CBIZ Acquires ARC Consulting LLC And ARC Placement Group LLC
CBIZ, Inc. (NYSE: CBZ) announced the acquisition of assets from ARC Consulting LLC and ARC Placement Group LLC, effective September 1, 2020. ARC, based in San Francisco, specializes in accounting and advisory services for high-growth companies, generating approximately $17.3 million in annual revenue. This acquisition enhances CBIZ's presence in Northern California and expands its service offerings, particularly in IPO advisory and reporting. Both companies aim to leverage this partnership for broader national service delivery and client growth.
- Acquisition increases CBIZ's market share in Northern California.
- ARC's specialized services complement CBIZ's existing offerings, enhancing value for clients.
- Potential for accelerated national expansion of services through combined expertise.
- None.
CLEVELAND, Sept. 1, 2020 /PRNewswire/ -- CBIZ, Inc. (NYSE: CBZ) ("the Company"), a leading provider of financial, insurance and advisory services, announced the acquisition of substantially all of the assets of ARC Consulting LLC and ARC Placement Group LLC (collectively "ARC") of San Francisco, CA, effective September 1, 2020.
Founded by Gary Klintworth and Jim Loughmiller in 2007, ARC provides specialized accounting and advisory services to high-growth companies in the San Francisco Bay Area. ARC's services include technical and transactional accounting, internal and external reporting, external audit preparation, systems implementation, process improvement, and IPO advisory and consulting. Finance and accounting talent placement services were added in 2015 with the addition of Harris Klein.
ARC has 46 employees with approximately
Jerry Grisko, President and CEO of CBIZ, stated, "We are pleased to welcome Gary, Jim and the entire ARC team to CBIZ. ARC serves many of the fastest growing businesses in North America and their commitment to client service is reflected in their notable reputation and company culture. This acquisition strengthens CBIZ's presence in Northern California and enhances our ability to provide a broad array of specialized accounting services including IPO readiness and other public company reporting. We look forward to working closely with the ARC team to continue to grow this business not only in the Bay Area, but across our national CBIZ platform."
Gary Klintworth of ARC, stated, "We are extremely excited to join CBIZ. This combination substantially expands the depth and breadth of services that we can provide to our clients and prospects in the Bay Area and provides opportunities for us to accelerate national expansion of many of our services." Jim Loughmiller of ARC, added, "We found a partner with the right corporate culture to help us serve our clients and provide expansive opportunities for our team members. Furthermore, we look forward to the opportunity to serve CBIZ clients with all of our current and future service offerings while we continue to support our current client base, particularly those high growth companies in need of specialized accounting services."
About CBIZ
CBIZ, Inc. is a leading provider of financial, insurance and advisory services to businesses throughout the United States. Financial services include accounting, tax, government health care consulting, transaction advisory, risk advisory, and valuation services. Insurance services include employee benefits consulting, retirement plan consulting, property and casualty insurance, payroll, and human capital consulting. With more than 100 Company offices in 31 states, CBIZ is one of the largest accounting and insurance brokerage providers in the U.S. For more information, visit www.cbiz.com.
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SOURCE CBIZ, Inc.
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