CBIZ Acquires Retirement Plan Consulting Firm
CLEVELAND, OH, August 2, 2010 -- CBIZ, Inc. (NYSE: CBZ) today announced the acquisition of South Winds, Inc. (d.b.a. Benexx), a retirement plan consulting firm located in Baltimore, Maryland, effective August 1, 2010.
Founded in 2002, Benexx provides 401k and other qualified retirement plan services to over 400 companies nationally. Benexx has developed a turnkey approach that simplifies the administration and reduces the cost of maintaining a 401k plan for small and mid-sized companies. Benexx has nine associates and recorded approximately $1.9 million in revenue during the past twelve months.
Steven L. Gerard, CBIZ Chairman and CEO, stated, "Adding Benexx to the Employee Services Division creates value for our clients and leverage for our Company to distribute 401k services. The addition of Darren Seward and Brett Kraimer will add depth to the leadership of our retirement plan practice."
Commenting on becoming part of the CBIZ organization, Benexx's Darren Seward stated, "CBIZ provides Benexx a national presence and resources that we need to accelerate our growth in a market that we believe is under served for 401k services." Brett Kraimer, co-founder of Benexx stated, "This is the next evolution of Benexx and puts us in a tremendous position for immediate growth, while providing our existing clients and partners an even stronger platform to trust. We will now be able to bring a much needed service to even more small business employers."
About CBIZ
CBIZ, Inc. provides professional business services that help clients better manage their finances and employees. CBIZ provides its clients with financial services including accounting and tax, internal audit, merger and acquisition advisory, and valuation services. Employee services include group benefits, property and casualty insurance, payroll, HR consulting and wealth management. CBIZ also provides outsourced technology staffing support 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 150 Company offices in 36 states.
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