CBIZ, Inc. CBZ today
announced that it has signed a definitive agreement to acquire the non-attest
assets of PHBV Partners, L.L.P., ("PHBV"), the government health care practice
and separate legal entity of CliftonLarsonAllen, effective December 31, 2012,
subject to customary closing conditions.
Concurrent with this transaction, Myers and Stauffer L.C. announced it has
signed a definitive agreement to acquire the attest business of PHBV Partners
L.L.P. CBIZ, Inc. maintains an administrative service agreement with Myers
and Stauffer L.C. The two companies are separate and independent legal
entities that have worked together since 1998 to serve clients' business
needs.
PHBV is a professional consulting and accounting service provider specializing
in health care compliance on behalf of federal and state government agencies.
PHBV specializes in Medicare and Medicaid contract compliance, investigative
services, performance auditing, and audits of Medicare Advantage and
prescription drug program. With regional offices in Richmond, Virginia;
Baltimore, Maryland; Indianapolis, Indiana; Austin, Texas; Cranford, New
Jersey; and Raleigh, North Carolina, PHBV is expected to add approximately 185
employees to CBIZ.
This transaction is expected to add approximately $30 million to CBIZ revenue
and approximately $0.04 - $0.05 to diluted earnings per share in 2013.
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