In almost all industry sectors, some wise investors keep a consistent notice of the most promising enterprises around in the market, and promptly acquire them to enhance their overall marketing strategies with their expertise, and turn them into much more successful ventures than before.
Automatic Data Processing (News - Alert), Inc. (ADP), a provider of human capital management (HCM) services, has entered an agreement that will enable it to sell out its ADP Taxware business to Vista Equity Partners, a private-equity firm.
Claiming revenue of over $10 billion and a wide client base of around 600,000, ADP offers various human resource, payroll, tax and benefits administration solutions to its customers.
ADP Taxware is a Salem, NH-based company that offers automated solutions for sales, use and value-added tax compliance to over 1,200 clients, while Vista Equity Partners concentrates on making reliable contributions to the software and technology-enabled services sector by investing in enterprises that specialize in the development of software solutions and Software-as-a-Service (SaaS (News - Alert)) and technology-enabled business services.
Taxware has been well known in the market for its effective market position, product offerings, loyal and satisfied clients and a dedicated team of employees.
These are the factors which encouraged Vista Equity Partners to acquire this business, and the company aims at boosting the growth strategy Taxware and strengthen and expand its product offerings, benefiting from its long experience with numerous other enterprise mission-critical software companies.
“We are long-term investors in enterprise application software companies that are committed to being leaders in their markets,” commented Robert F. Smith, chairman and chief executive officer at Vista Equity Partners. “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.”
In August 2012, Vista Equity Partners announced that its e-learning platform will be known as Relias Learning to better reflect its position as a landmark of ‘verticalized,’ cloud-based e-learning solutions.
Edited by Braden Becker