New England Accounting Firm to Add $38 Million to CBIZ Revenue
CLEVELAND, Dec. 17 /PRNewswire-FirstCall/ -- CBIZ, Inc. (NYSE: CBZ) today
announced that it has signed a definitive agreement to acquire the non-attest
business of Tofias PC, a leading regional accounting service provider based in
Cambridge, MA, with a closing effective December 31, 2008.
Founded in 1966, Tofias PC, with offices in Cambridge and New Bedford, MA,
and Providence and Newport, RI, is a leading regional accounting provider
offering accounting, tax and consulting services to privately-held and public
companies, not-for-profit organizations, family offices and high-net-worth
individuals. Tofias, ranked a "Best Places to Work" in both Massachusetts and
Rhode Island has 200 associates, is the second-largest regional accounting
firm in New England and ranked one of the Top 100 accounting firms in the
This transaction is expected to contribute approximately $38.0 million to
revenue and approximately $0.04 in earnings per share in 2009.
Steven Gerard, CBIZ Chairman and Chief Executive Officer stated, "We are
excited to acquire one of the premier New England area accounting service
providers. This acquisition is an important part of our Financial Services
Group's national expansion plan which includes acquiring outstanding
businesses in key markets. I look forward to working with the outstanding
professional staff at Tofias as they continue their impressive record of
growth and client service."
Tracy Gallagher, Managing Director of Tofias PC, stated, "In an evolving
business market, where more clients are looking for firms with a national
presence, we are excited to introduce CBIZ to the New England marketplace and
at the same time extend our reach beyond New England for our current and
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 financial services which include accounting and tax, internal audit,
merger and acquisition advisory, 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, healthcare consulting and medical practice management.
These services are provided through more than 140 Company offices in 34
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
SOURCE CBIZ, Inc.
Director, Corporate Relations, CBIZ, Inc.