ROSELAND, N.J. (AP) — Payroll processing company Automatic Data Processing Inc. said Thursday that it will buy a division of SHPS Inc., an employee benefits administration company.
ADP did not disclose financial terms of the deal. It said the acquisition should close by the end of March.
ADP already provides some human resources services for companies that outsource the work. ADP said that buying the SHPS Human Resource Solutions division will broaden the array of services ADP can offer.
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Adding the new division from SHPS will allow ADP to offer more services like absence management systems, reimbursement systems and the management of flexible spending accounts and health savings accounts.
Privately held SHPS Human Resource Solutions is based in Louisville, Ky.
Shares of ADP rose 4 cents to $54.31 in morning trading.
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