CBIZ Achieves Exceptional Growth in 2024: Strong Demand for Services and Strategic Acquisition Drive Success
CBIZ, a leading provider of professional services to middle-market businesses, has reported exceptional growth in its fourth quarter and full year 2024 results. According to the company's recent conference call transcript, CBIZ achieved strong momentum across nearly every major service line, despite facing uncertainty through much of last year.
"2024 was an exceptional year for CBIZ," said Jerry Grisko, President and Chief Executive Officer. "We're pleased to have achieved growth across nearly every major service line, driven by ongoing strong demand for our services, our ability to continue to realize price increases, and the ability to expand margins that comes from the significant size and scale of the business that CBIZ has now achieved."
CBIZ's Financial Services division had another very impressive year with growth coming from every major service line. The Accounting & Tax business saw growth across all major markets, driven by a combination of pricing, yield, increased realization within advisory businesses, and new projects in its Government Health Care Consulting group.
The company's Benefits and Insurance division also saw strong growth across nearly every major service line, including Employee Benefits, Retirement & Investment Services, and payroll businesses. Growth was driven by high client retention and strong production.
One of the significant highlights of CBIZ's 2024 results was its transformational transaction in November - the largest in its history - with the acquisition of Marcum. This strategic move solidified CBIZ's position as a leading provider of professional services to middle-market businesses, offering an unparalleled breadth and depth of service and expertise.
"The addition of Marcum for the last two months of the year does create an unusual optic with our results," said Grisko. "However, this was expected given the timing of the closing and the seasonality of the Accounting & Tax business that makes up the bulk of Marcum's revenue."
CBIZ's early progress in integrating Marcum has been promising, reflecting the strength of its business model and the dedication and commitment of its team. The company is poised for continued success in 2025 and beyond, driven by strong demand for its services, strategic acquisitions, and a commitment to delivering exceptional value to its clients.
