Buffalo, NY-based Freed Maxick and Princeton, NJ-based Withum have combined, effective Aug. 1, in a deal involving two of the 100 largest accounting firms by revenue in the U.S.
Financial terms of the deal weren’t disclosed. Freed Maxick’s 36 partners and approximately 325 team members will join the Withum roster and remain at their three locations in Buffalo, Rochester, and Batavia, NY.
Top 100 firm Freed Maxick had $68 million of revenue during its most recent fiscal year, while top 25 firm Withum pulled in $610.7 million of revenue, according to INSIDE Public Accounting’s latest firm rankings.
Founded in 1958, Freed Maxick provides audit, tax, and consulting services to closely held businesses, publicly traded companies, governmental, and not-for-profit clients in Buffalo, Rochester, Syracuse, and Albany, NY.
“Joining Withum is an exciting step toward immense opportunity for our people and our clients,” Richard Wright Jr., managing director at Freed Maxick, who takes over as partner-in-charge of Withum’s Buffalo, Rochester, and Batavia offices, said in a statement on Aug. 1. “This journey is built on trust earned—a value we’ll continue to uphold under the Withum brand.”
Wright adds, “Our clients now have access to the resources of a nationally recognized team of business advisors and accountants—a luxury we’re excited to expand upon. Withum’s perspective complements our existing expertise, offering more expansive solutions in technology, automation, cyber, and information security services, as well as enhanced tax and international service capabilities.”
In addition to adding an expanded healthcare audit and consulting practice to Withum, enhanced industry strengths resulting from the Freed Maxick union include financial services, manufacturing, professional services, higher education, not-for-profit, real estate, and technology.
“This is a home run for both of our firms. Not only does it feel like we’ve been working together for years—a true culture fit—it positions us for stronger growth.” said Withum Managing Partner and CEO Pat Walsh. “Freed Maxick elevates Withum’s presence as a national player in the healthcare space and is the bookend to our international practice with offices now along the Canadian border.”
Established in 1974, Withum provides advisory, tax, and audit services on a local-to-global scale. Withum is an independent member of HLB International, a global network of independent advisory and accounting firms.
Withum’s last M&A deal was in June when it added Pannell Kerr Forster of Texas, a public accounting, tax, and business advisory firm based in Houston.
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