Content area
Full Text
Firm M&A
But the fate of Smart's licensed CPA arm is left uncertain
Accounting and financial services provider LECG's planned merger with Smart Business Advisory and Consulting will create a formidable consulting entity with 1,300 employees and annual revenues approaching $500 million.
The deal, announced last month, is valued at $25 million in cash and $39.9 million in stock, and will fold Devon, Pa.-based Smart into LECG, which will continue operating as a publicly traded company.
Once the merger is completed, Smart chief executive Steve Samek, 56, will become CEO of the combined company and a member of the board, replacing Michael Ieffery, who announced back in July that he would be stepping down as LECG's CEO.
Samek has a 35-year background in consulting, business advisory services and accounting, and was a managing partner at Arthur Andersen. More recently, he served as chief executive at CPA firm consolidator UHY Advisors.