(Bloomberg) -- Automatic Data Processing Inc. has acquired WorkForce Software, a software provider whose backers included Elliott Investment Management and Insight Partners.
Financial terms of the deal weren’t disclosed in an announcement Tuesday. Bloomberg News reported in September that ADP was in talks to buy the Livonia, Michigan-based company for about $1.2 billion.
A human-resources software provider, ADP handles paychecks for one out of every six workers in the US, according to its most recent annual report.
WorkForce Software helps companies manage unique payroll needs, such as helping workers swap paid time off to colleagues.
“As the needs of today’s global workforce continue to shift, employers need dynamic workforce management solutions that will help them maintain compliance and flexibility while engaging their employees,” Maria Black, ADP chief executive officer, said in a statement.
Elliott’s private equity affiliate announced an investment in the company in 2019 alongside Insight, which had owned it since 2014, according to a statement at the time.
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