ADP Reaches Agreement to Acquire Avert, Inc.Business Editors ROSELAND, N.J.--(BUSINESS WIRE)--June 18, 2001 Automatic Data Processing Same as data processing. , Inc., (NYSE NYSE See: New York Stock Exchange :ADP (1) (Automatic Data Processing) Synonymous with data processing (DP), electronic data processing (EDP) and information processing. (2) (Automatic Data Processing, Inc., Roseland, NJ, www.adp. ), has entered into an agreement to acquire Avert, Inc. for $22.00 per share in cash, Arthur F. Weinbach, chairman and chief executive officer of ADP announced today. The transaction is subject to Avert shareholder and various regulatory approvals. Avert (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : AVRT AVRT atrioventricular reciprocating tachycardia. ) located in Fort Collins, Colorado The City of Fort Collins, a home rule municipality situated on the Cache la Poudre River along the Colorado Front Range, is the county seat and most populous city in Larimer County, Colorado. , with revenues of approximately $18 million, is a leading pre-employment verification company providing customizable employment screening solutions to assist small, medium and large sized employers on an outsourced basis. Commenting on the transaction, Mr. Weinbach said, "The pre-employment verification market has high growth characteristics. Avert has been an innovative leader with a proven track record as demonstrated by almost doubling its revenues during the last two years. We currently have a partnership arrangement with Avert and by acquiring the Company, we can better integrate Avert's product with our core payroll, tax filing, human resource and benefit services capabilities." ADP, with over $6 billion in revenues and 500,000 clients, is one of the largest independent computing services firms in the world. This release contains "forward-looking statements" based on management's expectations and assumptions that are subject to risks and uncertainties that may cause actual results to differ from those expressed. Factors that could cause differences include: ADP's success in obtaining, retaining and selling additional services to clients; the pricing of products and services; changes in laws regulating payroll taxes and employee benefits; overall economic trends, including interest rate and foreign currency trends; stock market activity; auto sales Auto Sales The major producers of domestic automobiles report sales monthly. These numbers are seasonally adjusted by the U.S. Department of Commerce and are available to the public one to five business days after the end of each month. and related industry changes; employment levels; changes in technology; availability of skilled technical associates; and the impact of new acquisitions. ADP disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise. The information and opinions contained in this release have been furnished and approved by Automatic Data Processing, Inc. We are retained by them as investor relations counsel. |
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