Mergers

Community News

Common Mistakes to Avoid When Selling a Business

As Americans we are lucky to be part of the most dynamic economy in the world. Opportunity thrives here and the capacity to succeed is unparalleled. Every day hundreds, even thousands, of new successful businesses are launched, keeping the nation’s economy primed with entrepreneurial spirit. While opportunities exist for entrepreneurs, those individuals who have achieved the American dream – building and owning a successful business - often make mistakes when selling their companies.
Technology

Deloitte Consulting & Oracle Join to Serve Health Care Industry

Deloitte Consulting will expand its current alliance with Oracle Corporation to provide leading edge information management solutions to the health care industry using the ASP hosting model supported by Oracle. Oracle and Deloitte Consulting expect that this new model will benefit both patient and provider by lowering costs of entry and enhancing data collection processing.

CPA Firm Goodman & Co. Merges with Three Firms

The Virginia firm of Goodman & Company has announced its merger with three firms: Manning, Perkinson, Floyd Company, Collins Forbes and Company, and Hollrah, Bernstein & Funkhauser. The merger will increase the staff size of Goodman & Company to over 400 professionals with 66 partners. "The advantage for these firms is that they will be able to increase their service offerings to their existing clients," said Goodman's regional partner-in-charge Rich Pontyen.
Community News

Midwest Accounting Firms Combine Forces

The certified public accounting and consulting firms of Virchow Krause and Lund Koehler Cox & Arkema have announced their merger. The merger provides the Twin Cities area with the resources of a large regional firm with strong local ties. The merger is effective January 1, 2001.Virchow Krause (VK) is the largest CPA firm in Wisconsin, and the 16th largest firm in the country, according to Public Accounting Report, a leading industry newsletter. The firm has 90 partners, and over 900 total staff. The merger will add 175 people including 28 partners in the Twin Cities.
Community News

Katz Sapper Miller to buy Firm Back From H&R Block

Twenty four months after a landmark acquisition by H&R Block of KSM Business Services, Inc., an agreement in principle has been reached to sell the subsidiary back to the partners of Katz, Sapper & Miller for $25 million.KSM Business Services was formed in 1998 to allow H&R Block to acquire the non-attest assets of the 48th largest CPA firm in the USA, Indianapolis-based Katz Sapper Miller.KSM Business Services was the third of seven regional accounting firm acquisitions made by H&R Block prior to its acquisition of the non-attest assets and business of McGladrey & Pullen, LLP, the seven
Community News

Freed Maxick Merges with RSM McGladrey

Buffalo, New York based Freed Maxick Sachs & Murphy, P.C. have announced that some of it's divisions will combine with RSM McGladrey Inc.
Community News

Bank of America Expands in Western U.S.

'Invest in the West' is the new motto of Bank of America, which is making efforts to expand its operations in the Western United States.In fact, the bank is doubling its private banking operations in California, and will open 10 new offices up and down the state by the end of the year. Previously, the bank had only nine offices in California.Why? The percentage of wealthy customers who live in the state is overwhelming, especially in San Francisco and the Silicon Valley, according to banking officials.
Community News

Andersen Consulting Looks at $20 Billion IPO

Ever since Andersen Consuling split from Arthur Andersen, rumors have circulated about how the consulting firm would proceed with financing for the long term.Late last week, the 2,500 partners met in Miami, and agreed to study the possibility of an IPO, or Initial Public Offering, of stock that, if sold, could value the firm at more than $20 billion.The vast consolidation taking place within the accounting profession is good news for Andersen Consulting, who compete against other consulting arms that have, or wil
Community News

Crowe Chizek Buys PwC's Fort Wayne Practice

Crowe, Chizek & Company LLP is set to buy PricewaterhouseCoopers' Fort Wayne, IN practice. A tentative agreement is in effect, and the sale should be final by Octobet 31.The purchase provides Crowe Chizek new territory to add to its already booming practice throughout the Midwest in Indianapolis, Chicago and Cleveland, and even in southeast southern cities like Lexington, KY and Fort Lauderdale, FL.
Community News

