Forvis and Mazars Team Up to Create New Global Network

There will be a new global network comprised of two accounting firms that will operate under a single brand beginning next year, as Forvis and Paris-based Mazars announced an alliance on Wednesday.

The global network, which will operate under the brand Forvis Mazars, will launch on June 1, 2024. The Financial Times reported on Wednesday that partners at both firms voted to approve the plan earlier this week. Both firms say the new global network will have combined revenues of approximately $5 billion, making Forvis Mazars a top 10 global network of accounting firms along with the likes of the Big Four (Deloitte, PwC, EY, and KPMG), BDO, Grant Thornton, RSM, and Crowe.

In a note to clients, which was published today on Going Concern, Forvis CEO Tom Watson emphasized that the move “is not a merger” but “two firms creating a new top 10 global network in the industry and operating under a single global brand—Forvis Mazars.”

“As the world becomes more connected, we are evolving to meet your changing needs. Mazars, with offices in more than 100 countries, has realized amazing success over the last 40 years, rising in prominence and working with some of the most recognizable brands in the world. Forvis was built on a 100-year legacy of providing an Unmatched Client Experience®, becoming a top 10 firm in the U.S. while looking toward an expanded global platform,” Watson told clients. “Together, we are creating a new global network that will be unique—a network of only two members—that will have the scale, capacity, and coverage to support our clients’ needs worldwide.”

Also on June 1, Mazars USA, which has headquarters in New York City and is the 31st largest accounting firm in the country based on revenue, will reportedly be absorbed into Forvis, the eighth largest firm in the U.S., which will boost Forvis’ revenue to approximately $2 billion, Watson told clients. This will enable Forvis to expand its presence in the U.S. to approximately 7,000 team members and more than 625 partners and principals active in more than 70 markets, he added.

Internationally, Forvis and Mazars will operate independently and remain owned by their current respective partnerships under the Forvis Mazars brand. According to the Financial Times, the global network will be overseen by a new global board, including an equal number of senior partners from both firms with a three-year rotating chair.

While Mazars is a well-known brand internationally, especially in Europe, Forvis only has two offices outside of the U.S.—one in Toronto and the other in London. The alliance allows Forvis to expand its global presence, while Mazars gains a stronger foothold in the U.S.

“Why are we forming a global network? To better serve our clients with international needs and be ready to grow with our clients as their global needs evolve one day,” Watson told clients. “In addition, this ensures that our firm remains strong for the long run. It’s a unique and dynamic time in our profession, with an unprecedented amount of change in our competitive landscape. We continue to see the consolidation of audit, tax, and advisory firms coupled with unique entrants into our profession’s ownership structure. By forming this unique network, we have made sure that our strategic position is such that we will continue to provide the best level of service to our international clients, attract top talent to our firm, and enable our firm to serve your needs far into the future.”

In a note to Mazars clients, which was also published on Going Concern, Anoop Ninan, country managing partner for Mazars in South Africa, said, “This evolution significantly advances our U.S. strategy, further building on the Mazars North America Alliance formed in 2019, of which Forvis is a member. The new network will operate under a single global brand, Forvis Mazars, and apply global standards for quality and service delivery. This means Mazars retains its international integrated partnership and DNA, continuing to serve you in the same way, other than in the U.S. where we will now partner with Forvis, a top 10 U.S. firm.”

In a statement, Hervé Hélias, CEO and chairman of Mazars Group, said today, “I am really delighted that Mazars and Forvis have taken this transformational step and am excited about the opportunities it presents for both firms in serving our clients and supporting our people. We’re proud to bring a pioneering new network model to our industry and are excited to continue this journey together. At Mazars, we are committed to helping our clients confidently build and grow their businesses, and forming this two-firm network with Forvis complements our existing international integrated partnership and significantly advances Mazars’ international strategy. We are proud to offer our clients the strength of our international integrated partnership in 100 countries and the benefits of Forvis’ large national partnership in the U.S. who truly works as one firm across the U.S. It gives us the scale and expanded presence that we have been striving for in the U.S. and marks us out as a top 10 global network with extensive scale and coverage.” 

Forvis was born in 2022 following the mega-merger of top 20 firms BKD and Dixon Hughes Goodman (DHG). The firm’s name is a combination of the words “forward” and “vision.”