Aug 1 2011
CBIZ, Inc. (NYSE: CBZ) today announced that it has signed a definitive agreement to acquire Multiple Benefit Services, Inc. ("MBS") effective August 1, 2011.
Founded in 1992 and located in Atlanta, Georgia, MBS provides employee benefit consulting, support and services to 80 clients ranging in size from Fortune 500 companies to those with fewer than 100 employees in a wide variety of industries both nationally and internationally. MBS has 12 employees and recorded approximately $3.5 million in revenue during the past twelve months.
Steven L. Gerard, CBIZ Chairman and CEO, stated, "We are eager to augment our current financial, valuation, mergers and acquisitions, payroll, and insurance services in Atlanta with the employee benefit consulting services provided by MBS. This transaction is consistent with our growth strategy of acquiring premier providers to round out our current markets with a full breadth of CBIZ services."
Commenting on becoming part of CBIZ, MBS CEO, Marion B. Schremp stated, "We believe that CBIZ's full suite of insurance and financial services positions MBS to offer significantly expanded resources to our existing client base. This merger also allows us to move forward with and accelerate our own growth plans."