Automatic Data Processing (ADP) is acquiring ProBusiness Services, a provider of outsourced employee administrative services for large employers providing payroll, payroll tax filing, and benefits administration.
ProBusiness has entered into a definitive agreement to be acquired by ADP for $17.00 per common share, or a total of approximately $500 million, in cash. The transaction is subject to customary closing conditions, including ProBusiness shareholder approval and normal regulatory review.
“We are excited by the agreement to add ProBusiness’ services to ADP’s offerings,” says Tom Sinton, ProBusiness CEO. “By combining ProBusiness’ focus on Service Excellence and our leadership in managed services with ADP’s impressive services, global reach and financial strength, we can deliver the very best solutions to clients, and become a strong contributor to ADP’s continuing success.”
ProBusiness offers services in payroll, payroll tax, benefits administration, human resources, and Web self-service.