ADP to acquire payroll business of Royal Bank of Canada.ROSELAND, N.J.--(BUSINESS WIRE)--June 26, 1997--Automatic Data Processing data processing or information processing, operations (e.g., handling, merging, sorting, and computing) performed upon data in accordance with strictly defined procedures, such as recording and summarizing the financial transactions of a , Inc. has entered into an agreement to form a strategic marketing alliance and to purchase the payroll and human resource services business of Royal Bank of Canada Bank of Canada Canada's central bank, established under the Bank of Canada Act (1934). It was founded during the Great Depression to regulate credit and currency. The Bank acts as the Canadian government's fiscal agent and has the sole right to issue paper money. , Arthur F. Weinbach, president and chief executive officer announced today. The transaction, which is expected to close in July, will add over 15,000 clients and $50 million of annual revenue to ADP's Employer Services business. The two companies will work together to provide enhanced payroll and human resource information services See Information Systems. to the bank's business customers throughout Canada. Commenting on the transaction, Mr. Weinbach said, "We are very pleased to have reached this strategic alliance with Royal Bank of Canada. It solidifies our position as the premier provider of payroll, human resource, and employer services in Canada." Royal Bank of Canada is one of North America's largest financial institutions with 10 million customers in 35 countries. 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. , with over $4 billion in revenue and more than 400,000 clients, is one of the largest independent computing services firms in the world. CONTACT: Arthur Schmidt & Associates, Inc., New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of 212/953-5555 |
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