Armanino Press Release
Press Release

CFOs Expect Their Businesses to Expand at Home and Abroad in the Next Year

Rise in IPO, Mergers & Acquisitions Activity Expected By 2016

SAN RAMON, Calif. (December 12, 2013) – By this time next year, more than half (53%) of surveyed CFOs plan to expand their businesses internationally, according to the annual CFO Evolution Benchmark Survey released today by ArmaninoLLP, which includes a pool of mainly Bay Area CFOs answering questions about their financial expectations over the next several years. The survey found that thirty-three percent of these CFOs are planning to open offices in Asia; 26 percent are eyeing Europe; 16 percent expect to expand to South America; 14 percent are looking to Canada; and nine percent will extend their reach to the Middle East.

Domestic expansion plans are even higher, with 60 percent of surveyed CFOs saying that the next year will bring expansion in up to five states within the United States.

“We are seeing a lot of growth activity –and forward thinking among Bay Area companies right now,” said Matt Armanino, chief operating officer and partner of Armanino. “Not only are our survey participants seeing opportunity in expanding nationally and internationally, but they are predicting an increase in M&A transactions and IPO activity than in the past.”


CFOs surveyed say that both Initial Public Offerings (IPOs) and Mergers & Acquisitions (M&A) will increase over the next three years and almost 20 percent of the surveyed CFOs say that their company will file for an IPO. The total number of IPOs filed in the first three quarters of 2013 has already surpassed the total number of IPOs in the whole of 2012. Total IPO activity increased 110 percent in the first nine months of 2013 compared to the same time period in 2012.i

Further, more than half (51%) of surveyed CFOs expect to be involved in a M&A transaction by 2016. This year has already been marked by a number of successful M&A deals—which led to third quarter M&A totals of $671 billion.ii

“A lot of these growth and expansion patterns are the result of a new way of analyzing finance,” said Armanino. “We are seeing the rise of predictive analysis as a tool to help companies plan their next move. Additionally, many of these expanding companies see a need for the agility and nimbleness provided by a mobile technology solution.”


Real time data is expected to play a larger role for CFOs behind the scenes, as they look ahead and plan for expansions, public offerings or a potential M&A in the coming years.

Today, 75 percent of CFOs say that most of their financial analysis is based on historical data while the demand for predictive data is growing exponentially. In fact, more than 87 percent say they need predictive data to meet demand. Moving forward, CFOs want a 30 percent decrease in historical analysis to accommodate their desire for a 20 percent increase in predictive analysis.

At the same time, the impact of mobile technology is leading more CFOs to implement a set of financial tools allowing for access on the go. Half of the surveyed CFOs have already set up or plan to enact mobile reporting solutions in the next two years.

About the Survey

Armanino’s 5th Annual CFO Benchmark Study was conducted in Q4 of 2013. Surveys were distributed to CEO, CFOs and other finance executives—referred to as “CFOs” throughout the report—with the majority of respondents coming from the Western U.S. Of the respondents, approximately 82% were from privately-owned or venture-back companies with projected year-end revenues of less than $100 million.

For a copy of the complete survey, click here.


ii Bloomberg:

December 12, 2013

About ArmaninoLLP

Armanino LLP ( is one of the 25 largest independent accounting and business consulting firms in the nation. Armanino provides an integrated set of audit, tax, business management, consulting and technology solutions to companies in the U.S. and globally. The firm helps clients adapt and change in every stage of business, from startup through rapid growth to the sale of a company. Armanino emphasizes smart technology, leading a cloud revolution of financial, operational, sales and compliance tools that are transforming the way companies do business. Armanino is an independent member firm of Moore North America Inc. (MNA), which is itself a regional member of Moore Global Network Limited (MGNL), one of the world's major accounting and consulting membership organizations. All the firms associated with MNA and MGNL are independent entities, owned and managed in each location. Their membership in, or association with, MNA or MGNL should not be construed as constituting or implying any partnership between them. In addition to its core consulting and accounting practices, Armanino operates its division, AMF Media Group (, a media and communications services agency. Its affiliate, Intersect Capital ( is an independent financial planning, wealth and lifestyle management firm.

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