CBIZ Acquires Harborview Partners
CBIZ Acquires Harborview Partners
September 23, 2003
Cleveland, Ohio (September 23, 2003)- Century Business Services, Inc. ("CBIZ") (Nasdaq: CBIZ), a major provider of outsourced business services to small and medium-sized companies throughout the country, today announced the acquisition of HarborView Partners, a Stamford, Connecticut-based provider of internal audit and business advisory services, effective September 1, 2003.
HarborView Partners, founded in March 2001, provides internal audit services to corporations throughout the U.S. HarborView Partners founders Michael Corcoran, who helped establish the internal audit service practice for PricewaterhouseCoopers, and Bob Eason, formerly Vice President of internal audit for ITT Industries and NCR, together have almost 50 years of experience in internal auditing.
"Since October 2001, CBIZ and HarborView have partnered to provide internal audit services to both public and private companies throughout the United States," stated Steven L. Gerard, Chairman and CEO. "The experience and expertise that HarborView brings will provide an opportunity for CBIZ to grow internal audit and Sarbanes Oxley 404 services and more fully utilize our existing resources to provide an expanded level of service to our clients and prospective clients." CBIZ expects HarborView to contribute positive earnings for the remainder of 2003 and fiscal year 2004.
"Internal auditing is a necessity for most companies right now, as managing the risks associated with achieving business objectives is critical in the current business environment," stated Mike Corcoran. "Many companies outsource this important function as the specialty skill set needed to provide a value-added internal audit service is not easily filled from within. With CBIZ's national presence, combined with CBIZ's expertise in an array of industries, this merger makes sense for us."
"Over the past two years, we have worked closely with CBIZ. Officially joining the CBIZ team will allow us to strengthen our services and fully capitalize on this market opportunity," stated Bob Eason.
CBIZ is a provider of outsourced business services to small and medium-sized companies throughout the United States. As the largest benefits specialist, the ninth-largest accounting company, and one of the ten largest valuation and medical practice management companies in the United States, CBIZ provides integrated services in the following areas: accounting and tax; employee benefits; wealth management; property and casualty insurance; payroll; IS consulting; and HR consulting. CBIZ also provides valuation; litigation advisory; government relations; commercial real estate; wholesale insurance; healthcare consulting; medical practice management; worksite marketing; and capital advisory services. These services are provided throughout a network of more than 160 Company offices in 33 states and the District of Columbia.
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 Company's ability to adequately manage 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 its insurance business or its business services operations. A more detailed description of such risks and uncertainties can be found in the Company's filings with the Securities and Exchange Commission.
HarborView Partners, founded in March 2001, provides internal audit services to corporations throughout the U.S. HarborView Partners founders Michael Corcoran, who helped establish the internal audit service practice for PricewaterhouseCoopers, and Bob Eason, formerly Vice President of internal audit for ITT Industries and NCR, together have almost 50 years of experience in internal auditing.
"Since October 2001, CBIZ and HarborView have partnered to provide internal audit services to both public and private companies throughout the United States," stated Steven L. Gerard, Chairman and CEO. "The experience and expertise that HarborView brings will provide an opportunity for CBIZ to grow internal audit and Sarbanes Oxley 404 services and more fully utilize our existing resources to provide an expanded level of service to our clients and prospective clients." CBIZ expects HarborView to contribute positive earnings for the remainder of 2003 and fiscal year 2004.
"Internal auditing is a necessity for most companies right now, as managing the risks associated with achieving business objectives is critical in the current business environment," stated Mike Corcoran. "Many companies outsource this important function as the specialty skill set needed to provide a value-added internal audit service is not easily filled from within. With CBIZ's national presence, combined with CBIZ's expertise in an array of industries, this merger makes sense for us."
"Over the past two years, we have worked closely with CBIZ. Officially joining the CBIZ team will allow us to strengthen our services and fully capitalize on this market opportunity," stated Bob Eason.
CBIZ is a provider of outsourced business services to small and medium-sized companies throughout the United States. As the largest benefits specialist, the ninth-largest accounting company, and one of the ten largest valuation and medical practice management companies in the United States, CBIZ provides integrated services in the following areas: accounting and tax; employee benefits; wealth management; property and casualty insurance; payroll; IS consulting; and HR consulting. CBIZ also provides valuation; litigation advisory; government relations; commercial real estate; wholesale insurance; healthcare consulting; medical practice management; worksite marketing; and capital advisory services. These services are provided throughout a network of more than 160 Company offices in 33 states and the District of Columbia.
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 Company's ability to adequately manage 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 its insurance business or its business services operations. A more detailed description of such risks and uncertainties can be found in the Company's filings with the Securities and Exchange Commission.