Professional Community for Car Dealers, Marketing, Advertising and Sales Leaders
July 9 (Bloomberg) -- Automatic Data Processing Inc., a business outsourcing service provider, agreed to acquire closely held Cobalt for about $400 million in cash, gaining digital marketing programs for automakers.
The deal may be completed in four to six weeks and add to earnings in the first year, Roseland, New Jersey-based ADP said today in a statement.
ADP Chief Executive Officer Gary Butler is expanding offerings to automakers and dealers beyond services such as managing accounting or inventory. Sales to dealers represent more than 15 percent of the company’s revenue.
ADP rose 23 cents to $40.60 at 11:04 a.m. New York time in Nasdaq Stock Market trading. The shares had fallen 5.7 percent this year before today.
--Editors: Steve Walsh, Cecile Daurat
To contact the reporter on this story: Katie Hoffmann in New York at firstname.lastname@example.org
To contact the editor responsible for this story: Peter Elstrom at email@example.com.