ADP Agrees to Sell ADP Taxware to Vista Equity Partners
ROSELAND, N.J. – Nov. 6, 2012 – ADP®, a leading global provider of Human Capital Management (HCM) services, today announced it has signed a definitive agreement to sell the ADP Taxware business to Vista Equity Partners, a leading private-equity firm focused on investments in software and technology-enabled services. Terms of the sale were not disclosed.
ADP Taxware, a leading provider of automated solutions for sales, use and value-added tax compliance, is based in Salem, N.H., and serves more than 1,200 clients.
Vista invests in companies that develop and market enterprise mission-critical software, software-as-a-service, and technology-enabled business services. Vista chose to acquire Taxware because of its strong market position, product offerings, loyal and satisfied clients, and its highly talented and devoted employees. Leveraging its experience with numerous other enterprise mission critical software companies, Vista is well-positioned to help Taxware execute its growth strategy and strengthen and expand its product offerings.
According to Robert F. Smith, chairman and CEO of Vista Equity Partners, "We are long-term investors in enterprise application software companies that are committed to being leaders in their markets. We are impressed with the compelling value proposition the Taxware products and services offer their customers, the impressive list of marquee clients and their history of being a leader in the markets they serve. We look forward to working with them to allow them to reach their full potential.”
“Clients are at the heart of everything we do,” said Kenneth Zemba, division vice president and general manager of ADP Taxware. “As part of Vista Equity Partners, we’ll continue our history of providing clients with industry-leading products and services.”
The transaction, which is subject to customary closing conditions, is expected to close by Dec. 31, 2012.
Automatic Data Processing, Inc. (Nasdaq: ADP), with more than $10 billion in revenues and approximately 600,000 clients, is one of the world's largest providers of business outsourcing solutions. Leveraging over 60 years of experience, ADP offers a wide range of human resource, payroll, tax and benefits administration solutions from a single source. ADP's easy-to-use solutions for employers provide superior value to companies of all types and sizes. ADP is also a leading provider of integrated computing solutions to auto, truck, motorcycle, marine, recreational vehicle, and heavy equipment dealers throughout the world. For more information about ADP or to contact a local ADP sales office, reach us at 1.800.225.5237 or visit the company's website at www.ADP.com.
About Vista Equity Partners
Vista, a U.S.-based private equity firm with offices in San Francisco, Chicago, and Austin, currently invests over $6.6 billion in capital committed to dynamic, successful technology-based organizations led by world-class management teams with long-term perspective. Vista is a value-added investor, contributing professional expertise and multi-level support towards companies realizing their full potential. Vista’s investment approach is anchored by a sizable long-term capital base, experience in structuring technology-oriented transactions, and proven management techniques that yield flexibility and opportunity in private equity investing. www.vistaequitypartners.com