Fiducial Acquires Two Companies from CBIZ

Fiducial, an international provider of professional business outsourcing and Financial Services to small businesses and professionals, today announced that it has signed a definitive agreement to acquire the bookkeeping and tax preparation services of CBIZ Services, Inc. offices in Arvada, CO, and Houston, TX. Terms of the agreement, which became effective Nov. 15, were not disclosed.

The acquisition adds 350 business clients and 300 individual clients as Fiducial expands its operations in a thriving suburb of Denver and in the industrial, commercial and financial hub of Texas. These are the last two CBIZ offices to be reunited with the network.

"This acquisition establishes Fiducial in two more districts where we have a large presence," said Bill Morice, Fiducial's Director of Field Operations. "This shows the synergy between successfully allowing for growth and expansion of the entire network.

" Ken Palavin, Branch Manager of the Houston office, noted that the acquisition is a good fit because both offices are established businesses with significant client bases.

"This is a real strong springboard for Fiducial and related services because of the size of the offices as well as the reputation and presence in the community," said Palavin who has spent 10 years in Houston. Impressed with the Fiducial's approach at servicing small businesses with a wide offer of outsourcing services, Palavin raved about its Payroll Processing Center (PPC), that illustrates the company's web-based solutions and forward thinking mindset.

"The web-based payroll application offers better payroll services and integrates into our accounting system," he said. "It's a more complete package.

" Palavin sees the acquisition as an advancement that opens new avenues of communication with clients and increases efficiency with accountants.

"Everything that Fiducial is going to bring-not only today's services but tomorrow's services-will better serve clients," he added. "They are bringing tools today and tools tomorrow that are much more dynamic."

Fiducial continues its ongoing national branding efforts to build a network of offices in key market areas throughout the U.S. These targeted markets also include Portland, OR, Seattle, southern California, Baltimore, and northern Virginia.

About Fiducial

Established in Europe in 1970, Fiducial is currently the ninth largest accounting firm in the U.S. and the thirteenth largest in the world. Privately held with revenues exceeding $600 million, Fiducial has over 6,500 employees worldwide serving 185,000 clients. Fiducial entered the U.S. market in 1999 through a series of strategic acquisitions and now serves clients nationwide through a network of about 600 franchised and 25 company-owned offices. In the United States, Fiducial's mission is to provide outsourcing services to small businesses, enabling them to grow and be profitable.

Providing a one-stop shopping experience to its clients through its unique business model that combines the warm, strong contact of neighborhood professionals with the efficiency of today's technology, Fiducial offers an array of services along 8 business lines: Consulting, Accounting and Financial Reports, Payroll, Tax, Financial Management, HR, IT and Legal Services. Led by Fiducial's Worldwide Chairman and CEO Christian Latouche and U.S. operations' Executive Vice President Yves Morard-Lacroix, the company's U.S. operations are headquartered in New York City and rely on its Technical and Administrative Support Center (TASC) in Columbia, MD, for support.