ADP Announces Agreement to Acquire Dataphile Software Ltd.
Thursday May 22, 2:30 pm ET
biz.yahoo.com
NEW YORK, May 22 /PRNewswire-FirstCall/ -- ADP Brokerage Services Group (ADP), a division of Automatic Data Processing, Inc. (NYSE: ADP) has signed an agreement to acquire Dataphile Software Ltd., a leading provider of real-time, straight-through processing solutions for broker/dealers in Canada. The agreement was signed May 21, 2003.
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Dataphile's flagship products include ExeClear®, a real-time back-office processing engine, ExeNet®, an Internet-based retail client desktop, RapidPhire(TM), a proprietary order management system with electronic interfaces to the Canadian exchanges and ProPhile(TM), Dataphile's proprietary portfolio management desktop product for brokers and financial planners.
The acquisition contributes to ADP's strategy of expanding its services in Canada, allowing it to serve small to mid-size brokerage firms as well as adding new products to its existing offering. The acquisition adds a broker desktop application and an Internet trading front end to ADP's existing suite of products, enhancing ADP's ability to provide a full front-to back-office STP service for brokers, banks and other financial intermediaries dealing in securities.
Dataphile, headquartered in Toronto, Canada, was founded in 1991 and offers a comprehensive suite of processing solutions for Canadian brokerage firms and mutual fund dealers. The company provides investment dealers throughout Canada with a flexible end-to-end product set built on a state-of-the-art technology platform.
"Acquiring Dataphile underscores our commitment to providing a truly end-to-end straight through processing solution to the Canadian marketplace that enables brokerage firms to leverage an extensive range of international best of breed solutions from a single provider. We are excited to announce this acquisition and welcome Dataphile to the ADP family," commented Michael Dignam, senior vice president and general manager, ADP Brokerage Services Group, Canada.
"The acquisition by ADP allows us to continue our pattern of growth. Our growth strategy will benefit dramatically from ownership by a world-class organization such as ADP. Our customers, in turn, will benefit from ADP's commitment to product leadership and World Class service globally," stated Ian Clark, president, Dataphile. |
