ADP has signed an agreement to sell its ADP Taxware business, a provider of sales, use and value-added tax compliance services, to Vista Equity Partners. The transaction is expected to close by year end.
The ADP Taxware business is a provider of automated solutions for sales, use and value-added tax compliance. The business serves more than 1,200 clients and is based in Salem, NH (Click HERE to access the ADP Taxware website).
Vista Equity Partners has more than $6.6 billion in committed capital and makes equity investments in enterprise software businesses and technology-enabled solutions companies. The firm was founded in 2000 and has over 50 investment professionals operating out of Austin TX, Chicago, IL and San Francisco CA (www.vistaequitypartners.com).
“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,” said Robert Smith, managing principal of Vista Equity Partners.
Mooreland Partners, based in Greenwich, CT (www.moorelandpartners.com), acted as the exclusive financial advisor to Automatic Data Processing for this transaction.
Automatic Data Processing (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 services including human resource, payroll, tax and benefits administration. The company is based in Roseland, NJ (www.ADP.com).
© 2012 PEPD • Private Equity’s Leading News Magazine • 11-13-12