MARCUM LLP AND FRIEDMAN LLP ANNOUNCE PLANS TO MERGE

NEW YORK, May 3, 2022 /PRNewswire/ -- Leading national accounting and advisory firms Marcum LLP ("Marcum") and Friedman LLP ("Friedman") today announced that they are in advanced discussions related to a proposed transaction in which Friedman will merge into Marcum, resulting in a national top-12 firm with approximately $1 billion in annual revenue and more than 3,400 associates.

The merger of Marcum (ranked No. 15 by Accounting Today) and Friedman (ranked No. 33) is anticipated to close in the summer of 2022. The transaction will combine two well-regarded national firms with a shared emphasis on superior service, outstanding talent, industry specialization, and a focus on meeting clients' needs in a rapidly evolving business landscape. The combination will:

• Deepen the firms' capabilities in key service areas, including public company audit and assurance, digital assets, cybersecurity, real estate, construction, and other advisory services. It will be one of the largest firms serving Chinese companies listed on the U.S. stock markets. 
• Give Friedman clients access to expanded services, including strategic information technology consulting and wealth management.
• Combine the best of two employee-centric cultures with a continued commitment to diversity, equity and inclusion; learning and development; and work/life balance. 
• Enable the Firm to enhance and scale investment in technology, talent, and innovation.

The combined firm will operate under the Marcum brand and continue to be headquartered in New York City, with offices throughout the continental United States, China, Ireland, and Grand Cayman.

"Marcum and Friedman share common roots in the New York area, extensive histories of exceptional client service, similar employee-oriented cultures, and a commitment to leading in emerging growth areas in our profession. We view this transaction as a very natural fit and are excited about our shared future together," said Jeffrey M. Weiner, chairman and chief executive officer of Marcum, who will maintain both leadership roles once the proposed transaction is completed.

"Friedman has experienced record growth, hiring, and revenues over the past two years, giving us a position of strength from which to consider our next strategic move. After extensive discussions, it became clear to us that combining our resources with Marcum would be in the best interests of our clients, partners, and employees," added Frederick R. Berk, co-managing partner of Friedman.

"Friedman has been fortunate during its history to grow through selective mergers, the addition and retention of great clients, and the thoughtful contributions of employees at every level of our firm. Joining with Marcum is the next logical step in that evolution. Our complementary practices and entrepreneurial mindsets form a powerful foundation for long-term strategic growth," said Harriet Greenberg, co-managing partner of Friedman.

About Marcum LLP

Marcum LLP is a top-ranked national accounting and advisory firm dedicated to helping entrepreneurial, middle-market companies and high net worth individuals achieve their goals. Marcum's industry-focused practices offer deep insight and specialized services to privately held and publicly registered companies, and nonprofit and social sector organizations. Through the Marcum Group, the Firm also provides a full complement of technology, wealth management, and executive search and staffing services. Headquartered in New York City, Marcum has offices in major business markets across the U.S. and select international locations. #AskMarcum. Visit www.marcumllp.com for more information about how Marcum can help.

About Friedman LLP

Friedman LLP has been serving the accounting, tax and business consulting needs of public and private companies since 1924. Our industry-focused practice features concentrated areas of expertise and a thorough understanding of the economic environment. We have the ability to be innovative in our approach, act quickly in our decision making and be flexible in our delivery of services. Our clients benefit from hands-on contact with our partners, cutting-edge technical expertise and our understanding of their industries and their businesses. As a mid-size firm, we combine the staff and resources of a large firm with a philosophy of personal responsibility for our clients. Friedman is headquartered in Manhattan and has locations throughout New Jersey and Long Island, as well as in Philadelphia, Los Angeles, Miami and China.

SOURCE Marcum LLP