MGI Worldwide and CPAAI announce merger

MGI Worldwide and CPAAI announce merger

Deal creates major international accounting network with revenues approaching £1bn.

MGI Worldwide and CPAAI announce merger

MGI Worldwide, the global accountancy network headquartered in the UK, and CPAAI (CPA Associates International), headquartered in the US, have just announced that they will be merging on the 1st of January 2020 to form a new association around the world, which will include 257 members.

Finalised in Dubai, UAE, the deal will create an organisation with revenues approaching $1bn (£775m), reaching the 16th place in the current global accountancy network ranking.

A worldwide network

Combined, the organisations which have more than 60 years in their markets will offer clients access to almost 9,000 professionals in nearly 100 countries.

In addition, the creation of the international accounting network will provide member firms with greater resources, along with access to further expertise in new jurisdictions, a wider range of services and stronger brand recognition.

Global quality assurance will also be available to CPAAI firms as they join the MGI Worldwide network.

Both groups have a well-established market, with CPAAI holding a solid position in the US, China, and Mexico and MGI Worldwide offering a greater global reach – meaning these are highly complementary.

The deal was agreed by members during the MGI Worldwide global annual general meeting in Dubai, UEA, in which many made use of the latest technology to vote and take part in the debate via live streaming.

Strengthening their market position

Clive Viegas Bennett, CEO of MGI Worldwide, commented: “This merger greatly strengthens the already solid market positions of both organisations and the resources for our member firms. Our new global and regional management team will be unbeatable.

“For members, our coming together will bring a wide range of new benefits, access to more business opportunities, wider geographical scope and significant knowledge and technology exchange.

“The merger will help us not only retain the excellent firms within our existing organisations but also attract new members who are looking for a different approach and greater support from a global international network.”

Michael Parness, the President of CPAAI, added: “Our organisation and MGI Worldwide have a lot of shared values, a similar client base and business DNA, so this merger makes sense in a world that is becoming ever more interconnected.

“Clients remain at the heart of all members firms’ objectives and the merger ensures that they will be able to call on the expertise and support they need – regardless of where they operate in the world.”

Parness concluded: “We are very excited about what the future holds for our newly formed organisation and we cannot wait to start developing new strategies and connections so that we can grow and flourish in this competitive marketplace.”

The new group will be co-chaired by Roger Isaacs, the Chairman of MGI Worldwide and Jim Holmes, the Chairman of CPAAI. Clive Viegas Bennett will serve as Chief Executive Officer, with Michael Parness as Chief Operating Officer.

The new organisation plans to hold more regional meetings for its members in North America, Latin America, Europe, UK & Ireland, Africa, Asia, Australasia and the Middle East, keeping them up-to-date on technical and business developments whilst exchanging business and expertise.

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