CBIZ Acquires Kirkland Russ Murphy & Tapp
One of the Largest Accounting Services Providers in Tampa Bay Area
CLEVELAND, Nov. 4, 2010 /PRNewswire-FirstCall/ -- CBIZ, Inc. (NYSE: CBZ) today announced the acquisition of the non-attest business of Kirkland, Russ, Murphy & Tapp, P.A. ("KRMT"), effective November 1, 2010. Concurrent with this transaction, Mayer Hoffman McCann P.C. announced the acquisition of the attest business of Kirkland, Russ, Murphy & Tapp, P.A. KRMT is a full service accounting and financial services provider that is currently the 7th largest in the Greater Tampa Bay marketplace. CBIZ, Inc. and Mayer Hoffman McCann P.C. have an alternative practice structure. The two companies are separate and independent legal entities that work together to serve clients' business needs.
Founded in 1991, KRMT provides assurance, tax, business valuation, financial advisory and consulting services to private and publicly-traded (SEC) businesses, as well as not-for-profit and governmental entities. KRMT was recently named by INSIDE Public Accounting (IPA) as one of the "Best of the Best" for 2010 and has been recognized by the Tampa Bay Business Journal as a "Best Places to Work" for five consecutive years. KRMT has 75 associates and recorded approximately $12 million in revenue during the past twelve months and is expected to contribute at least $0.01 per diluted share to 2011 earnings.
Steven L. Gerard, CBIZ Chairman and CEO, stated, "We are excited to have KRMT become part of the CBIZ organization. They are a highly respected firm that focuses on providing exceptional client service and they are culturally aligned with CBIZ. This transaction is consistent with our strategy of acquiring regionally dominant firms in major markets and the addition of Tampa Bay will greatly strengthen our already strong Florida presence."
Commenting on becoming part of CBIZ, KRMT Managing Shareholder Bill Tapp stated, "The CBIZ organization has a strong commitment to client service and a service promise very similar to that found in KRMT's vision statement. That commitment coupled with the opportunity to be part of a dynamic and growing national platform that provides greater opportunities for our clients and new growth opportunities for our team members will enhance the long-term continuity and success of our practice and benefit everyone."
CBIZ, Inc. provides professional business services that help clients better manage their finances and employees. CBIZ provides its clients with financial services including accounting and tax, internal audit, merger and acquisition advisory and valuation services. Employee services include group benefits, property and casualty insurance, retirement plan consulting, payroll, HR consulting, and wealth management. CBIZ also provides outsourced technology staffing and support 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 150 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.
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