ADP To Acquire French Computer Services Firm for $460 Million
ROSELAND, N.J. (AP) _ Computer services company Automatic Data Processing Inc. said Thursday it will acquire GSI, a Paris-based company in the same industry, for $460 million.
Josh S. Weston, chairman and chief executive officer of ADP, said acquiring GSI will help his Roseland-based company’s expansion into Europe.
ADP, with $3 billion in revenue and 350,000 clients, is one of the largest independent computing services firms in the United States. ADP provides computerized transaction processing, record keeping and information services.
More than 10 percent of U.S. workers have paychecks prepared by ADP. The company also handles paperwork for about 20 percent of all stock trades on Wall Street. It has 20,000 employees worldwide.
GSI is the European leader in providing payroll and human resource information services, ADP said. GSI also provides companies with management, banking and other information services in Europe.
GSI has more than $400 million in revenue and more than 3,000 employees. It has offices in France, Germany, Italy, Spain, Switzerland and the United Kingdom.
The transaction must be approved by GSI shareholders and various government offices. The deal is expected to close before the end of the year and may slightly dilute ADP’s earnings.