin – along with authoritative collections of primary source materials,” Steve Santel, Aspen Publishers product manager said in announcing the integrated library.Advertisement
Community News

More Accounting Firms Tying the Knot

The new year has seen a flurry of announcements of mergers in the accounting industry, with local firms in Washington State and Colorado finding the right match, while KPMG has turned over its Compensation and Benefits Tax Practice to a proper suitor, Smart and Associates, LLP, for an undisclosed sum. Comrie Accounting Services in Grand Coulee, Washington, joined its practice with LeMaster & Daniels PLLC, effective January 1.
Community News

Practice Management Consultants Predict Bullish Year for Accounting Firms

It should be a bullish new year for accounting. Mergers and acquisitions (M&A) by firms will increase, as will as the prices those deals command, and the salaries of partners and staff alike, according to a panel of the profession’s highest-profile practice management consultants. Members of the Advisory Board consortium of consultancies, at their annual Winning is Everything client conference in Las Vegas, unanimously agreed that a broad array of changes – most for the positive- will occur within the industry.At the top of the list is increased M&A activity.
Community News

UK Software Firm Buys U.S. Payment-Processing Company

Sage Group, a business software firm based in England, on Monday announced the $323 million purchase of Verus Financial Management, the Nashville-based payment processor.The purchase expands Sage's reach beyond accounting products and into credit card and check processing for small and medium-sized businesses.
Community News

Mark Your Calendar: Big-time Practice Management Conference Open to All Firms

One of the accounting profession’s biggest annual events dedicated to tips and trends in the successful management of firms—the Advisory Board’s “Winning Is Everything” conference – is scheduled for January 11-12 at Las Vegas’s newest casino, Wynn Las Vegas.
Community News

The New Big Five Accounting Firms

What better way to draw attention away from earnings restatements than by becoming the newest member of the Big Five accounting firms, filling the spot haunted by Arthur Andersen’s fall from grace? On Monday, August 1, 2005, H&R Block, Inc. announced it will buy the tax and business services division of American Express in a $220 million deal.
Community News

Accounting Firms Merge

Weaver & Tidwell, which bills itself as the Southwest’s largest independent accounting firm, is getting a bit larger. Last week the firm announced it is merging with Brehm & Co., whose six certified public accountants and other staff will relocate to Weaver & Tidwell’s offices in Dallas.Accounting Today reports that Weaver & Tidwell was the 105th largest accounting firm in the country in 2004.
A&A

Not Your Ordinary Acquisition and Merger

Accounting firms are usually acquired or merged with other accounting firms, or at least other financial services firms. Not so for Terry Moye and Associates, an accounting, tax and business computer systems service provider in the north Chicago area.Mr. Moye is prepared to align his firm as a wholly own subsidiary of GFY Foods, Inc., becoming the financial services branch of the company. Mr.
Community News

Deloitte Announces First of What May be Many Mergers in China

Deloitte Touche Tohmatsu International has announced a merger with one of China's largest accounting firms, and said it hopes to employ 8,000 people in China by the end of the year.The rapid growth of China's economy - at more than 9 percent each year - and the desire of Chinese companies to expand globally is creating huge potential for Deloitte, Peter Bowie, Deloitte China's chief executive, told Dow Jones Newswires.Deloitte has quadrupled its presence in China over the last two and a half years, and plans to invest $150 million in China during the next few years.
Community News

Arizona Accounting Firm Rebrands, Plans Expansion

Nelson Lambson and Co., an accounting firm established in Arizona in 1968, has changed its name to Schmidt Westergard & Company, PLLC. The new identity reflects the firm's desire to grow and expand. Managing Partner James A. Schmidt explained, "The name change is part of a wider strategy to build awareness of our services throughout the greater Phoenix metropolitan area. Our new brand name implies a promise that we will carry on our founders' tradition of outstanding client service, performed with the highest ethical standards.
Community News

Plante & Moran Solidifies Michigan Presence with Merger

Michigan-based Plante & Moran is merging with the Flint and Ann Arbor-based accounting and consulting firm BKR Dupuis & Ryden. The merger will be effective July 1, 2005, and the combined firms will operate as Plante & Moran, PLLC. The addition of BKR Dupuis & Ryden's 60 staff, seven partners, and $7.5 million in annual revenue will give Plante & Moran a total of 1,450 staff, 204 partners, and annual revenues of $210 million.
Community News

BDO International Adds Additional Member Firms in China

The BDO International network, the world's fifth largest accounting and consulting organization, this week announced the addition of two China based firms to the BDO International network. The BDO network now has five member firms in China. The new member firms, BDO Shenzhen Dahua Tiancheng, based in Shenzen and Guangzhou, and BDO Wuhan ZhongHuan, based in Wuhan, will augment BDO's existing China presence in Shanghai (BDO Shanghai Zhonghua), Beijing (BDO Reanda) and Hong Kong SAR (BDO McCabe Lo).
Community News

FASB to Propose Expensing M&A Fees

The Financial Accounting Standards Board (FASB) will propose that companies change the way they account for professional fees associated with mergers and acquisitions.According to the Wall Street Journal, the FASB will release a draft proposal this summer that would require the fees to be booked as expenses.
Community News

New York Accounting Firms Strengthen Presence

In a strategic move to expand its foreign client base, increase its international profile and provide clients with access to legal and accounting firms around the globe, Prager and Fenton LLP, an 11-partner New York City CPA firm, has joined MSI Legal & Accounting Network Worldwide (MSI). The firm will represent the clients of member firms in 95 countries when accounting and tax services are needed in the New York City territory.
Tax

Thomson Acquires Tax Partners, LLC

On Tuesday, The Thomson Corporation announced it has acquired Tax Partners®, LLC, the nation’s largest sales and use tax compliance service firm. Tax Partners will join the RIA Compliance business of Thomson Tax & Accounting, which provides industry leading software and information solutions and services to tax professionals in accounting firms and corporations. Terms of the acquisition were not disclosed.
Tax

Thomson Acquires Tax Partners, LLC

On Tuesday, The Thomson Corporation announced it has acquired Tax Partners®, LLC, the nation’s largest sales and use tax compliance service firm. Tax Partners will join the RIA Compliance business of Thomson Tax & Accounting, which provides industry leading software and information solutions and services to tax professionals in accounting firms and corporations. Terms of the acquisition were not disclosed.
Community News

Gershon, Pierce, Lissak & Co. Merges with WithumSmith+Brown

The Morristown-based certified public accounting firm of Gershon, Pierce, Lissak & Company, P.C. (GPL) recently merged with the regional firm of WithumSmith+Brown (WS+B), Certified Public Accountants and Consultants. Joining WS+B as shareholders and principals are Barry W. Pierce, CPA; Marietta Bennett, CPA; Robert J. Crigler, CPA; John J. Krystofik, CPA; Timothy A. Brezinsky, CPA; Donald Scheier, EA, and Gary Kollet, CPA, along with 26 staff members.
Community News

Ernst & Young Sued For Its Computer Associates Audit

Dallas investor Sam Wyly has filed a lawsuit against Ernst & Young LLP, claiming that the firm's audit influenced him to sell his software company in exchange for stock in Computer Associates International Inc.Ernst & Young was the auditor for both companies when Sterling Software Inc., which Wyly headed, was sold to Computer Associates for $4 billion in March 2000, the Wall Street Journal reported.
A&A

Verizon to Acquire MCI for $5.3 Billion in Equity and Cash

Verizon Communications Inc. and MCI, Inc. this week announced that Verizon has agreed to acquire MCI for $4.8 billion in equity and $488 million in cash. The transaction adds new strength to the telecommunications services both companies provide.

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