Fiducial, a provider of tax, payroll, financial and business services to small businesses, announced that it has strengthened its Midwest market by acquiring Matrix Accounting and Business Services.
Financial terms of the deal, which became effective Jan. 1, were not disclosed.
Matrix has three locations in Cincinnati, including payroll-processing company Paymaster Inc., plus an Indianapolis office. The firm has served clients since 1961.
The acquisition will add more than 2,000 tax, monthly write-up and payroll clients to Fiducial’s roster. Yves Morard-Lacroix, Fiducial’s executive vice president and the head of U.S. operations, said that the purchase should set the tone for an aggressive acquisition program in 2007.
“Their location complements our Indiana base very well but also opens the door of Ohio,” said Morard-Lacroix, in a statement. “It shows our determination to grow by acquisition everywhere. I hope this sets an example for our other district offices.”
Fiducial’s director of field operations, Bill Morice, said that the tri-state area of Ohio, Kentucky and Indiana is where the company wants to concentrate on serving small business clients. Matrix’s Mike Thomas will serve as branch manager of Fiducial’s Cincinnati office.
Founded in 1970, privately held Fiducial has annual revenues in excess of $1.2 billion and has more than 150 U.S. offices. The company owns 500 additional offices throughout Europe and employs 15,000 people worldwide.
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