Marcum Merges in The Abrix Group

Thomas Frank

New York-based Marcum (FY18 net revenue of $549.7 million) expanded further into the Midwest by merging in The Abrix Group of Northbrook, Ill.

Abrix, a business management and accounting firm focused exclusively on the health care industry, adds four partners and 22 associates to Macum’s Illinois offices.

Abrix specialized in helping medical and dental practices with their organizational, business and financial issues, as well as the business and personal needs of individual practitioners. The firm’s services included tax, accounting, business development, regulatory issues, Medicare fraud and abuse, practice mergers, practice valuations, profit formulas, and retirement planning and administration.

“Abrix’s unique expertise in the nuances of medical and dental practice management will be an additional asset to our health care clients regionally and nationally, as we continue to grow our presence in the Chicago area,” says Cary Buxbaum, Marcum’s regional MP in Illinois.

“It is a tremendous opportunity for our firm to be able to bring the national resources of Marcum to our clients, while bringing a specialized focus on the practice side of the health care industry into their service mix,” says Thomas Frank, Abrix MP.

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CBIZ Acquires Ohio Payroll Service Company

Cleveland-based CBIZ (FY18 net revenue of $785 million) has acquired Paytime of Solon, Ohio, a payroll service provider with 37 employees and about $4 million in revenue.

CBIZ president and CEO Jerry Grisko says, “We are pleased to have Paytime join the CBIZ family and strengthen our human capital management offerings. Paytime’s strong Ohio presence aligns well with our current locations in Cleveland, Akron and Columbus, and their services will complement the other professional services we currently provide to our clients.”

Mary Ann Shamis of Paytime, says, “The fact that both companies use the same platforms will ensure a seamless transition for our employees and clients.”

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BerryDunn Merges with Rodman CPAs

Portland, Maine-based BerryDunn (FY18 net revenue of $70.3 million) will merge with Rodman CPAs of Waltham, Mass., on July 1.

The combined firm will operate as BerryDunn. Rodman’s 40 employees will join BerryDunn’s staff of about 400.

“We decided to seek a merger with another firm because we believe that a larger organization will allow us to provide a wider array of services and more depth,” says partner Steven Rodman. “A larger organization will also mean our associates will benefit from additional career opportunities. We chose BerryDunn for the values we share of great client service and a commitment to attracting, developing and retaining the highest quality people.”

Rodman and four other Rodman partners will become BerryDunn principals: Kathy Parker, Bob Leonard, Mark Minassian and Leah Shanahan.

“This business combination fits perfectly with our strategic expansion, increasing our ability to serve the greater Boston market,” says BerryDunn MP John Chandler. “Most of BerryDunn’s growth has come organically from great client service and referrals. For a merger to be right for us, we look for a partner firm that adds value beyond numbers. We are excited by the new team members and capabilities that will perfectly complement ours. In addition to a healthy tax practice, Rodman brings a nationally recognized renewable energy expertise and a unique, concierge model of accounting outsourcing that will expand how we can serve our client base.”

Canada’s MNP Acquires Technology Firm

Calgary, Alberta-based MNP has acquired Mantralogix, a technology firm that will merge with MNP on July 1.

Kerry Mann, president and CEO, and COO Jess Mann will be made new partners and bring a staff of 20 experts to MNP. Mantralogix is located in Mississauga, a suburb of Toronto.

Sean Murphy, MNP’s regional MP of consulting for eastern Canada, says, “Merging in Mantralogix, a full-service business management software solutions company and IT consulting firm, will allow us to build on our existing strengths and offer new solutions, particularly in the area of cloud and on-premise enterprise resource planning (ERP) solutions, in order to bring even greater value for our clients.”

According to the Canadian Accountant, the move is part of a trend of national accounting firms providing ERP software solutions and IT consulting. All Big 4 firms have partnerships with software businesses: PwC with SAP, Deloitte with Oracle and SAP, KMPG with Oracle, Microsoft and IBM, and EY with IBM, Microsoft and SAP.

MNP says Mantralogix’s partnership with the Acumatica and Sage enables them to build, support and maintain successful IT solutions.

