CBIZ Acquires Non-Attest Assets Of Accounting Firm Marks Paneth

CBIZ Inc 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.