CBIZ Acquires Leading Midwest Payroll Service Provider Payroll Control Systems
CLEVELAND, Jan. 2, 2013 /PRNewswire/ -- CBIZ, Inc. (NYSE: CBZ) today announced that it has acquired certain assets of Diversified Industries, Inc., d/b/a Payroll Control Systems, ("PCS") of Brooklyn Center, MN, effective December 31, 2012.
Established in 1996, PCS provides payroll, payroll tax, time and labor, and human resources solutions to more than 1,400 small and mid-sized clients in all 50 states. This acquisition is expected to add 37 employees and approximately $6.0 million to CBIZ annualized revenue.
Robert Wessel, President of PCS, stated, "CBIZ is a world class organization that shares our same passion and focus on exceptional customer experience. This is a great opportunity for us to leverage our synergies and address our clients' needs with enhanced products and services."
Steve Gerard, CBIZ Chairman and CEO, stated, "We are excited to further grow our payroll business with the acquisition of PCS. This transaction will result in increased operating efficiencies and additional sales talent within the Midwest region of our payroll division, which will augment our current East region operations in Roanoke, VA, and West coast operations in Palm Desert, CA. We look forward to working with Bob and his team to continue to grow this business in the Midwest region and beyond."
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 and consulting, internal audit, merger and acquisition advisory and valuation services. Employee services include employee benefits consulting, property and casualty insurance, retirement plan consulting, payroll, life insurance, HR consulting, and executive recruitment. CBIZ also provides outsourced technology staffing and support services, real estate consulting services, healthcare consulting, and medical practice management. As one of the largest benefits specialists and one of the largest accounting, valuation, and medical practice management companies in the United States, the Company's services are provided through more than 130 Company offices in 37 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 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 its 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.
SOURCE CBIZ, Inc.