Wed, 07/11/2012 - 10:03
ADP, a provider of human capital management services, is to sell the ADP Taxware business to Vista Equity Partners, a private equity firm focused on investments in software and technology-enabled services.
Terms of the sale have not been disclosed.
ADP Taxware, provider of automated solutions for sales, use and value-added tax compliance, is based in Salem, New Hampshire, and serves more than 1,200 clients.
Vista invests in companies that develop and market enterprise mission-critical software, software-as-a-service, and technology-enabled business services.
Robert F Smith, chairman and chief executive of Vista Equity Partners, says: “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."
"Clients are at the heart of everything we do," says 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."
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