Chris Spurio
President
CBIZ to acquire Marcum, strengthening market position
August 5, 2024
CBIZ’s acquisition of Marcum will open new territory for Kreston members while furthering its technology offerings. The CBIZ/Marcum deal will make the company the seventh-largest accounting services provider in the US, surpassing Grant Thornton. The merger will bring 35,000 new clients to CBIZ, as well as new services through innovative technology.
‘Marcum has solid industry expertise, bolstering our knowledge in key industries,’ said Chris Spurio, President of Financial Services at CBIZ. ‘This means our ability to provide solutions for clients along industry lines is greatly enhanced. We can expand our footprint in terms of the kind of clients we can service.’
Marcum’s clients new to CBIZ will need the services that Kreston members can provide.
‘Marcum has a strong growth culture, and it has been at the forefront of technology innovation,’ said Spurio.
Upon close, the acquisition will also put CBIZ back into the public company sector. CBIZ exited this area as it simply did not have the scale, but through Marcum, it will have a USD 150 million practice that has the scale and expertise to make the combined company a major player.
Joining forces with Marcum will also help CBIZ win the war for talent. A skills shortage is dogging every accountancy market worldwide. Firms need to be as innovative with what they offer their staff as they do their clients and elevating the CBIZ brand is going to make the firm much more appealing to talent.
‘We are now going to be able to provide enhanced career paths and more opportunities to new and existing staff,’ said Spurio. ‘We are offering technology and offshore resources that other firms will find very hard to match and this is key, because a lot of people are leaving because of burnout.’
Spurio pointed out that both CBIZ and Marcum have an excellent staff retention rate, which he attributes to a good corporate culture of valuing their teams. Both companies plan to combine their training programmes and take the most effective strategies they have to help staff improve their skills.
‘Ultimately, a stronger brand means better opportunities for our staff,’ said Spurio.
‘They are now going to be able to branch out into more sectors and use a wider skill set that will give them much more career satisfaction.’
The Marcum acquisition is the most significant transaction in CBIZ’s history. At closing, the company will have a combined annual revenue of approximately USD 2.8 billion, more than 10,000 team members and over 135,000 clients.
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