Benzinga | Jan 10, 2022 02:00PM EST

CBIZ Acquires Non-Attest Assets Of Accounting Firm Marks Paneth

* CBIZ Inc (NYSE:CBZ) has acquired the non-attest assets of Marks Paneth LLP, effective January 1, 2022. Deal terms were not disclosed.

* Concurrent with this transaction, Mayer Hoffman McCann P.C., an independent CPA firm that works closely with CBIZ, acquired the attest assets of Marks Paneth.

* New York City-based Marks Paneth has over 600 team members and provides a full range of accounting, tax, and consulting services to a wide range of industries.

* CBIZ expects the transaction to add ~$138 million of revenue in 2022. It expects the deal to have minimal impact on EPS in 2022 on a GAAP-reported basis but to be significantly accretive after first-year transaction and integration costs are incurred.

* CBIZ held cash and equivalents of $182.23 million as of September 30, 2021.

* Price Action: CBZ shares are trading higher by 0.05% at $38.25 on the last check Monday.