Going to the Next Level
On September 12, 1961, ADP took the most important step in its early history: becoming a publicly held corporation. The initial public offering of 100,000 shares at $3 each was a sellout, and Henry Taub was elected ADP’s first chief executive officer.
Going public gave us an excellent opportunity to raise cash and get some money into the company to buy new equipment and do other things.
AT THE END OF ITS
FIRST PUBLIC YEAR
In the 1960s, ADP began acquiring other payroll services companies, and added payroll processing centers in Boston, Miami, Philadelphia, Baltimore and the West Coast. The firm also expanded into a new market: back office accounting for Wall Street brokerages.
ADP processed 300 trades a night for Wall Street firms.
In 1961 ADP leased its first computer, an IBM 1401, to handle payroll operations. Based on the success of the IBM 1401, ADP upgraded to an IBM 360, which became the backbone of ADP’s computing power.
By the end of the 1960s, rapid expansion of the payroll business demanded more workspace. ADP completed construction of its first standalone building in Clifton, NJ, which became the main processing center for the New York area – and showcased the company’s operations expertise and success.
Today’s Employer Services business was originally called ADP Commercial Services.