CLEVELAND, Jan. 12 /PRNewswire-FirstCall/ -- CBIZ, Inc. (NYSE: CBZ) today announced the acquisition of National Benefit Alliance ("NBA"), an employee benefits firm located in Midvale, Utah, effective January 1, 2010.
Founded in 1998, NBA designs, implements and administers employee benefit plans to service the unique benefit requirements for government contractors as well as the traditional commercial market. NBA recognized the importance of combining brokerage services with superior administrative capabilities and developed proprietary software, Complete Benefit Administration System (C-BAS), to meet the needs of its clients' performing work subject to the Service Contract Act, the Davis Bacon Act and state prevailing wage laws. NBA has 16 associates and recorded approximately $2.0 million in revenue during the past twelve months.
Steven L. Gerard, CBIZ Chairman and CEO, stated, "National Benefit Alliance's reputation for excellent client service, together with their proprietary benefit technology and expertise in serving the government contracting industry, made them an ideal strategic acquisition candidate for CBIZ. We look forward to welcoming the leadership of Bick Robbins, John Gilmore and the NBA team, and strengthening our Employee Services technology offerings."
Commenting on becoming part of the CBIZ organization, NBA's Bick Robbins stated, "CBIZ's commitment to client service, impressive national presence, and strength in the market will provide the right resources and create the synergy we needed to take our unique services to the next level."
CBIZ, Inc. provides professional business services that help clients better manage their finances, employees and technology. As one of the largest benefits specialists and one of the largest accounting, valuation and medical practice management companies in the United States, CBIZ provides its clients with financial services including accounting and tax, internal audit, merger and acquisition advisory, and valuation. Employee services include group benefits, property and casualty insurance, payroll, HR consulting and wealth management. CBIZ also provides information technology, hardware and software solutions, healthcare consulting and medical practice management. These services are provided through more than 140 Company offices in 36 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.