Accounting networks MGI Worldwide and CPA Associates International to merge
MGI Worldwide and CPA Associates International plan to merge on Jan. 1, 2020, to create a larger global network of independent accounting, audit and tax firms.
The combined organization will be called “MGI Worldwide with CPAAI” and will encompass more than 250 accounting, tax, and advisory member firms in nearly 100 countries, the two networks jointly announced Tuesday. The firms in the merged network will have revenues approaching $1 billion, putting it in 16th position in the current rankings of global accounting networks. The two groups recently finalized their merger agreement at MGI Worldwide’s Annual Global Meeting in Dubai, UAE. Members of both organizations around the world were able to use technology to participate, vote and view the proceedings through a live stream.
Both MGI Worldwide and CPAAI formed over 60 years ago and are active in their markets. The merger will give their clients access to more than 9,000 professionals who specialize in a wide variety of audit, tax and advisory services across a larger geographic span. The deal also promises to offer member firms new benefits, access to more business opportunities, greater worldwide scope, technology exchange and stronger brand recognition.
The combined organization will be co-chaired by Roger Isaacs, who is currently chairman of MGI Worldwide, and Jim Holmes, the international chairman of CPAAI. MGI Worldwide CEO Clive Viegas Bennett will be CEO of the combined network, and CPAAI president Michael Parness will be COO.
“This merger greatly strengthens the already solid market positions of both organizations and enhances our global reach, knowledge base, member offerings, and services to valued clients,” said Viegas Bennett in a statement. “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.”
The organization plans to hold additional regional meetings for its members in North America, Latin America, Europe, the U.K., Ireland, Africa, Asia, Australia and the Middle East.
“Our organization and MGI Worldwide have a lot of synergies, shared values, and a similar client base,” Parness stated. “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. We will create an environment for all members, and our clients, to grow, succeed and flourish in this competitive marketplace.”