CLEVELAND, Aug. 10, 2015 /PRNewswire/ -- CBIZ, Inc. (NYSE: CBZ) ("Company") today announced that it sold its Bethesda, Maryland, financial services practice to Cherry Bekaert LLP effective August 1, 2015.
Steven L. Gerard, CBIZ Chairman and CEO stated, "Our Bethesda Financial Services practice was relatively small for a large nationally recognized professional business service provider and not of sufficient size and scope to fully capitalize on the market opportunities that exist in the Baltimore/Washington D.C. metropolitan market. This transaction allowed us to place our existing staff and clients with a firm where their needs will be better met."
"CBIZ remains committed to the Baltimore/Washington D.C. metropolitan market in terms of growing our existing Financial Services and Employee Services offerings and will continue to be active in pursuing opportunities to acquire a sizable, well-positioned accounting service provider in the area."
Named one of America's 2015 Best Employers and ranked as the #1 employer in the consulting and accounting industry by Forbes magazine, 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 34 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.
SOURCE CBIZ, Inc.