US firm CohnReznick in talks with Private Equity, has 1000+ India-GCC team

• CohnReznick, the leading New York-based advisory, assurance, and tax firm is in advanced talks to sell a majority stake to private equity giant Apax Partners.
• If the deal goes through, CohnReznick could be valued at a staggering $2 billion, according to a Wall Street Journal report.

What’s happening?

CohnReznick, one of the largest U.S. audit, tax, and consulting firms is in advanced talks to sell a majority stake to private-equity giant Apax Partners, Wall Street Journal revealed.

The firm plans to accelerate growth, invest in cutting-edge technology, and attract top-tier talent.

Details of the deal

If the deal goes through, it could value the firm at around $2 billion.

CohnReznick would join the growing list of accounting firms that have been tapped by private equity.

The deal could be finalized in the coming weeks—unless another suitor steps in.

About CohnReznick

CohnReznick ranks 16th among U.S. accounting firms. The firm pulled in over $1 billion in revenue in 2023 (a 14% jump from the previous year).

It has offices in 29 U.S. cities and India, the Philippines and the Cayman Islands.

Leadership

David Kessler – CPA, Partner, Chief Executive Officer

Mark Hooley – CPA, Chief Operating Officer

Leonard E. Korn – Chief Financial Officer

Michelle Fleishman – JD, Principal, Chief Risk Officer and Co-General Counsel

Gary Levy – CPA, Chief Strategy and Growth Officer

Julie Murawski – Chief Marketing Officer

CohnReznick’s India GCC

Did you know that CohnReznick operates a Global Capability Center (GCC) in Guindy, Chennai?

CohnReznick Professional Services Pvt. Ltd. (CRPS) is a wholly-owned subsidiary incorporated under the Indian Companies Act, of 1956.

Since its launch in 2006, the Chennai office has been a key pillar of the firm’s operations, delivering Accounting, Tax, and Consulting services to CohnReznick’s global clients.

Today, the India GCC has grown to over 1000+ professionals.

Who’s leading the charge in India? Ashish Jalan, the Ex-KPMG KGS Tax Partner) is the President of CohnReznick’s Global Operations.

He leads the firm’s global expansion and oversees its India and Philippines teams.

About Apax Partners

Apax Partners is a global PE giant headquartered in London.

The firm has raised and advised funds with aggregate commitments of more than $80 billion.

Apax invests in companies across three global sectors: Tech, Services, and Internet/Consumer.

It is present across 7 countries, including one in Mumbai, India.

The firm recently acquired Evelyn Partners’ professional services arm in the UK.

Apax has been a major player in India’s tech and software sector, investing $2.3 billion across eight deals since its first investment in iGate-Patni in 2011, with GreytHR being the latest in 2024.

Over nearly two decades, Apax Funds have invested around $3.6 billion in 13 Indian transactions, generating $5.2 billion from eight successful exits and one partial realisation, according to MoneyControl.

PE’s takeover of accounting firms

CohnReznick isn’t the only one making moves—these firms have also taken private equity investments since 2021.

• Grant Thornton
• Baker Tilly
• EisnerAmper
• Cherry Bekaert
• Citrin Cooperman
• Doeren Mayhew
• Smith + Howard
• ATA CPAs
• Cendrowski Corporate Advisors (CCA)

What’s next?

If the deal closes this would be CohnReznick’s first-ever private equity transaction. It will also mark another major chapter in the PE-fueled transformation of accounting.