MOUNTAIN VIEW, Calif. – May 8, 2002 — Intuit Inc. (NASDAQ: INTU) today announced it has signed a definitive agreement to acquire Fort Worth-based CBS Employer Services, Inc., the parent company of CBS Payroll, one of the leading privately held full-service outsourced payroll companies. The acquisition, when completed, will enable Intuit to better serve small businesses that want to outsource their payroll function.
Intuit plans to combine CBS Payroll’s payroll services with its existing outsourced payroll services business, with Micheal Sykes, CBS Payroll’s chief executive officer running the combined business. Intuit’s payroll processing center in Reno and CBS Payroll’s payroll processing center in San Bernardino will be the largest centers for the combined business. The combination of the two companies’ payroll businesses may result in the elimination of some redundant jobs, but it’s too soon to know if any employees will be affected. Intuit will attempt to place employees whose positions are eliminated in other jobs at the company.
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