Mazars and FORVIS forge strategic alliance, creating a new global network
On 15 November 2023, Mazars, a leading international audit, tax, and advisory firm, and FORVIS, the eighth-largest public accounting firm in the United States, announced their partnership. They will operate together as Forvis Mazars, aiming to become a major player in the global market.
This partnership officially begins in June 2024, and it's a strategic move to enhance their ability to serve clients worldwide. Together, they have a combined revenue of about €4.7 billion ($5 billion), which places Forvis Mazars among the top 10 global networks. This partnership is unique because it involves just two firms coming together under one name.
Hervé Hélias, the Chairman of the Executive Board at Mazars Group, expressed his excitement about this partnership. He noted that it complements Mazars' existing international partnerships and expands its capacity to serve clients in 100 countries. It also strengthens their presence in the United States, where they've been looking to grow since 2010.
Similarly, FORVIS' CEO, Tom Watson, highlighted how this partnership aligns with their global strategies to provide exceptional client experiences. It opens international markets for FORVIS and gives Mazars a stronger position in the U.S.
It's important to note that this partnership doesn't mean a merger of ownership; instead, it creates a joint network with a new global board overseeing operations. This fosters closer collaboration between the two firms.
Both Mazars and FORVIS view this partnership as a response to changing market dynamics. This amalgamation comes amidst an industry consolidation trend, with firms seeking greater scale to invest in technology and compete more effectively globally. Being agile and offering consistent, high-quality services to clients worldwide will allow them to serve international clients better, meeting changing expectations and demands. Forvis Mazars aims to provide clients with an exceptional experience on a robust global platform.
However, the strategic move doesn’t merge ownership but creates a joint network with a new global board overseeing operations, fostering closer collaboration between the firms.
Despite Mazars' presence in over 100 countries and FORVIS' position as a top 10 firm in the U.S., both entities view this partnership as a means to adapt to evolving market dynamics, providing agile, consistent, and high-quality services to clients worldwide.
This alliance echoes a broader trend in the accounting sector, where firms are repositioning themselves to serve international clientele better while adapting to changes in client expectations and market demands. Forvis Mazars is a testament to this evolving landscape, promising an unparalleled client experience on a robust global platform.
