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CBIZ

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CBIZ, Inc. is a national provider of financial, insurance and advisory services headquartered in Cleveland, Ohio. CBIZ is one of the largest accounting, insurance brokerage, financial and advisory services providers in the United States with more than 120 offices and nearly 7,000 employees. Its common stock has been traded on the New York Stock Exchange since 1996, under the symbol "CBZ" since 1997.[3][4] Following its 2024 acquisition of Marcum LLP, CBIZ became the seventh-largest accounting firm in the United States.[5]

CBIZ, Inc.
FormerlyStout Environmental, Inc. (1987)
International Alliance Services, Inc. (1996)
Century Business Services, Inc. (1997)
Company typePublic
ISINIE00B4BNMY34
Industry
Founded1987; 37 years ago (1987)
HeadquartersCleveland, Ohio
Key people
Jerome Grisko (President and CEO)[1]
Revenue Increase US$1.59 billion (2023)[2]
Decrease US$165 million (2023)[2]
Increase US$120 million (2023)[2]
Total assetsIncrease US$2.04 billion (2023)[2]
Total equityIncrease US$791 million (2023)[2]
Number of employees
6,700 (2023)[2]
Websitewww.cbiz.com

History

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In 1987, Stout Environmental, Inc. ("Stout") was formed as a Delaware corporation.[6] It was acquired by Republic Industries in 1992. In April 1995, Republic Industries spun off the business into an entity known as Republic Environmental Systems, which was merged with Century Surety Company (which was part of Alliance Holding Corporation) into a newly formed entity, International Alliance Services, Inc. (Nasdaq: IASI) in October 1996.[7] In 1997, IASI sold it's environmental services operations and changed its name to Century Business Services, Inc. (NYSE: CBZ) in December 1997.[8] In 1998, Century Business acquired Beall Garner Screen & Geare Inc., one of the largest privately owned insurance agencies in the United States (formerly run by U.S. Senator J. Glenn Beall Jr.).[9] The company changed its name to CBIZ, Inc. in August 2005.[10]

Since 1998, CBIZ and CBIZ CPAs (formerly known as Mayer Hoffman McCann P.C.)[11] have operated an alternative practice structure in which they act as separate, independent legal entities that work together to provide accounting services to clients, sharing a tax and consulting practice, CBIZ MHM LLC, which is a division of CBIZ.[3]

Services and operations

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The business is organized into three practice groups:[2]

  • Financial Services: comprising core accounting services including traditional accounting, tax compliance, advisory, and specialty services, like transaction and risk advisory services, litigation support, valuation, and federal and state government health care compliance and consulting.
  • Benefits and Insurance Services: provides brokerage and consulting expertise for group health benefits and property and casualty insurance in addition to retirement plan advisory and investment services, payroll, human capital management, and other related services.
  • National Practices: information technology focusing on managed networking and hardware services and healthcare consulting.

Acquisitions

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  • 2022: Marks Paneth LLP,[12][13] Stinnett & Associates, LLC.[14]
  • 2023: Danenhauer and Danenhauer, Inc.,[15] Somerset CPAs and Advisors,[3] Pivot Point Security,[16] Ickovic and Co. PC,[17] and American Pension Advisors, Ltd.[18]
  • 2024: Erickson, Brown & Kloster,[15] CompuData, Inc.,[19][20] Marcum LLP.[5][21]

