Andersen plans IPO | Accounting Today

Andersen Group, the resurrected version of the former accounting giant Arthur Andersen, has made plans to go public, submitting a draft registration statement on Form S-1 with the Securities and Exchange Commission.

The firm said Monday the registration relates to a proposed initial public offering of its common stock. But the number of shares to be offered and price range for the proposed offering have not yet been determined. The IPO is expected to take place after the SEC completes its review process, subject to market and other conditions, according to Andersen.

In February, Andersen announced plans to revive the Andersen Consulting brand that split off from Arthur Andersen in 2000 and eventually became Accenture. The original Arthur Andersen collapsed in the early 2000s amid a wave of accounting scandals involving audit clients like Enron and WorldCom. A group of former Arthur Andersen partners revived the Andersen brand as a tax-only firm in 2014 known as Andersen Tax. The firm quickly expanded with member firms around the world and added legal and valuation services, but has steered clear of auditing. An Andersen official told Accounting Today the firm plans to still provide all of the same services that it does in the U.S., as opposed to spinning them off before the IPO.

It was originally known as WTAS (short for Wealth and Tax Advisory Services USA Inc.), which was founded in 2002 by CEO Mark Vorsatz and 22 former Arthur Andersen partners. Vorsatz renamed the firm Andersen Tax in 2014 after acquiring the trademarks and copyrights from Arthur Andersen LLP and Andersen Worldwide, and has since grown the network worldwide.

Andersen Global now has over 19,000 professionals worldwide and a presence in over 500 locations through its member firms and collaborating firms. In the U.S., Andersen has more than 2,000 people in 24 cities across the country.

Andersen Consulting will be offering services such as human capital management, cybersecurity, business transformation, strategy, technology, artificial intelligence and sustainability. Existing consulting clients include Abbott, BMW, Cisco, Heineken, IKEA, ING, LEGO, Mercedes-Benz, Michelin, Microsoft, Pizza Hut/Sapphire, T-Mobile and Toyota.