CPA firm associations combine 250 firms with $1 billion in revenues.
MGI Worldwide, a global network of independent audit, tax, accounting, and advisory firms, headquartered in the U.K., and CPA Associates International, headquartered in the U.S., have announced that they will merge, effective Jan. 1, 2020.
The newly created organization, to be branded MGI Worldwide with CPAAI, will have more than 250 accounting, tax, and advisory member firms in almost 100 countries throughout the world. Combined, it will have revenues approaching $1 billion, placing it in 16th position in the current global accountancy network ranking.
The new MGI will be co-chaired by Roger Isaacs, the Chairman of MGI Worldwide, and Jim Holmes, the International Chairman of CPAAI. Clive Viegas Bennett will serve as Chief Executive Officer, with Michael Parness as Chief Operating Officer. The organization plans to hold additional regional meetings for its members in North America, Latin America, Europe, UK & Ireland Africa, Asia, Australasia, and the Middle East.
The merger agreement was finalized at MGI Worldwide’s Annual Global Meeting in Dubai, UAE. Members of both organizations throughout the world utilized the latest technology to participate, vote, and view the proceedings via live streaming.
In a statement, the associations say MGI Worldwide and CPAAI are highly complementary in terms of culture and client service philosophy. They were both formed more than 60 years ago and are well-established and active in their markets. The combination offers clients access to more than 9,000 professionals with specializations in a wide range of audit, tax, and advisory services, additional industry expertise, and significant resources in a larger geographic footprint. The merger provides member firms with a full array of new benefits, access to more business opportunities, wider global scope, technology exchange, and stronger brand recognition.
“This merger greatly strengthens the already solid market positions of both organizations and enhances our global reach, knowledgebase, member offerings, and services to valued clients," says Clive Viegas Bennett, CEO of MGI Worldwide. "Our new global and regional management team will provide the leadership to take the combined organization to greater levels of success. The shared goal is to help keep all members up to date on the latest technical and business developments, exchange business ‘best practices’ and expertise, and deepen our strong regional structure.”
“In addition to helping both organizations retain our existing excellent member firms, the merger will also assist in attracting new member firms who are looking for a different approach and greater support from a global international network,” Bennett adds.
“Our organization and MGI Worldwide have a lot of synergies, shared values, and a similar client base," says Michael Parness, the President of CPAAI. "We are very excited about this merger as it increases our global scope and helps our members and clients become ever more interconnected. Clients remain at the heart of all members’ firms and their goals and objectives are always paramount. The merger ensures that they will have additional ‘trusted advisors’ to call on for the industry expertise and support they need – regardless of where they operate in the world.”
“We are confident that the future will be very positive for our newly formed organization and we are looking forward to developing new connections and implementing new strategies," Parness adds. "We will create an environment for all members, and our clients, to grow, succeed, and flourish in this competitive marketplace.”