CLEVELAND, June 2, 2016 /PRNewswire/ -- CBIZ, Inc. (NYSE: CBZ) (the "Company") today announced that it has acquired Flex-Pay Business Services, Inc. ("Flex-Pay") effective June 1, 2016.
Founded in 1996, Flex-Pay is a leading payroll company headquartered in Winston-Salem, N.C., providing payroll processing, Affordable Care Act fulfillment, and human resource solutions to more than 3,600 clients primarily in the Southeast. Flex-Pay has 80 employees and recorded approximately $10.0 million in revenue during the past twelve months.
"Joining the CBIZ team is extremely exciting, as CBIZ shares our core belief in providing exceptional service to each client," said John Googe, president of Flex-Pay. "Gaining access to additional resources for both our clients and employees provides a strong platform for continued growth and support. CBIZ utilizes the same payroll, timekeeping, and HRIS platforms, so our clients are assured of continuity of service. That is of the utmost importance to us."
Jerry Grisko, president and CEO of CBIZ, said, "We are excited to welcome John and the Flex-Pay organization to CBIZ. Flex-Pay is well known for its exceptional client service and is the endorsed payroll provider of a number of significant partner channels including regional banks and associations in the Southeast. The addition of its strong sales and operations team will enhance CBIZ's payroll offerings in the Carolinas. We look forward to working with the Flex-Pay team to continue to grow this business and expand the scope and level of service we provide to our combined clients in this geography."
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 health care consulting, risk advisory, real estate consulting, and valuation services. Employee services include employee benefits consulting, property and casualty insurance, retirement plan consulting, payroll, life insurance, HR consulting, and executive recruitment. 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.