McGladrey & Pullen Expands Into Five Major Markets

Through the acquisition of several firms across the United States, RSM McGladrey, Inc. and McGladrey & Pullen, LLP, has expanded its accounting and consulting practice into five new major markets, including Baltimore, Kansas City, Dallas, Philadelphia and Boston.The acquisitions also expand the firm's network in New York and Chicago, and with the other five major cities, adds 850 new employees, 12 offices and more than $90 million in annual revenues.McGladrey became a subsidiary of Kansas City-based
Community News

Big News in Banking: Chase Merges With J.P. Morgan

This week marks an historic milestone in banking. Chase Manhattan Bank has agreed to buy J.P. Morgan for almost $40 billion in stock.The new company, which will be known as J.P. Morgan Chase, will have assets of $675 billion and will rank third as a financial services company following Citigroup Inc. and Bank of America Corp.The buyout is attributed to being able to combine attributes of both companies as they seek a larger piece of the pie.
Community News

ACCPAC Increases Market Share With SBT Acquisition

ACCPAC International, Inc. just announced that the company has fully acquired SBT Accounting Systems.'In today's marketplace, everybody is facing critical resource shortages, particular in current technologies,' says Colorado CPA Wayne Harding, vice president of Outsourcing Services for Great Plains. 'It makes sense to take redundant efforts, particularly in companies who have the same kind of strategy, and merge them together.'Toronto-based Robert Lavery, vice president of Strategic Alliances for ACCPAC, agrees.
Community News

7 Firms Combine to Form 13th Largest CPA Firm

The principals of seven highly successful professional services firms have merged their ownership stakes to form Centerprise Advisors, Inc., the 13th largest professional services firm in the country and one of the largest full-service firms focusing on the middle market.The founding companies include five professional services firms: Follmer, Rudzewicz & Co. of Southfield Mich.; Grace & Co. of St.
Community News

Moss Adams Strengthens Firm With L.A. Acquisition

Group 'B' firm Moss Adams has announced it will merge the Beverly Hills office of Braverman Codron into its practice.According to the Electronic Accountant, the merger provides Moss Adams a total of 27 offices, more than 140 partners and combined, annual revenues exceeding $140 million.Braverman Codron is a multi-faceted practice with nine partners and 45 employees. Annual revenues exceed $6 million.
Community News

ACCPAC Buys SBT Accounting Systems

Mergers and consolidations in the accounting software arena are commonplace these days. Now, it has just been announced that ACCPAC has purchased SBT Accounting Systems.The purchase adds the database accounting capabilities associated with SBT to ACCPAC's line of enterprise products.
Community News

Lack of Temp Workers Spurs Consolidation

Now that tax season is over, the push for temporary personnel from firms like Accountemps and Robert Half isn't so bad. Nonetheless, alarming trend in a lack of applicants has hurt the overall staffing business.Unemployment is at an all time low, and this does not bode well for this huge industry.
Community News

CBIZ Revenue Up After First Quarter

Century Business Services, Inc. just released the financial results for the first quarter of 2000 and the news is encouraging for the seventh largest accounting firm (as ranked by Accounting Today).The company’s revenue rose 24% to a total of $172.1 million from $138.4 million for the three months ended March 31, 2000.
Community News

Former AmEx Exec Joins 1st Global

Tony Cord, formerly Vice President, Mergers & Acquisitions for American Express Tax & Business Services, Inc., has joined 1st Global as Director of National Business Development.Mr. Cord was a key player in the accounting firm consolidation efforts of American Express over the past few years. 1st Global, Inc., is a development partner for leading CPA and tax firms seeking to successfully integrate a comprehensive financial services business into their accounting practice. As Director of National Business Development for 1st Global, Mr.
Community News

Consolidators in UK: Tenon Closes In

While the United States has its own success stories and horror stories about consolidators like American Express and H&R Block, the United Kingdom is witnessing its first wave of a business model similar to these giants.The Tenon Group has been formed to acquire accountancy practices and advisory services' practices, and plans to build the business into a powerhouse with revenues greater than $100 million pounds.But the real news lies in the fact that Tenon will be a publicly traded stock--a real departure for the U.K.
Community News

Micro Vision Signs Deal for Financial Services

Micro Vision Software, a longtime player in the accounting software marketplace, and LM Financial Partners, have signed an agreement to make it easier for accountants to enter the financial services arena.The new company is called ProAdvisors Financial Services, and is designed to help Micro Vision's 6,000 clients/accountants make a transition to financial services offerings by providing securities registration capabilities and marketing of products.

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