M&A Deal Summary

CBIZ Acquires Somerset

On February 2, 2023, CBIZ acquired business services company Somerset

Acquisition Highlights
  • This is CBIZ’s 34th transaction in the Business Services sector.
  • This is CBIZ’s 63rd transaction in the United States.
  • This is CBIZ’s 1st transaction in Indiana.

M&A Deal Summary
Date 2023-02-02
Target Somerset
Sector Business Services
Buyer(s) CBIZ
Deal Type Add-on Acquisition

Target

Somerset

Indianapolis, Indiana, United States
Somerset is an accounting, tax, and advisory firm focused on developing strong client relationships. The firm has expanded its client base and services, along with continued growth and mergers, which have made trusted and respected accounting firm in the region. It has access to BDO International, which gives the resources, services, and technical knowledge to provide professional support and expert advice for clients doing business internationally. Somerset was formed in 1960 and is based in Indianapolis, Indiana.

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Buyer(S) 1

Buyer

CBIZ

Cleveland, Ohio, United States
Category Company
Founded 1987
Sector Business Services
Employees6,700
Revenue 1.6B USD (2023)
DESCRIPTION

CBIZ provides professional business services, products and solutions that help its clients grow and succeed by better managing their finances and employees. These services are provided to businesses of various sizes, as well as individuals, governmental entities and not-for-profit enterprises throughout the United States and parts of Canada. CBIZ delivers its integrated services through the following three practice groups: Financial Services, Employee Services, and National Practices. By providing custom solutions that help clients manage their finances and employees, CBIZ enables its clients to focus their resources on their own core business and operational competencies. CBIZ was founded in 1987 and is based in Cleveland, Ohio.

DEAL STATS #
Overall 64 of 69
Sector (Business Services) 34 of 36
Type (Add-on Acquisition) 57 of 62
State (Indiana) 1 of 2
Country (United States) 63 of 68
Year (2023) 1 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-07-01 Stinnett

Tulsa, Oklahoma, United States

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. Stinnett was founded in 2001 and is based in Tulsa, Oklahoma.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2023-06-05 Pivot Point Security

Hamilton, New Jersey, United States

Pivot Point Security is an information security consulting firm, that helps small and middle-market businesses navigate the complex challenges of information security and compliance. These services include certification and compliance preparation work for the most important U.S. and international regulatory frameworks, gap analyses, such as vulnerability assessments, penetration testing, and vendor risk management, and other consulting services such as outsourced virtual Chief Information Security Officer. Pivot Point Security was founded in 2001 and is based in Hamilton, New Jersey.

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