CBIZ Acquires Employee Benefits Firm Egan, Amato & O'Connor
CLEVELAND, July 1, 2009 /PRNewswire-FirstCall via COMTEX/ -- CBIZ, Inc. (NYSE: CBZ) today announced the acquisition of EAO Consultants, LLC (d.b.a. Egan, Amato & O'Connor), an employee benefits firm located in Manasquan, NJ, effective July 1, 2009.
EAO was founded in 2004 and focuses exclusively on employee health benefits, retirement programs, and executive benefits for a diverse client base ranging from small family-owned businesses to large corporations. EAO recorded $2.9 million in revenue during the past twelve months.
Steven L. Gerard, CBIZ Chairman and CEO, stated, "Expanding our capabilities to better serve our clients' needs in the Northeast is a priority for CBIZ. EAO has experienced solid growth since its inception and has a client-centric service focus consistent with the CBIZ culture. I look forward to welcoming this talented team to CBIZ."
Commenting on becoming part of the CBIZ organization, EAO's Jim O'Connor, stated, "Our success has been driven by our focus on becoming a valuable extension of our clients' human resource departments. We believe by joining with CBIZ we will be able to expand our suite of services while maintaining our hands-on entrepreneurial culture."
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 including 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 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.
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