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- Andersen Group, founded by a former Arthur Andersen partner has made its long awaited IPO debut on December 17.
- The US based tax, advisory, and valuations firm raised $176 million, reaching a whopping $2.6B valuation.
- What next? CEO Mark Vorsatz told The Wall Street Journal that Andersen now plans to acquire some of its member firms under the Andersen Global brand.
Let’s rewind
After Arthur Andersen collapsed due to the Enron scandal, Mark Vorsatz (A Partner at the firm), had a plan.
For him, it wasn’t over.
In 2002, he, along with a group of former Arthur Andersen tax partners, quietly regrouped and launched WTAS (Wealth & Tax Advisory Services).
Then came the big surprise.
In 2014, they bought back the rights to the “Andersen” name.
That move laid the foundation for what would eventually become Andersen Group.
What Andersen Group actually does
Fast forward to today, the US based Andersen Group goes toe to toe with the likes of PwC and KPMG.
It has approximately 2,220 personnel, and over 300 Managing Directors.
Core offerings:
- Tax
- Advisory
- Valuations
Client base:
- HNIs
- Family offices
- PE and hedge funds
- Multinationals
But there is one service Andersen Group intentionally stays away from. You guessed it; Audit.
Andersen Group’s big IPO debut
The, after more than two decades operating as a private firm, Andersen said: “It’s time to go public.”
On December 17, 2025, the firm officially listed on the NYSE.
And here is a snapshot.
- $176 million raised in the IPO
- $202.4 million total (with full over-allotment)
- $2.6 billion market cap
- 47% jump on Day One
Andersen’s growth has been steady
Speaking to Reuters, Vorsatz noted that the firm has posted average revenue growth of 15 percent over 23 years.
Their average net income growth of 24 percent over the past 16 years as a private company.
FY25
In the first nine months of 2025, the firm generated $668 million in revenue, representing a 13 percent increase year over year.
Net income for the same period stood at $66 million.
The 55 percent decline was driven by increased spending in preparation for the IPO.
FY24
For the full year 2024, the firm reported revenue of $731.6 million, reflecting year-over-year growth of 14.5 percent.
Net income for 2024 totaled $134.8 million.
Also read: RSM US-UK is doing something rivals aren’t: Avoiding Private Equity
So, what’s next?
Now comes the scale-up phase.
Andersen plans to:
- Expand its consulting and advisory capabilities.
- Investing in AI and tax-automation infrastructure.
- Transitioning to a public structure allows them to use stock-based compensation to lure top talent.
- And most importantly Andersen Group now plans to scoop up some of its member firms under the Andersen Global Brand, preferably over the next 30 months.
“We started some initial conversations with some of those groups as long ago as a year,” Vorsatz told Wall Street Journal. “The level of interest has probably increased over the last year or so.”
Andersen Global’s India story
If it didn’t catch your attention already.
Here’s the story:
In May 2018, Andersen Global partnered with Nangia Advisors LLP in India, expanding into one of the world’s fastest‑growing professional services markets.
Then in November 2025, Nangia Andersen India (Member firm of Andersen Global) decided to go fully independent, according to ET CFO insiders (Yet to be publicly confirmed).
And it sparks a big question for us:
Could India ever see a tax or advisory firm go public at this scale?
Also read: U.S. Accounting Firm Wipfli gets Private Equity from Grant Thornton’s backer
Wrapping up
Right now, CBIZ is the only other accounting firm publicly listed in the United States.
Now, Andersen’s successful debut could inspire other mid-sized advisory firms to seriously consider an IPO.
At the same time, private equity has been aggressively acquiring stakes in accounting and advisory firms.
While Andersen chose to refuse private equity money, firms such as RSM, Grant Thornton, and Baker Tilly have accepted PE capital.
The obvious question now is…
Will we see a new wave of accounting and advisory firm IPOs?
