CLEVELAND, Nov. 2, 2016 /PRNewswire/ -- CBIZ, Inc. (NYSE: CBZ) (the "Company") today announced that it has acquired Actuarial Consultants, Inc. ("ACI") effective November 1, 2016.
ACI was founded in 1983 and is based in Torrance, California. With approximately $2.5 million in annual revenue, ACI provides design, consultation and administration of 401(k) plans, profit-sharing plans, non-qualified plan administration and traditional defined benefit plans to more than 400 clients.
Justin Bonestroo of ACI said, "We are very excited to join CBIZ. ACI has long been committed to providing the highest level of consulting to our clients, who will now have access to national expertise in accounting, tax, employee benefits and payroll services. Joining CBIZ not only affirms our commitment to our clients, but also provides our staff with opportunities for growth within a leading national organization."
Jerry Grisko, president and CEO of CBIZ, said, "This is the latest in a series of acquisitions through which we continue to strengthen our position as a leading national provider of retirement planning services. In just over a year, and including the ACI acquisition, we have added more than $30.0 million in revenue to our retirement planning services practice. Under Justin's strong leadership, the addition of ACI will further expand our business and capabilities in the key California market. We welcome the ACI team and look forward to working with them."
CBIZ, Inc. provides professional business services that help clients better manage their finances and employees. CBIZ provides its clients with financial services including accounting, tax, financial advisory, government healthcare consulting, risk advisory, and valuation services. Employee services include employee benefits consulting, property and casualty insurance, retirement plan consulting, payroll, and HR consulting. As one of the largest accounting, insurance brokerage and valuation companies in the United States, the Company's services are provided through more than 100 Company offices in 33 states.
Forward-looking statements in this release are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those projected. Such risks and uncertainties include, but are not limited to, the Company's ability to adequately manage and sustain its growth; the Company's dependence on the current trend of outsourcing business services; the Company's dependence on the services of its CEO and other key employees; competitive pricing pressures; general business and economic conditions; and changes in governmental regulation and tax laws affecting the Company's insurance business or its business services operations. A more detailed description of such risks and uncertainties may be found in the Company's filings with the Securities and Exchange Commission.
For further information regarding CBIZ, call our Investor Relations Office at (216) 447-9000 or visit our web site at www.cbiz.com.
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SOURCE CBIZ, Inc.