A professional business services company CBIZ, Inc. (CBZ) recently announced the acquisition of Payroll Control Systems – a leading provider of payroll tax, time and labour, and human resources solutions with a customer base of 1400 across 50 states – for an undisclosed amount.
With this acquisition, CBIZ will gain operational synergies and look to address clients’ needs for superior services and product offerings. The strategic move by the company is aimed at expanding its payroll business in the Midwest region, which will further enhance the company’s East operations in Roanoke, Virginia, and West coast operations in Palm Desert, California. The company expects that Payroll Control Systems’ expertise should prove beneficial in the long term and enable the company to reach new heights with respect to ongoing services and portfolio expansions.
Earlier, in the last reported quarter, CBIZ reported revenues of $183.8 million, up 3.6% from $177.3 million in the year-ago quarter. The acquisition is expected to add approximately $6.0 million to its annual revenues.
CBIZ along with its subsidiaries provides professional business services, products, and solutions to businesses, individuals, governmental entities, and not-for-profit enterprises in the United States and Canada. The company provides its clients with financial services including accounting, tax and consulting, internal audit, merger and acquisition advisory and valuation services. The services of the company are provided through more than 130 company offices in 37 states. CBIZ primarily focuses on helping clients fulfil their needs and effectively manage their finances and employees.
CBIZ currently has a Zacks #2 Rank (short-term Buy) and a long-term Neutral recommendation. One of its competitors, National Financial Partners Corp (NFP) carries a Zacks #4 Rank (short-term Sell).
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