ADP Brokerage Services Group, a division of Automatic Data Processing, Inc. announced today the acquisition of back-office brokerage software provider Power Securities Systems.
“Power Securities Systems (PSS) is a natural extension to the family of services that ADP Brokerage Services Group delivers to the domestic securities processing market,” commented David Swift, Senior Vice President of ADP Brokerage Services Group. “PSS will enable us to penetrate niche and emerging market participants that are evaluating entering into a self-clearing arrangement,” continued Swift.
PSS is a full service, real-time back-office processing engine built on modern technologies and component architecture. Based out of Goshen, Connecticut, PSS serves several national niche market firms processing a variety of securities instruments such as equities, municipal bonds, and corporate bonds.
“ADP provides a strategic opportunity for us to leverage their World Class operations and undisputed market leading brand name in order to serve emerging markets,” said Bob Victor, former Co-Owner and President of PSS.
“With the advent of our newest application built on Java and designed to run in an ASP model, ADP was a natural choice in delivering our product to market in a very cost effective, low barrier to entry manner,” commented Paul Schwalen, former Co-Owner and Chief Technology Officer of PSS.
With the acquisition of PSS, ADP has strengthened its market leading, global suite of back-office applications, each serving a strategic section of the marketplace ranging from niche and emerging markets to large-scale global operations.