Group Management Services Inc. announced today the acquisition of Corporate Business Solutions, a Georgia-based Human Resources Outsourcing provider.
CBS was founded more than 20 years ago as a third party 401(k) administrator, developing over time into handling a full array of HRO services. This acquisition will add about 70 clients and 3,500 worksite employees to GMS.
As a Professional Employer Organization (PEO), GMS provides a suite of comprehensive HR solutions, allowing clients to focus on core business. These services include Payroll, Human Resources, Risk Management, and Benefits.
Both organizations share an emphasis on giving their clients a competitive edge when it comes to the technology, service levels, and human resources they provide. This is evident in the fact that they share a 90-plus percent client retention rate, well over the industry average.
Find out how PEOs help businesses: https://www.groupmgmt.com/why-gms/education-center/what-is-a-peo/
GMS started in the Cleveland area in 1996, eventually expanding into Columbus and Cincinnati, and now have 10 offices nationwide. The acquisition of CBS will further extend their client base outside of Ohio and increase their presence in the Southeast.
“We’ve been trying to expand our footprint outside of Ohio and have been showing some success in the past five years,” GMS President Mike Kahoe said. “In 2014, we were 99 percent Ohio-based. Today we are 90 percent Ohio-based and this will move us closer to 80 percent, making us a more diverse company.”
CBS President Jim Karle adds, “The acquisition by GMS will enable CBS to further deliver on its promise to provide our clients a wide array of quality insurance products that are affordably priced. Enhancing our clients’ competitive edge has always been core to CBS – this accelerates our ability to do that for our many valued clients.”
GMS plans to continue their expansion and grow organically and through acquisitions moving forward. This is just the beginning of more to come.
