CBIZ Acquires Non-Attest Assets Of Accounting Firm Marks Paneth

By Akanksha Bakshi
  • CBIZ Inc (NYSE:CBZ) has acquired the non-attest assets of Marks Paneth LLP, effective January 1, 2022. Deal terms were not disclosed.
  • Concurrent with this transaction, Mayer Hoffman McCann P.C., an independent CPA firm that works closely with CBIZ, acquired the attest assets of Marks Paneth.
  • New York City-based Marks Paneth has over 600 team members and provides a full range of accounting, tax, and consulting services to a wide range of industries.
  • CBIZ expects the transaction to add ~$138 million of revenue in 2022. It expects the deal to have minimal impact on EPS in 2022 on a GAAP-reported basis but to be significantly accretive after first-year transaction and integration costs are incurred.
  • CBIZ held cash and equivalents of $182.23 million as of September 30, 2021.
  • Price Action: CBZ shares are trading higher by 0.05% at $38.25 on the last check Monday.

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