Automatic Data Processing acquires processing operations of Global Proxy Services Corp.;.NEW YORK--(BUSINESS WIRE)--Sept. 24, 1996-- Acquisition launches ADP's entry into non-U.S. shareholder communications arena Automatic Data Processing Same as data processing. (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. ) (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. ) today announced that it has agreed to acquire the global proxy processing business of privately held Global Proxy Services Corporation (GPSC GPSC Georgia Public Service Commission GPSC General Purpose System Console ), Concord, Massachusetts Concord is a town in Middlesex County, Massachusetts, in the United States. As of the 2000 Census, the town population was about 17,000. Although a small town, Concord is noted for its leading roles in American history and literature. , the market leader in global proxy processing services for the institutional investment management and global custody community. Terms of the transaction were not disclosed. "This transaction marks our entry into the global arena and now enables us to offer an integrated global investor communication product to our clients in 71 different markets," said Bob Casale, President, ADP Brokerage Information Services See Information Systems. Group. "GPSC products significantly augment our strong domestic U.S. product offerings and leverage ADP's strengths in developing innovative products and services in support of clients fiduciary shareholder communication responsibilities." GPSC President Joseph Lufkin said "GPSC has specialized for 8 years in the development of a reliable global proxy processing platform for institutional investors seeking or needing to exercise their non-U.S proxy voting rights. We saw tremendous opportunities by combining our operation with the global reach and resources of ADP, to expand the product set and serve an even larger base of clients." According to Casale, the new business segment will be managed by Barton Hill, VP-Global Proxy. Mr. Lufkin will be working with ADP in a consulting capacity. The business will be part of ADP's Investor Communications Services (ICS (1) (Internet Connection Sharing) A Windows feature that enables two or more computers to share one Internet connection. First introduced in Windows 98 Second Edition, sharing is accomplished with network address translation (NAT), which is the common method. ) business, based in Edgewood, N.Y. ADP - ICS already provides proxy service to 800 banks and broker dealers in the United States and Canada. As one of the world's largest independent computing services companies, ADP provides computerized transaction processing, data communications, software and information services to more than 375,000 clients in virtually every industry. The company, founded in 1949, has over $3.5 billion in annual revenues. Global Proxy Services Corporation, is the leading provider of global proxy processing services to the institutional, international investment management and securities processing industries. GPSC currently serves over 500 institutional investors in the U.S, Europe and Pacific Regions and holds proxy powers over more than U.S. $200 billion in equities traded in 50+ markets worldwide. CONTACT: Barton Hill or Joseph C.F. Lufkin ADP GPSC 516-254-7630 508-371-0099 |
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