CBIZ Acquires Full-Service HR And Payroll Provider BeyondPay, Inc.

Rhea-AI Summary

CBIZ, Inc. (NYSE: CBZ) announced the acquisition of BeyondPay, Inc., effective December 1, 2020. BeyondPay, a full-service human capital management and payroll provider based in Clinton, NJ, has 40 employees and generates approximately $4.6 million in annual revenue. This acquisition is expected to enhance CBIZ's HR and payroll solutions, leveraging BeyondPay's technical expertise to improve service delivery and accelerate growth in a complex regulatory environment.

Positive

• Acquisition of BeyondPay enhances CBIZ's service offerings in HR and payroll.
• Integrating BeyondPay's expertise is expected to accelerate growth and improve service quality.
• Expands CBIZ's client base in the Mid-Atlantic region.

Negative

• None.

CLEVELAND, Dec. 16, 2020 /PRNewswire/ -- CBIZ, Inc. (NYSE: CBZ) ("the Company"), a leading provider of financial, insurance and advisory services, announced the acquisition of substantially all the assets of  BeyondPay, Inc., of Clinton, NJ, effective December 1, 2020.

Founded in 1995, BeyondPay is a full-service human capital management and payroll service provider offering exceptional customer service, extensive technical product knowledge and implementation services to small and mid-sized clients throughout the Mid-Atlantic. BeyondPay has 40 employees with approximately $4.6 million in annual revenue.

Jerry Grisko, President and CEO of CBIZ, stated, "We are excited to welcome Chris and Jonathan Tanis and the entire BeyondPay team to CBIZ. CBIZ Centrally HR provides comprehensive, fully integrated HR and payroll solutions designed to help our clients respond to an increasingly complex work and regulatory environment related to their workforce. BeyondPay's talented professionals bring critical technical knowledge and capacity to help us deliver a higher level of service to our clients and accelerate growth within this service offering."

Chris Tanis, BeyondPay co-founder, stated, "BeyondPay is extremely pleased to be joining CBIZ to combine our knowledge and expertise into a single flourishing HCM practice. Our service team is already world-class and, by partnering with CBIZ, we look forward to the expanded opportunities for growth and to help the clients and communities we are privileged to serve."

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.

View original content:http://www.prnewswire.com/news-releases/cbiz-acquires-full-service-hr-and-payroll-provider-beyondpay-inc-301193630.html

SOURCE CBIZ, Inc.

FAQ

What is the significance of CBIZ acquiring BeyondPay?

The acquisition enhances CBIZ's HR and payroll service offerings and supports growth in a complex regulatory environment.

What are the annual revenues of BeyondPay?

BeyondPay generates approximately $4.6 million in annual revenue.

Who are the key individuals involved in the acquisition of BeyondPay by CBIZ?

Jerry Grisko, President and CEO of CBIZ, and Chris Tanis, co-founder of BeyondPay, are key figures in the acquisition.

When did the acquisition of BeyondPay by CBIZ take effect?

The acquisition took effect on December 1, 2020.