ADP acquires The DAIS Group.JERSEY CITY, N.J.--(BUSINESS WIRE)--March 14, 1996--ADP Financial Information Services Inc. (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. FIS), a subsidiary of Automatic Data Processing Same as data processing. Inc. (NYSE NYSE See: New York Stock Exchange :AUD AUD In currencies, this is the abbreviation for the Australian Dollar. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. ), has acquired substantially all of the assets relating to The DAIS Group. Terms were not disclosed. The DAIS Group was formed in 1978 as the quantitative equity research group of Drexel Burnham Lambert Drexel Burnham Lambert was a major Wall Street investment banking firm, which first rose to prominence and then was driven into bankruptcy in the 1980s by its involvement in illegal activities in the junk bond market, driven by Drexel employee Michael Milken. . Prior to the acquisition, The DAIS Group was operated as a research division of Templeton Quantitative Advisors. Ralph W. Koehrer, president of ADP Information & Processing Services, said "Our acquisition of DAIS is an important factor in our strategic expansion in the institutional marketplace. Our intent is to add value to our market information services by providing additional content within integrated, easy-to-use applications which facilitate the analysis and display of such data." DAIS provides sophisticated analytic models to money managers who employ quantitative techniques. DAIS also offers access to the underlying proprietary and non-proprietary data upon which the models are based. DAIS maintains in excess of 10 years of price history data on over 8,000 U.S. equities securities and over 24,000 international securities. Automatic Data Processing Inc., with approximately $3 billion in revenues and 350,000 clients, is one of the largest independent computing services firms in the world. ADP FIS processes approximately 20% New York Stock Exchange New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. transactions and is the leading third-party provider of securities transaction services in the U.S. and Canada. With more than 93,000 broker terminals installed in over 1,200 firms world-wide, ADP FIS is also a leading U.S. provider of advanced market information services. CONTACT: ADP, Jersey City Yvonne Ivey, 201/714-3061 or 800/669-0263 |
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