CBIZ to Acquire Thompson Dunavant PLC

CLEVELAND, July 26, 2011 /PRNewswire/ -- CBIZ, Inc. (NYSE: CBZ) today announced that it has signed a definitive agreement to acquire the non-attest business of Thompson Dunavant ("TD"), the largest locally-owned full-service accounting and financial services provider in Memphis, Tennessee, effective August 1, 2011.  Concurrent with this transaction, Mayer Hoffman McCann P.C. announced the acquisition of the attest business of Thompson Dunavant.  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.

Originally founded in 1997, TD provides tax and financial consulting services to clients ranging in size from small closely-held businesses to large multi-national businesses in a variety of industries. TD has 83 associates and recorded approximately $15.7 million in revenue during the past twelve months and is not expected to significantly contribute to 2011 earnings.

Steven L. Gerard, CBIZ Chairman and CEO, stated, "We are excited to enter the Memphis Metropolitan market with the largest locally-owned financial service provider Thompson Dunavant. They are highly respected in the marketplace and their culture is very similar to ours. This transaction is consistent with our growth strategy of acquiring premier providers to expand our geographic coverage."

Commenting on becoming part of CBIZ, TD Managing Shareholder Stephen T. Dunavant stated, "CBIZ is a growing and dynamic national company with a platform that we believe will provide greater growth for our team and greater support for our clients.  We are excited to join CBIZ because, like us, they have a strong focus on client service and team development.  These commitments coupled with the opportunity to be part of a national company will provide new growth opportunities for us and enhance our long-term commitment to our clients and our community."

CBIZ, Inc. provides professional business services that help clients better manage their finances and employees.  CBIZ provides its clients with financial services including tax and consulting, 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.