CBIZ Acquires the Employee Benefits and Retirement Book of Business of Advantage Benefit Planning
CLEVELAND, Jan. 5, 2012 /PRNewswire/ -- CBIZ, Inc. (NYSE: CBZ) today announced that it has purchased the employee benefits and retirement book of business from Advantage Benefit Planning ("ABP") of Pleasantville, NJ, effective December 30, 2011.
The purchase of the employee benefits and retirement book of business from ABP will add approximately $900,000 in revenues to CBIZ with the addition of two employees, including principal Vaughan Reale.
Steven L. Gerard, CBIZ Chairman and CEO, stated, "ABP's employee benefits and retirement book of business will be a solid addition to our Mid-Atlantic region. We look forward to working with Vaughan to continue to grow this business."
Commenting on becoming part of CBIZ, Vaughan Reale stated, "Our team at Advantage Benefit Planning is excited to join with CBIZ. Considering the growing regulatory complexities associated with health care reform, we believe the acquisition better positions us to continue delivering outstanding benefits consultation and customer service to our diverse and growing client base."
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, 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 140 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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