“In this dynamic environment the needs of Canadian companies are always evolving, so we are constantly working with our clients to better understand how we can best support them,” says Jeremy Cole, executive vice president for MNP’s Ontario, Quebec and Atlantic region. “MNP has a strong presence serving diverse clients right across the country and we are committed to helping more businesses reach their full potential.”

Kerry Mann says the union will add more specialized services and a broader range of industry expertise and experiences to clients.

“We are always looking at new ways to help our clients achieve their goals. That starts with having the ability to look at a business from every angle to make sure we understand the challenges and opportunities they face and how we can truly help to bring value to the relationship,” says Mann. “This merger is a great example of how two firms can come together to enhance each other’s service offerings and give our clients the edge they need to stay competitive and grow for the future.”

The Mantralogix team plans to move into MNP’s Mississauga office in the future. MNP has more than 4,500 employees in more than 75 locations.

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Warmels & Comstock and Layton & Richardson Join Clark Schaefer Hackett

Warmels & Comstock and Layton & Richardson of East Lansing, Mich., have agreed to merge with Cincinnati-based Clark Schaefer Hackett (FY18 net revenue of $64.8 million), effective July 1.

“We are excited to have Warmels & Comstock and Layton & Richardson join CSH. Both firms have established practices that exemplify CSH’s mission of bettering the lives of our clients, people and communities. We are looking forward to expanding our reach in Michigan,” says CSH President Kerry Roe.

Warmels & Comstock and Layton & Richardson have served the Greater Lansing community for more than 50 years. As part of CSH, they will continue to provide accounting and tax solutions to businesses and individuals and dramatically expand their business advisory services to include Data Analytics, Strategic HR, Operational Process Improvement, Technology and more.

“Our firm culture of putting the client first, working hard, and acting with integrity is a perfect match for the culture at CSH. We look forward to a smooth transition that will enhance our service offerings and provide additional growth opportunities for our staff,” says Dan Warmels, co-founder of Warmels & Comstock.

CSH continues to grow through strategic acquisitions. Over the last few years, CSH has acquired CPA and advisory firms including Cincinnati-based JD Cloud and Toledo-based LublinSussman Group. In October 2018, CSH acquired Cincinnati-based Definity Partners, a leading workforce development, training and technology firm.

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Managed IT Security Services Firm Joins EisnerAmper

New York-based EisnerAmper LLP (FY19 net revenue of $380.6 million) announced that managed IT security services firm CSAM Marketing Inc. has joined the firm. CSAM’s leadership team and IT engineers have become part of EisnerAmper’s Process, Risk & Technology Solutions (PRTS).

Founded in 1984 and with locations across the New York and New Jersey metropolitan area, CSAM provides:

  • Managed IT Services – Network/server management, disaster recovery
  • Security Services – Monitoring network, endpoint security, virtual CISO
  • IT Solutions – Strategic IT planning, cloud system design and migration

“Prior to this, we specialized in identifying, measuring and monitoring a client’s cybersecurity risks. Now, with the technology and talent of CSAM, we can also provide real-time remediation services,” says Jerry Ravi, EisnerAmper partner and PRTS practice leader. “This exciting, strategic move is at the core of our philosophy of bringing technology-enabled services and solutions to clients of all niches, sizes and growth stages.”

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H&R Block to Acquire a Small Business Financial Solutions Platform

H&R Block Inc. announced that it entered into a definitive agreement to acquire Wave Financial Inc., a financial solutions platform focused on changing the way small business owners manage their finances. Based in Toronto, Wave is innovating and disrupting the small business market with free accounting, invoicing, and receipt-tracking software. Wave generates revenue by offering payment processing, payroll services, and bookkeeping services, with additional products currently in development. All of these products and services are offered through a comprehensive platform used by over 400,000 small businesses globally every month.

“I’m extremely excited to welcome Wave, an innovative company with an outstanding team, to H&R Block,” says Jeff Jones, president and CEO of H&R Block. “Bookkeeping and cash flow management are significant pain points for small business owners and essential to successful annual tax preparation. Wave addresses these concerns by delivering financial solutions and a simple user experience on a single platform. Wave provides us the opportunity to accelerate our small business strategy and is a great strategic fit, as both companies can leverage each other’s capabilities to bring tax and financial solutions to small business owners, serving more clients in more ways.”

