Financial terms of the transaction were not disclosed

Financial terms of the transaction were not disclosed

ADP has acquired Global Cash Card, a pioneer in payroll and contract employee payments, reports Banking Technology‘s sister publication Paybefore. The deal gives ADP a proprietary payments processing platform that, it says, provides value-added services for existing clients and will speed time to market for new clients.

ADP also gains “a large diversified client base that has shown consistent growth”, according to an announcement.

After integrating Global Cash Card with ADP’s existing paycard, the Aline Card by ADP, ADP will manage more than four million accounts on a single platform.

Founded in 2002 and headquartered in California, the Global Cash Card provides payment solutions for traditional employees and contractors, as well as online tools to help customers manage their digital accounts, including online bill pay, rewards plan enrollment, multipurse capability and an expense manager.

“ADP pays one-in-six workers in the US and our clients look to us as the market leader to offer solutions that help them better engage with their entire workforce,” says Carlos Rodriguez, president and CEO of ADP. “The acquisition of this established and profitable company helps us innovate around the essential service of delivering pay and will enable us to provide new tools to consumers that help them manage their finances.”

The financial terms of the transaction were not disclosed.