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SOFTWARE INDUSTRY NEWS |
ADP to acquire digital marketing firm Cobalt for $400 million |
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Automatic Data Processing, Inc. has inked a deal to acquire Cobalt, a digital marketing firm for the automotive industry, for approximately $400 million cash. The transaction is expected to close in four to six weeks. ADP's President and CEO Gary Butler announced the signing of the agreement to acquire Cobalt, saying acquisitions that complement ADP's core businesses are a key part of the company's five-point strategic growth program and the primary focus of its capital allocation strategy. ADP’s capital allocation strategy also includes returning excess cash to shareholders through share repurchases and dividends. Seattle, Washington-based Cobalt is a privately-held company that provides digital marketing solutions to automotive manufacturers and dealers in North America. ADP said the transaction aligns with its Dealer Services’ global layered applications strategy to increase “share of wallet” beyond the core dealer management system offering. The company said said this was an opportune time for the acquisition as online advertising spend is expected to continue to outpace traditional channels in the US. ADP said it expects the transaction to be slightly accretive in the first year, with continued positive earnings contributions anticipated in subsequent years. |
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