With Latin America representing one of the fastest-growing labor market opportunities, payroll processor ADP (NASDAQ:ADP) has acquired Payroll, SA, a Chilean provider of payroll, human resource, and benefits services, the company announced yesterday.
ADP has had a relationship with Payroll since 2009, and while it has a presence in Brazil and throughout Latin America via subsidiaries, the acquisition gives it additional entry into Chile, Argentina, and Peru.
ADP Division President Mark Benjamin said the deal "marks an important building block in our global [human capital management] strategy. We currently offer HCM solutions to clients in over 80 countries and this acquisition will further reinforce our capabilities in the fast-growing Latin American market."
Payroll offers full outsourcing, software-as-a-service, and on-site deployment, and currently has more than 1,300 clients and employs more than 450 associates. The terms of the transaction were not disclosed.
Fool contributor Rich Duprey has no position in any stocks mentioned. The Motley Fool recommends Automatic Data Processing. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.