CLEVELAND, Jan. 7 /PRNewswire-FirstCall/ -- CBIZ, Inc. (NYSE:CBZ) today announced that it has acquired certain assets of Computer Payroll Company ("CPC"), a payroll processing company located in Palm Desert, California, effective January 1, 2008.
Founded in 1992, CPC provides payroll processing services for more than 800 clients primarily in California and Arizona. CPC recorded approximately $2.5 million in revenue during the past twelve months and has approximately 18 employees.
Steven L. Gerard, CBIZ Chairman and CEO, stated, "We are pleased to welcome Rick Pinkerman, Robert Luzzi and their team to CBIZ. This acquisition gives us greater national processing flexibility and system back-up with operations now on the West Coast to complement our Roanoke, Virginia facility. It provides an additional operating base to support the continued growth of our payroll business and an opportunity to diversify our client portfolio geographically." CBIZ, Inc. provides professional business services that help clients better manage their finances, employees and technology. As the largest benefits specialist, one of the largest accounting, valuation and medical practice management companies in the United States, CBIZ provides its clients with integrated financial services which include accounting and tax, internal audit, merger and acquisition, and valuation. Employee services include group benefits, property and casualty insurance, payroll, HR consulting and wealth management. CBIZ also provides information technology, hardware and software solutions, government relations, healthcare consulting, and medical practice management services. These services are provided throughout a network of more than 140 Company offices in 34 states and the District of Columbia.
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Risk factors that could cause actual results to differ include the risk of a decline in the current trend to outsource business services that may have a material adverse effect on the Company's results of operations and the Company's sensitivity to revenue fluctuations that could result in fluctuations in the market price for shares of the Company's common stock. Additional risk factors are discussed in our Report on Form 10-K for the year ended December 31, 2006, and the reader is directed to these statements for a further discussion of important factors that could cause actual results to differ materially from those in the forward-looking statements. DATASOURCE: CBIZ, Inc.
CONTACT: Lori Novickis, Director, Corporate Relations of CBIZ, Inc., +1-216-447-9000 Web site: http://www.cbiz.com/
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