Notable people

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See also

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References

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  1. ^ "Executive Team". www.cbiz.com. CBIZ Inc. Retrieved 15 July 2024.
  2. ^ a b c d e f g "CBIZ Annual Report for Fiscal Year 2023". U.S. Securities and Exchange Commission. February 23, 2024. Retrieved 15 July 2024.
  3. ^ a b c Staff, I. B. J. (February 3, 2023). "Indy accounting firm acquired by two out-of-state players". Inside INdiana Business. Retrieved 15 July 2024.
  4. ^ Simply Wall St (28 April 2024). "Earnings Update: Here's Why Analysts Just Lifted Their CBIZ, Inc. (NYSE:CBZ) Price Target To US$78.00". Yahoo Finance. Retrieved 15 July 2024.
  5. ^ a b Maurer, Mark (July 31, 2024). "CBIZ Strikes Deal to Acquire Fellow Accounting Firm Marcum Publicly traded CBIZ would take the SPAC auditor's tax and consulting practices public in a $2.3 billion transaction". The Wall Street Journal. Retrieved 14 November 2024.
  6. ^ "INTERNATIONAL ALLIANCE SERVICES, INC. Annual Report for Fiscal Year for 1996". ir.cbiz.com. U.S. Securities and Exchange Commission. Retrieved 15 July 2024.
  7. ^ Jones, Dow (21 May 1996). "COMPANY NEWS;REPUBLIC ENVIRONMENTAL TO SELL A MAJORITY STAKE". The New York Times. Retrieved 15 July 2024.
  8. ^ Jones, Dow (29 April 1998). "Century Buying 8 Concerns". The New York Times. Retrieved 15 July 2024.
  9. ^ "J. Glenn Beall Jr., 78, Former Senator and Insurance Executive, Dies". The New York Times. Associated Press. 27 March 2006. Retrieved 15 July 2024.
  10. ^ "Frequently Asked Questions". cbiz.gcs-web.com. CBIZ. Retrieved 15 July 2024.
  11. ^ Bramwell, Jason (22 August 2024). "MHM Has Been Renamed CBIZ CPAs". CPA Practice Advisor. Retrieved 23 September 2024.
  12. ^ O'Bannon, Isaac M. (10 January 2022). "CBIZ Acquires Accounting Firm Marks Paneth". CPA Practice Advisor. Retrieved 15 July 2024.
  13. ^ Glodowski, Amanda (September 30, 2022). "Years-long trend of consolidation reaches city's largest accounting firms". Crain's New York. Retrieved 15 July 2024.
  14. ^ Kobialka, Dan (11 July 2022). "CBIZ Buys Cybersecurity Services Advisory Firm Stinnett & Associates -". MSSP Alert. Retrieved 15 July 2024.
  15. ^ a b Nobile, Jeremy (February 7, 2024). "CBIZ acquires Colorado firm Erickson, Brown & Kloster". Crain's Cleveland Business. Retrieved 15 July 2024.
  16. ^ "Cbiz Acquires Pivot Point Security". FinSMEs. 5 June 2023. Retrieved 15 July 2024.
  17. ^ "CBIZ announces acquisition of Ickovic & Co. PC effective June 1, 2023". Denver Business Journal. June 5, 2023. Retrieved 15 July 2024.
  18. ^ Correia, Margarida (July 7, 2023). "CBIZ acquires American Pension Advisors". Pensions & Investments. Retrieved 15 July 2024.
  19. ^ "CBIZ ACQUIRES COMPUDATA, INC". www.prnewswire.com. Retrieved 15 July 2024.
  20. ^ Nobile, Jeremy (March 6, 2024). "CBIZ rolls up IT services provider CompuData". Crain's Cleveland Business. Retrieved 15 July 2024.
  21. ^ Cohn, Michael (1 November 2024). "CBIZ completes Marcum acquisition". Accounting Today. Retrieved 14 November 2024.
  22. ^ America's Corporate Finance Directory. National Register Pub., a Reed Reference Publishing Company. 1994. p. 559. Retrieved 15 July 2024.
  23. ^ "Edward Feighan - Advisor at Cannformatics". theorg.com. THE ORG. Retrieved 15 July 2024.
  24. ^ a b "VITALITY BIOPHARMA ANNOUNCES CORPORATE UPDATES AND COMPLETION OF AN SEC EXAMINATION". rangeimpact.com. Range. 11 November 2018. Retrieved 15 July 2024.
  25. ^ "Joel B. Kramer". cbiz.com. Retrieved October 31, 2022.
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