Forvis and Mazars bring $5 billion global merger to Australia

04 June 2024 Consultancy.com.au 2 min. read
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The union between French-origin international accounting and consulting network Mazars and leading US counterpart Forvis is now official, creating a new $5 billion global player.

Announced toward the end of last year, the new entity Forvis Mazars has now come into effect with the turn of the month, and will push for a top ten global ranking with a 40,000-strong presence in more than 100 countries.

That includes Australia, where Mazars has been enjoying strong growth in recent times, including a 17% rise in its past financial year to cross the $70 million revenue mark and a headcount now pushing toward 500 professionals.

Forvis and Mazars bring $5 billion global merger to Australia

It’s a trajectory Sydney managing partner Matthew Ashley expects to continue under the unified banner: “Our goal is to influence change, offering greater access and increased choice in a concentrated but vital market. By joining forces with Forvis, we are building a unique two-firm network that works as one team, with deep local expertise and consistency across borders.”

Forvis Mazars describes its formation as a shake-up of the professional services industry and the largest new entrant in the global rankings in decades, combining Mazars’ revenues of approximately $3 billion with a $1.7 billion contribution from Forvis, the eighth largest network of its kind in the US.

For a global reference point, tenth-placed Baker Tilly recently broke the $5 billion barrier.

Meanwhile, the local branch of the firm will next year reach its ten-year anniversary, having first officially entered the Australian market through the integration of Sydney-based Duncan Dovico at the beginning of 2015 before later adding entities in Brisbane and Melbourne. Ashley, however, highlights the dramatically different professional services landscape compared to a decade ago, or even just last year.

“The significant demand for change in our profession makes the arrival of our new network timely in Australia, ensuring ongoing growth and adaptability in a dynamic landscape,” Ashley stated. “The expansion of our US presence and the inauguration of this integrated network strategically positions us to adeptly meet the evolving demands of our clients, people and society.”