Having joined the Forum of Firms in January 1 2019 as a mid-tier network, MGI Worldwide would catapult itself into ranking 16th globally by fees with its merger with CPAAI (CPA Associates International), according to IAB World Rankings Survey projections. The merger will come into effect on 1 January 2020, to create a new organisation with 257 member firms around the world.
The merger finalised recently in Dubai, UAE, will bring revenues approaching $1 bn and combined, will offer clients access to almost 9,000 professionals in almost 100 countries.
Member firms will benefit from greater resources, access to more expertise in new jurisdictions, a wider range of services and stronger brand recognition. Global quality assurance will be available to CPAAI firms as they join the MGI Worldwide network. It’s felt that with the two groups’ 60 year presence in well-established markets, and with CPAAI especially strong in the US, China and Mexico and MGI Worldwide with a greater global reach, are highly complementary.
MGI Worldwide’s CEO Clive Viegas Bennett said: “This merger greatly strengthens the already solid market positions of both organisations and the resources for our member firms with 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.”
President of CPAAI Michael Parness 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”.
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.
By Zoya Malik