ROSELAND, N.J., Aug. 16, 2010 (GLOBE NEWSWIRE) -- Gary C. Butler, president and chief executive officer of Automatic Data Processing, Inc. (Nasdaq:ADP), announced early today that ADP has completed its acquisition of Cobalt for approximately $400 million, in cash. Mr. Butler commented, "The transaction closed today, August 16, 2010 and is expected to be slightly accretive in the first year, with continued positive earnings contributions anticipated in subsequent years."
On July 9, 2010, ADP announced it had entered into a definitive agreement to acquire Cobalt subject to normal regulatory review. Privately held, Cobalt is headquartered in Seattle, Washington and is the leading provider of digital marketing solutions to automotive manufacturers and dealers in North America.
Automatic Data Processing, Inc. (Nasdaq:ADP), with nearly $9 billion in revenues and about 570,000 clients, is one of the world's largest providers of business outsourcing solutions. Leveraging 60 years of experience, ADP offers a wide range of HR, payroll, tax and benefits administration solutions from a single source. ADP's easy-to-use, cost-effective solutions for employers provide superior value to companies of all types and sizes. ADP is also a leading provider of integrated computing solutions to auto, truck, motorcycle, marine and recreational vehicle dealers throughout the world. For more information about ADP or to contact a local ADP sales office, reach us at 1.800.225.5237 or visit the company's website at www.ADP.com.
This document and other written or oral statements made from time to time by ADP may contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Statements that are not historical in nature and which may be identified by the use of words like "expects," "assumes," "projects," "anticipates," "estimates," "we believe," "could be" and other words of similar meaning, are forward-looking statements. These statements are based on management's expectations and assumptions and are subject to risks and uncertainties that may cause actual results to differ materially from those expressed. Factors that could cause actual results to differ materially from those contemplated by the forward-looking statements 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, professional employer organizations and employee benefits; overall market and economic conditions, including interest rate and foreign currency trends; competitive conditions; auto sales and related industry changes; employment and wage levels; changes in technology; availability of skilled technical associates and the impact of new acquisitions and divestitures. ADP disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise. These risks and uncertainties, along with the risk factors discussed under "Item 1A. - Risk Factors" in our Annual Report on Form 10-K for the fiscal year ended June 30, 2009, should be considered in evaluating any forward-looking statements contained herein.
CONTACT: Automatic Data Processing, Inc. Investor Relations Elena Charles 973.974.4077 Debbie Morris 973.974.7821