CBIZ Acquires PrimarilyCare
CLEVELAND, May 10, 2012 /PRNewswire/ -- CBIZ, Inc. (NYSE: CBZ) today announced that it has acquired the assets of Primarily Care, Inc. of Cranston, RI, effective May 1, 2012.
Founded in 1999 by Ed Belt, PrimarilyCare is an employee benefits brokerage firm that offers long-term healthcare cost reduction strategies that preserve employee benefits by providing a unique system comprised of technology, innovative plan design, educational tools and tangible financial health incentives. PrimarilyCare has 11 employees and is expected to add $1.8 million to CBIZ annualized revenue.
Ed Belt of PrimarilyCare stated, "In today's evolving benefits market, capacity, scale and integrity matter greatly, with integrity being the most important. A thorough review of our options for growth indicates that becoming part of CBIZ, a growing, reputable, publically traded organization, offers our employees and most importantly our clients all of these. We are excited to become part of the CBIZ success story."
Steven L. Gerard, CBIZ Chairman and CEO, stated, "The acquisition of PrimarilyCare will expand our benefit brokerage consulting businesses in the Northeast and will further enhance our current services in the Boston and Providence markets. Ed Belt and Pete Tarmey's background and excellent reputation as consultants and solution providers will help grow our business in the region and nationally."
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, real estate consulting 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 130 Company offices in 37 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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