Mergers

Technology

Habif, Arogeti & Wynne Sells Document Mgt. System to CCH

Accounting and business advisory firm Habif, Arogeti & Wynne, LLP (HA&W) announced today the sale of its SIAN document management system to CCH Incorporated, a provider of information services, software and workflow tools for tax, accounting, legal and business professionals. Financial terms were not disclosed.The SIAN application uses Microsoft® .Net technology to provide a web- based document management system designed specifically for CPA firms and is considered a strong candidate to become the industry standard for professional service firms.
A&A

Fiducial Acquires CPA Firm, Adds ten Offices Across Midwest

As part of its aggressive expansion plan, Fiducial, an international provider of professional business outsourcing services to small businesses and entrepreneurs, announced today that it has signed a definitive agreement to acquire the accounting offices of Indianapolis, IN-based
Community News

Managing Partner Bruce Carlin Dies Just Days after Firm Merger

On Saturday, October 2, Mr. Bruce M. Carlin, Managing Partner of Carlin, Charron & Rosen (CCR), died of a heart attack at the age of 58. "During this time of great loss, the partners and associates of CCR are committed to working together to carry on Bruce's legacy of growth and excellent client service," said Mr. Robert Charron, a co-founder of CCR in a firm statement. "We will all miss Bruce as a partner and a leader," said Larry Rosen, also a co-founder of the firm.
Community News

Court Paves Way for Oracle-PeopleSoft Deal

Saying the government failed to prove its case, a federal court has eliminated the major obstacle hindering Oracle's $7.7 billion hostile takeover bid of rival PeopleSoft.The Department of Justice went to court to block the deal on antitrust grounds earlier this year, charging the takeover would eliminate one of just three companies in the big-business software market.U.S. District Court Judge Vaughn R.
Community News

Trucking Company is Seeking Permission to Sue E&Y Over Merger

Swift Transportation Co. Inc. is seeking court permission to sue its former accounting firm for an “erroneous audit report” of a company it merged with in 2001.Swift said in court documents that it relied on a “fraudulent” audit, resulting in damages of more than $100 million, according to the Arizona Republic. "As a result of E&Y's wrongful conduct, Swift concluded a merger with M.S. Carriers that it otherwise would not have consummated," Swift said in court records.
A&A

FASB Addresses Merger Reserve Liability Funds

Under new rules proposed by the Financial Accounting Standards Board (FASB), companies would have to expense merger-related costs as they happen, rather than using one-time reserve funds, the Wall Street Journal reported.In some cases, companies that dip in later to improve their earnings picture have used the reserve funds improperly. Reserve liabilities are often set up at the time of merger and are used for expenses such as firing staff or closing the factories of the acquired company, the Journal reported.FASB, which writes U.S. accounting rules through the authority of the U.S.
Community News

E&Y, Orenda Merge to Create Mid-Market M&A Practice

Two of the country's top dealmakers are joining forces to create a dominant player in Canada's mid-market mergers and acquisitions marketplace. Ernst & Young Corporate Finance Inc.
Community News

Virchow Krause Launches International Services Group

Recently, Virchow, Krause and Company, LLP announced the launch of an international services group to satisfy the strategic globalization needs of the middle market. The newly created practice group will focus on providing companies with a full range of domestic and international planning and compliance services needed to be competitive in the global marketplace."With the launch of our global services group, we are stepping out to become a different type of company," said Tim Christen, CEO of Virchow Krause. "We have seen an increasing demand from companies looking to grow internationally.
Community News

PA Firms Merge to Increase Client Service

Pittsburgh-based Dewey & Kaye announced a merger with McCroy & McDowell LLC, Pittsburgh's 10th-largest public accounting firm.According to the Pittsburgh Business Times, Dewey and Kaye will retain its name and will be known as a division of McCrory & McDowell, confirmed principal Ken McCrory. "There's no dollars changing hands per se," said Mr. McCrory, who is also leader of his firm's nonprofit practice.
Community News

CBIZ Completes Two Strategic Acquisitions

CBIZ (Century Business Services, Inc.) announced last week the acquisitions of The Cleveland Solutions Group (CSG) of Cleveland, Ohio and Brockmann, Armour & Co. of Denver, Colorado effective in June 2004. CSG, founded in 1996, is a leading implementer of voice-over-IP solutions and provides system strategies, enterprise-wide network solutions and full systems deployment and integration. CSG employs approximately 14 people, recorded approximately $3.5 million in annual revenue for the past twelve months and will be merged into CBIZ Network Solutions.
Community News

