Automatic Data Processing has sold its taxware division to Vista Equity Partners, a private-equity firm focused on investments in software and technology-enabled services. Terms of the sale were not disclosed. Mooreland Partners acted as exclusive financial advisor to ADP.
Mooreland Partners is pleased to announce that it acted as exclusive financial advisor to Automatic Data Processing, Inc. (Nasdaq: ADP), on the sale of its Taxware Division to Vista Equity Partners, a leading private-equity firm focused on investments in software and technology-enabled services. Terms of the sale were not disclosed.
ADP Taxware, a leading provider of automated solutions for sales, use and value-added tax compliance, is based in Salem, N.H., and serves more than 1,200 clients.
Vista invests in companies that develop and market enterprise mission-critical software, software-as-a-service, and technology-enabled business services. Vista chose to acquire Taxware because of its strong market position, product offerings, loyal and satisfied clients, and its highly talented and devoted employees. Leveraging its experience with numerous other enterprise mission critical software
companies, Vista is well-positioned to help Taxware execute its growth strategy and strengthen and expand its product offerings.
The transaction, which is subject to customary closing conditions, is expected to close by Dec. 31, 2012.
For more information, visit www.adp.com.
This is Mooreland’s 22nd announced transaction so far in 2012 and is another example of Mooreland’s position as a leading M&A advisor to the Enterprise Software industry.
Scot Sedlacek, Managing Director
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