Forvis Mazars shakes up professional services industry with its new $5 billion global network
• Key leadership roles announced
• Mazars in India sets sights on 5,000 strong workforce over the next six years
New Delhi, 3rd June 2024: Two leading professional services firms, Mazars, an international partnership operating in over 100 countries and territories, and FORVIS, a top ranked firm in the United States, today mark the official launch of their new global network, Forvis Mazars.
Forvis Mazars, a top 10 global network* is the largest new entrant into the global rankings in decades. As a two-firm network, Forvis Mazars is unique in the market and provides the agility, capacity and coverage to support clients wherever in the world they operate. This move brings increased choice in the market, serving the public interest.
The network comprises two members: Forvis Mazars, LLP in the United States and Forvis Mazars Group SC, an internationally integrated partnership operating in over 100 countries and territories. The network will be governed through a structure that includes a Global Network Board, responsible for enabling seamless collaboration and client delivery worldwide.
The network between Mazars and Forvis is expected to create substantial value for Mazars in India by strengthening Indo-US business connections and broadening the client portfolio. This strategic network is anticipated to fuel business expansion by 30% to 40%, allowing Mazars in India to cater to Forvis' clientele and leverage emerging prospects. Additionally, this synergistic venture aims to grow the workforce to 5,000 employees within next five to six years, solidifying Mazars in India's position as a formidable market contender. Clients stand to gain from an expanded array of services and heightened trustworthiness, reinforcing Mazars' steadfast dedication to excellence and pioneering spirit in the industry.
Hervé Hélias, Chairman, Group Executive Board, Forvis Mazars Group, SC comments: “This is a momentous and exciting time for our clients, our profession and our people. Mazars and Forvis have worked together for over 20 years and share a commitment to delivering an outstanding client experience. We are well positioned to deliver excellence, everywhere, under a single global brand. Clients will get consistent, high-quality, comprehensive services worldwide, and we remain agile and flexible to their specific needs. I am extremely proud to serve as first Chair of the Global Network Board. Working together, I am confident that our two firms will continue to empower our people to raise the bar for client service standards, while challenging industry opportunities to support future needs in local markets.”
Bharat Dhawan, Managing Partner, Forvis Mazars in India, said, "Our global network with Forvis marks a pivotal moment for Mazars, especially in India. This alliance strengthens our Indo-US business ties, broadens our client portfolio, and unlocks promising avenues for growth. We anticipate a substantial business expansion of 30% to 40% in the near future, enabling us to enhance our services to Forvis' clients and explore emerging opportunities. This network aligns with our vision for growth and excellence, positioning us to capitalise on emerging opportunities and drive sustainable success while navigating market dynamics effectively.”
Key leadership positions revealed
Global Network Board:
• Hervé Hélias will serve as the first Chair of the Global Network Board. Hélias will also continue to serve his ongoing mandate as Chairman of the Group Executive Board of Forvis Mazars Group, SC (formerly Mazars Group). Matt Snow, Chairman of Forvis Mazars, LLP (formerly FORVIS, LLP) will serve as Vice Chair of the Global Network Board.
• In the United States, Tom Watson will continue to serve as CEO of Forvis Mazars, LLP (formerly FORVIS, LLP) and will also sit on the Network Board. Rob Pruitt, Fran Randall and Tim York from Forvis Mazars, LLP will sit on the Global Network Board.
• David Chaudat, Pascal Jauffret, Véronique Ryckaert and Phil Verity from Forvis Mazars Group will sit on the Global Network Board.
“Forvis Mazars is built on our commitment to listen to our clients, anticipate the challenges they face, and deliver an unmatched client experience in all that we do,” Watson said. “This new network will quickly unlock new opportunities for our clients and our people, and both groups can feel confident that we are making decisions with their long-term success in mind.”
*Source: IAB World Network rankings 2023.
Based on 2023 revenues of Mazars €2.8bn ($3bn) and FORVIS €1.6bn ($1.7bn)