Cleveland’s CBIZ Inc. has acquired Sequoia Institutional Services, a business unit of Sequoia Financial Group LLC.

Founded in 2010 and based in Akron, Sequoia Institutional Services provides retirement plan investment advisory services. It has eight employees and recorded approximately $2 million in revenue during the past year.

"We are excited to welcome the SIS team to our CBIZ family," CBIZ CEO Jerry Grisko said in a statement. "In addition to a strong cultural fit between SIS and CBIZ, the addition of SIS to our existing team of retirement plan specialists allows us to provide our clients with an even broader array of services backed by a larger team of top rate professionals."

Tom Haught, president of Sequoia, added: "Regulation, technology and specialization make the retirement business a concentrated effort, with talented people playing a critical role. This transaction allows our professionals to focus on client engagement with the added benefit of leveraging the scale and expertise of the CBIZ infrastructure."

The deal closed Dec. 1.