ADP Acquires Employee Screening Firm
Fort Collins, Colorado-based Avert provides employment background checks and human resource services via remote access, offering its 14,000 clients access to:
- criminal court records,
- driving records,
- reference checks,
- credit reports,
- assessment tests
ADP’s Employers Services (ES) Division provides business administrative solutions, assisting clients in managing their internal processes, services include:
- tax regulatory management,
- HRMS, benefits administration,
- time and labor management,
- retirement plan services,
- online recruiting, and
- pre-employment screening.
The deal values the common shares of Avert on a fully-diluted basis at approximately $81 million and represents a 25.7% premium to Avert’s closing price of $17.50 on June 15, 2001 and a 34.6% premium to the average 60 trading day closing price before this announcement.
The deal, subject to Avert shareholder and regulatory approvals, is expected to close this summer.
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