Clifton Gunderson and LarsonAllen have agreed
to merge creating a top 10 firm in the US. The new entity,
CliftonLarsonAllen (CLA), will generate annual revenue of $550m and
is the most significant combination in the US market for some
years.

CLA will employ 3,600 professionals, including
more than 500 partners, across 25 states and Washington DC.

Milwaukee-based Clifton Gunderson is the 15th
largest firm in the US while LarsonAllen is placed 18th.
CliftonLarsonAllen would be placed ninth in this year’s
International Accounting Bulletin US survey.

“This merger of peer firms changes the
landscape of the accounting profession and pioneers a new trend by
focusing primarily on private companies and their owners,” says
Clifton Gunderson CEO Kris McMasters.

Clifton Gunderson is the largest member of HLB
International, providing services in assurance, tax and consulting.
Founded in 1960, the firm has more than 1,800 professionals in 47
offices.

Founded in 1953, LarsonAllen is a Nexia
International member firm with 1,800 staff in 40 offices.

The combination should create a firm that has
a strong presence across most of the US, specialising in serving
privately held companies, not-for-profit organisations and the
public sector.

CliftonLarsonAllen will have offices in
Arizona, Florida, Idaho, Illinois, Massachusetts, Minnesota,
Missouri, North Carolina, Pennsylvania, Texas, Washington,
Washington, DC, and Wisconsin.

Partners of both firms have agreed to the
combination and, pending final approval, it should be completed by
2 January 2012.

The combined entity will be structured into
three firms: a professional services and accounting firm, an
outsourcing of finance and business processes, and a national
wealth management firm with nearly $3 billion in assets under
management.

The $50 million industry-specialised
outsourcing practice will provide services in financial, tax
regulatory compliance and reporting responsibilities.

“This cohesive trio of industry-focused
guidance is uncommon for private businesses and public sector
organizations. It’s a powerful new resource for them,” explained
Larson Allen chief executive Gordy Viere.

“Coming together heightens our capacity to
develop that vital focus and extend it beyond our accounting and
advisory services to our wealth management and outsourcing
capabilities.”