The acquisition expands H&R Block’s product and client portfolio and enhances its position in the small business market. It also provides new growth opportunities as Wave’s disruptive pricing and low-cost customer acquisition model has resulted in rapid, organic growth.

Wave’s innovative platform supports the large and expanding small business market, which includes 31 million small businesses in North America and more than 100,000 new businesses created every month. Additionally, approximately 57 million U.S. workers are freelancers, a number that is expected to grow to roughly 87 million by 2027, representing over half of the U.S. workforce.

Citrin Cooperman Expands to West Coast

New York-based Citrin Cooperman (FY17 net revenue of $244 million) has announced that the firm has expanded to the West Coast with the addition of Shuwarger & Company LLP of Los Angeles, a boutique CPA firm with a staff of 10.

Partners Robert Shuwarger and Richard Dettorre and the team joined Citrin Cooperman on June 1.

“A significant number of our clients, particularly our entertainment clients, are located on the West Coast, and we’ve searched long and hard for a firm in L.A. that would be the right fit for them and for our firm,” says CEO Joel Cooperman. “Shuwarger & Company LLP is a terrific addition with a history of excellent client service and long-term relationships.”

The firm provides strategic tax planning and compliance, trust and estate planning, litigation support services and business management services to high-net-worth individuals, entrepreneurs, closely held and family-owned businesses, private foundations, the entertainment industry and families.

Shuwarger says, “Our clients will benefit from an expanded service line while retaining the high level of client service they’ve been accustomed to. Citrin Cooperman is a strong firm with great leadership and a talented team.”

With the addition of the Los Angeles office, Citrin Cooperman will transform their U.S. practice from a regional firm to a national firm, with 12 domestic offices. The firm also has three international locations.

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Arizona-based Firm TopLine Strategies Joins Wipfli

Milwaukee-based Wipfli LLP (FY18 net revenue of $317.9 million) has announced that TopLine Strategies of Scottsdale, Ariz., joined the firm on June 1, marking the firm’s first office in the Southwest.

The firm integrates and develops sales, marketing and customer service technologies to corporations and institutions. Wipfli’s new MP, Kurt Gresens, says the Southwest has been targeted for Wipfli growth, and that the addition of TopLine will complement and deepen Wipfli’s wide range of IT consulting services. TopLine has been offering customer relationship management and business intelligence tools in the Soutwest for more than 30 years.

“Through this transaction with Wipfli we will have access to the firm’s broader network of services and resources to offer our clients so they can continue to capitalize on the opportunities ahead,” says TopLine CEO Tim Fargo says. “Our firm is also excited to team with a firm that is committed to the consulting model and places a significant emphasis on the role of technology in the future, which is a commitment both of our firms share. In addition, our employees will be provided additional opportunities for career growth and professional development, which will help us to continue to attract and retain the best and brightest in the industry.”

The merger is not the only one this year. Bedford, N.H.-based Howe Riley & Howe joined the firm Jan. 1.

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BKD Acquires Texas Firm Teegardin & Associates CPAs

Springfield, Mo.-based BKD (FY18 net revenue of $594.6 million) announces that Teegardin & Associates CPAs of Austin, Texas, will join the firm June 1.

CEO Ted Dickman says, “Teegardin & Associates’ commitment to client service and true expertise will help us achieve our goals as we move forward.” The firm, which specializes in tax, accounting and family office services, will grow BKD’s capabilities in the Austin market.

“As the state’s capital and status as one of the top technology and innovation cities in the nation, Austin has been a key target of growth for BKD for several years,” says Tom Watson, new MP of BKD’s South region. “The addition of Teegardin & Associates provides exciting capabilities, broadens our reach and gives BKD a presence in the five largest business markets in Texas.”

As of June 1, BKD will have 40 offices in 18 states.

Teegardin & Associates’ one partner, one managing director and approximately 12 staff will remain at their current location at 500 North Capital of Texas Highway. Jon McDowell, based in San Antonio, will serve as OMP.

“This is a great opportunity for all involved,” says MP Tricia Teegardin Edwards. “We’re looking forward to joining BKD and leveraging our skills and local connections to help BKD become a leading CPA and advisory firm in the Austin market.”

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