CBIZ Acquires Leading Midwest Payroll Service Provider Payroll Control Systems
CLEVELAND, Jan. 2, 2013
CLEVELAND, Jan. 2, 2013 /PRNewswire/ -- CBIZ, Inc. (NYSE: CBZ) today announced
that it has acquired certain assets of Diversified Industries, Inc., d/b/a
Payroll Control Systems, ("PCS") of Brooklyn Center, MN, effective December
Established in 1996, PCS provides payroll, payroll tax, time and labor, and
human resources solutions to more than 1,400 small and mid-sized clients in
all 50 states. This acquisition is expected to add 37 employees and
approximately $6.0 million to CBIZ annualized revenue.
Robert Wessel, President of PCS, stated, "CBIZ is a world class organization
that shares our same passion and focus on exceptional customer experience.
This is a great opportunity for us to leverage our synergies and address our
clients' needs with enhanced products and services."
Steve Gerard, CBIZ Chairman and CEO, stated, "We are excited to further grow
our payroll business with the acquisition of PCS. This transaction will
result in increased operating efficiencies and additional sales talent within
the Midwest region of our payroll division, which will augment our current
East region operations in Roanoke, VA, and West coast operations in Palm
Desert, CA. We look forward to working with Bob and his team to continue to
grow this business in the Midwest region and beyond."
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 and consulting, internal audit, merger and
acquisition advisory and valuation services. Employee services include
employee benefits consulting, property and casualty insurance, retirement plan
consulting, payroll, life insurance, HR consulting, and executive
recruitment. CBIZ also provides outsourced technology staffing and support
services, real estate consulting 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 130
Company offices in 37 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
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.
Contact: Lori Novickis, Director, Corporate Relations, CBIZ, Inc., Cleveland,
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