CBIZ ACQUIRES STINNETT & ASSOCIATES, PROFESSIONAL ADVISORY FIRM WITH OFFICES IN OKLAHOMA, TEXAS AND COLORADO
CBIZ, Inc. (NYSE: CBZ) has acquired Stinnett & Associates, a professional advisory firm based in Tulsa, Oklahoma, effective July 1, 2022. Stinnett offers services such as internal audit, cybersecurity reviews, and business continuity, generating approximately $16.4 million in annual revenue. This acquisition aligns with CBIZ's growth strategy by enhancing its advisory services and expanding its client base. The integration of Stinnett's talented workforce and expertise is expected to create new growth opportunities for CBIZ.
- Acquisition enhances advisory services with Stinnett's expertise in internal audit and cybersecurity.
- Stinnett brings an established client base and significant annual revenue of $16.4 million.
- Opportunity for market expansion and increased service offerings through the integration.
- The anticipated benefits of the acquisition may not be fully realized.
- Potential challenges in managing the integration of Stinnett's operations.
CLEVELAND, July 8, 2022 /PRNewswire/ -- CBIZ, Inc. (NYSE: CBZ) ("the Company"), a leading provider of financial, insurance and advisory services, announced today that it has acquired Stinnett & Associates ("Stinnett") of Tulsa, Oklahoma, effective July 1, 2022.
Founded by Melinda Stinnett in 2001, Stinnett is a professional advisory firm and certified Women's Business Enterprise providing internal audit, Sarbanes-Oxley compliance, cybersecurity reviews, business continuity and disaster recovery, and fraud investigations to businesses of all sizes including Fortune 1000 organizations in a variety of industries.
With offices in Tulsa, Oklahoma City, Dallas, Houston, San Antonio and Denver, Stinnett has 90 employees and approximately
Jerry Grisko, President and CEO of CBIZ, stated, "In alignment with our long-term growth strategy, we continue to expand and strengthen our advisory services through the acquisition of best in class firms that bring deep expertise, valuable talent and diverse clients to CBIZ. Our acquisition of Stinnett & Associates, a leading provider of in-demand advisory services including cybersecurity and SOX compliance, will enable us to better serve our combined clients and create new opportunities to accelerate growth. In Stinnett, we found a partner with a strong commitment to client service and a values-based culture that aligns closely with our own. We are excited to welcome Melinda and the entire Stinnett team to CBIZ."
Melinda Stinnett, Managing Director of Stinnett, stated, "We have spent the past 21 years building an exceptional professional advisory services firm with a strong focus on our people, our clients, and the communities in which we work and live. We are excited to join CBIZ which we know shares that same passion. We look forward to expanding the solutions we can deliver to our clients as well as the growth and development opportunities available to our team members."
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 32 states, CBIZ is one of the largest accounting and insurance brokerage providers in the U.S. For more information, visit www.cbiz.com.
Forward-looking statements in this release are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those projected. Such risks and uncertainties include, but are not limited to, the risk that the anticipated benefits and perceived advantages of the acquisition may not be achieved; the impact of COVID-19 on the Company's business and operations and those of our clients; the Company's ability to adequately manage and sustain its growth; the Company's dependence on the current trend of outsourcing business services; the Company's dependence on the services of its CEO and other key employees; competitive pricing pressures; general business and economic conditions; and changes in governmental regulation and tax laws affecting the Company's insurance business or its business services operations. A more detailed description of such risks and uncertainties may be found in the Company's filings with the Securities and Exchange Commission at www.sec.gov.
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SOURCE CBIZ, Inc.
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