MGI Worldwide and CPAAI (CPA Associates International) have merged to create the world’s 16th largest accountancy group*.
Roger Isaacs, a Partner at Milsted Langdon, is chairman of MGI Worldwide and co-chair of the new organisation.
He played a critical role in the coming together of the two groups, working hard with members of both networks to forge a new relationship.
Roger has considerable experience in international mergers in his day-to-day role at the firm where he splits his time between its offices in the South West and London, when not travelling abroad on MGI business.
Working with both organisations he helped to negotiate terms that were sufficiently attractive for members of both organisations to vote overwhelmingly in favour of the merger.
Roger Isaacs said: “I am delighted that, thanks to the hard work by the CEO’s of both merger partners, by my fellow MGI International Committee Members and our and opposite numbers on the Board of CPAAI we succeeded in winning the hearts and minds of the rank and file membership.
MGI Worldwide and CPAAI (CPA Associates International) are both lean organisations with minimal central resources so a merger on this scale is testament to the huge dedication by all those involved and has only been possible thanks to the many hours given generously and voluntarily by our committee members around the world.
“We worked hard to alleviate any concerns our members may have had but the fact that there were so few issues demonstrates that the two groups are a great fit. This new merger will offer many benefits to member firms and their clients, including my own firm Milsted Langdon.
“I look forward to seeing how our newly merged organisation delivers not just economies of scale but a whole host of enhanced benefits for members that our increase in size will make possible. I am sure our new position in the market and our open, friendly approach will make us an attractive proposition for many other accountancy firms who I anticipate will be keen to join us.
One of the most exciting aspects of the merger is that each merger partner has much to learn from the other. The merged organisation will therefore be greater than the sum if its constituent two parts, taking the best bits from each of MGI and CPAAI.”
With more than 130 years in the accountancy market between the two groups, the merger is a landmark for the highly respected organisations and will create a network with a combined income of almost $1 billion.
The group is looking to challenge the biggest firms by offering the expertise of almost 9,000 professionals across nearly 100 countries. The groups work with a wide range of business sectors around the world, in particular working with high net worth individuals and owner-managed businesses, where its members’ special strength lies.
Clive Viegas Bennett, CEO of MGI Worldwide, said: “We recognise the changing landscape of business and the need for our members and their clients to access the international market and expertise, globally and regionally with ease and efficiency. This access should not be limited to the large multinational corporations served by the biggest firms.
“Both networks already have strong links with businesses all over the world, so it seemed to make sense to combine our strength and knowledge so that clients can enjoy that competitive advantage.
“Going forward we will grow and expand to further challenge the status quo within the market and continue to offer businesses, especially mid-sized, start-up, fast growth and family enterprises the highest level of service both locally and across borders.”
The two groups have well-established markets, with CPAAI especially strong in the US, China and Mexico, while MGI Worldwide has a greater global reach.
The deal was finalised at a global meeting in Dubai, UAE, where member firms voted overwhelmingly in favour of the coming together of the two firms – with many making use of the latest technology to respond and take part in discussions via live-streaming.
Michael Parness, the President of CPAAI, added: “This is an exciting development for our two networks and an important step for the global accountancy industry.
“By combining forces, we are ensuring that our members are well-positioned to provide market-leading advice and share their experiences and expertise globally so that a larger number and wider variety of businesses can benefit.
“At a time when the world is become ever more interconnected this bringing together of resources places us in a stronger position to compete, grow and succeed.”
The new organisation will be co-chaired by Roger, the Chairman of MGI Worldwide and Jim Holmes, the Chairman of CPAAI. Clive Viegas Bennett will serve as CEO and Michael Parness as COO.