Top 100 accounting firm Sax LLP announced on June 29 that it had picked up New York City-based tax and accounting firm David Weiss CPA PLLC. The deal became effective on July 31.
Sax acquired a firm that has provided personalized financial guidance to individuals and businesses for more than 35 years, with expertise ranging from traditional tax management and accounting to more in-depth services, such as audits, financial statements, and financial planning.
“This is an exciting time for David Weiss CPA as we move forward with Sax to enhance our capabilities and services for our clients,” David Weiss, partner of David Weiss CPA, said in a written statement. “This partnership with Sax is an excellent match as we both strive for the same goals and operate with the utmost professionalism, skill, and drive. Together, with our combined expertise and resources, we will continue our collective growth and deliver meaningful results and solutions to those we serve.”
The newly combined firm under the Sax banner has strengthened its presence in the New York market with high-quality tax and accounting services, as well as a large portfolio of consulting services, that provide value to businesses and high-net-worth individuals, Sax said.
“In my time as managing partner of Sax, we have seen our firm grow by 137%, and a good portion of that is attributed to successful mergers and acquisitions. When identifying potential partners, it is mission critical to Sax leadership that we find the right fit,” said Joseph A. Damiano in a written statement. “Our intention is to expand our size and reach, but also to reinforce our team culture and service philosophies that got us to where we are today. We found a tremendous match with David Weiss CPA. Not only are they aligned with Sax where it matters most, but their highly capable professionals and high-caliber expertise takes us another step further in the New York market, and as a firm overall.”
As a result of this acquisition, Sax is now a 47-partner firm with 237 total employees. The firm has three offices between New York and New Jersey, and has a remote team that spans 14 states. Sax intends to open its first international office in Mumbai, India by the end of the year.
Parsippany, NJ-based Sax was No. 84 in INSIDE Public Accounting’s ranking of the top 100 firms in the U.S. for 2022. The firm generated $55.5 million in revenue during its most recent fiscal year.