RSM McGladrey Targets St. Louis Market

A subsidiary of H&R Block has approached the two largest accounting firms in St. Louis in an effort to capture a share of the market, industry sources say.According to the St. Louis Business Journal, RSM McGladrey, a finance and business consulting firm based in Minneapolis with a new office in St. Louis, attempted to discuss mergers late last year. The two companies reportedly approached were Rubin, Brown, Gornstein & Co. (RBG) and Brown Smith Wallace. Officials from those companies wouldn’t comment.
Tax

Virchow Krause Merger Opens Doors to the Windy City Market

Last week, Virchow Krause & Company, LLP announced its merger with KGN Financial Group.In making the announcement, KGN Financial Group Managing Member, Stephen D. Levin, stated, “This merger will provide our clients with access to many additional services and areas of expertise.

Canadian Accounting Bodies Pondering Merger

Canada’s two accounting regulating bodies are considering a merger that would make the combined entity one of the world’s largest accounting organizations with about 100,000 members.The Canadian Institute of Chartered Accountants and CMA Canada are the two bodies in question and pending the approval of territorial and provincial bodies, the merger could be effective by the New Year.CMA Canada represents the country’s chartered and certified management accountants.
Tax

Plante & Moran Finalizes Chicago Merger

The finalization this week of the merger between Plante & Moran – the nation’s tenth largest accounting firm – and Gleeson, Sklar, Sawyers and Cumpata creates a firm with powerful resources and strong capabilities for middle-market companies.Plante & Moran is the only firm among the top 10 in the nation to have achieved that ranking through focused growth in the Midwest.
Community News

Merger Brings Enormous Headaches for Sidley

Sidley & Austin, one of the largest and oldest law firms in Chicago, is finding that Brown & Wood, the partner it acquired in a 2001 merger, brought a lot of baggage. Dallas lawyer David Deary told the Chicago Sun-Times he expects to bring more than 20 suits against the combined firm within six months.The suits and a federal investigation arose from tax shelters sold by former Brown & Wood partner Raymond Ruble, which he claimed, would offset capital gains and reduce tax bills significantly.
Technology

Aspen Tax, Accounting, Audit Titles Move to CCH

CCH Incorporated(CCH) has expanded the range of its tax research and compliance product portfolio by integrating the tax, accounting and audit titles of Aspen Publishers into the CCH Tax and Accounting group. CCH and Aspen Publishers are Wolters Kluwer companies and comprise the CCH Tax and Accounting unit. "The move further advances CCH’s leadership in providing integrated research and compliance solutions to tax, accounting, audit and financial reporting professionals," said CEO Kevin Robert.
Community News

Jackson Hewitt Tax Service Plans IPO

Cendant Corporation and Jackson Hewitt Tax Service Inc., its wholly owned subsidiary, announced this week that Jackson Hewitt has filed a registration statement with the SEC for the sale by Cendant of 100% of its ownership interest in Jackson Hewitt in a planned initial public offering. Goldman, Sachs & Co. and J.P. Morgan Securities Inc. are serving as joint book-running managers of the offering. The initial public offering is expected to take place in the second quarter of 2004.
Practice

Successful Business Alliances Built on Nine Key Elements

ENSR International and its key clients have developed continuous improvement programs that virtually ensure a mutually successful business relationship. Using the ENSR business alliance model, clients have succeeded in reducing their overall business and environmental project costs with no compromise on quality."In fact, our alliances have achieved better program performance while saving our client money", says Michael Beck, Senior Vice President of Sales and Marketing.

Federal Lawyers Block Oracle Takeover of PeopleSoft

Justice Department lawyers have recommended the government block Oracle’s hostile takeover of rival PeopleSoft, citing anti-trust reasons.The news comes the same week that PeopleSoft’s board chose to reject Oracle’s new offer of $26 per share, up from the original offer of $19.50 per share in the $9.4 billion hostile takeover bid. The PeopleSoft board called the offer inadequate, according to Information Week"PeopleSoft's lobbying resulted in complicating and prolonging the Justice Department review of the merger," an Oracle spokesman said in a prepared statement.
Community News

Plante & Moran Plans Spring Merger With Chicago Firm

Plante & Moran, PLLC, a regional public accounting and consulting firm in the Midwest, is moving full speed ahead with an aggressive growth strategy to continue to position itself as a professional services firm of choice for middle market businesses in the Great Lakes region. The firm announced this week a merger with Chicago-based accounting firm Gleeson, Sklar, Sawyers and Cumpata (GSS&C). This merger will create the 10th largest accounting firm in the US.

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