M&A Deal Summary

ADP Acquires NetBOA

On January 1, 2000, ADP acquired insurance company NetBOA from Argentum Capital Partners and First Analysis

Acquisition Highlights
  • This is ADP’s 1st transaction in the Insurance sector.
  • This is ADP’s 1st transaction in the United States.

M&A Deal Summary

Date 2000-01-01
Target NetBOA
Sector Insurance
Buyer(s) ADP
Sellers(s) Argentum Capital Partners
First Analysis
Deal Type Add-on Acquisition

Target

NetBOA

United States
netBOA outsourced COBRA benefits administration, HIPAA (Health Insurance Portability and Accountability Act) administration, and retiree benefits transaction processing for large corporations. The Company distinguished itself by offering more custom service than most of its competitors. Its clients included a large airline, utilities, and a regional telephone company. netBOA was acquired by Automatic Data Processing Inc.'s Major Accounts Services (NYSE: ADP) in January 2000.

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Buyer(S) 1

Buyer

ADP

Roseland, New Jersey, United States

Category Company
Founded 1949
Sector Business Services
Employees64,000
Revenue 18.2B USD (2024)
DESCRIPTION
ADP office in St. Louis, Missouri.
ADP office in St. Louis, Missouri.

ADP is a provider of business outsourcing solutions. ADP offers a wide range of human resource (HR), payroll, tax and benefits administration solutions from a single source. ADP is also a provider of integrated computing solutions to auto, truck, motorcycle, marine, recreational vehicle, and heavy equipment retailers and manufacturers throughout the world. ADP was incorporated in 1949 and is based in Roseland, New Jersey.


DEAL STATS #
Overall 1 of 26
Sector: Insurance M&A 1 of 1
Type: Add-on Acquisition M&A Deals 1 of 23
Country: United States M&A 1 of 20
Year: 2000 M&A 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
1999-03-01 Peachtree Software

Norcross, Georgia, United States

Peachtree Software is a developer of accounting software and business management solutions designed specifically to meet the needs of small businesses.

Sell $145M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2006-04-13 Audatex North America

San Diego, California, United States

Audatex North America, Inc. is a global claims solutions provider serving the automotive industry. Active today across six continents, Audatex provides world-class claims solutions that help customers automate their processes; managing millions of claims each year efficiently and effectively, and resolving billions in claims settlements. Beyond a leading presence in automotive claims, our growing footprint also extends into the automotive related financial services and medical claims solutions markets.

Sell $975M

Seller(S) 2

SELLER

Argentum Capital Partners

New York, New York, United States

Investor Investor Investor Investor Investor


Category Growth Capital Firm
Founded 1988
PE ASSETS 400M USD
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Argentum Capital Partners is a private equity firm focused on investing in small to mid-sized companies with proven business models and the ability to become market leaders. Prospective transaction situations include growth capital financing, management buyouts, platform acquisitions, and recapitalization. The firm typically takes minority positions, except in the case of management buyouts. Industry sectors of interest include business services, healthcare, and technology. Argentum generally prefers opportunities located in the Eastern US, but will consider companies across the US. Argentum Capital Partners was formed in 1988 and is based in New York City.


DEAL STATS #
Overall 5 of 47
Sector: Insurance M&A 1 of 1
Type: Add-on Acquisition M&A Deals 3 of 32
Country: United States M&A 5 of 45
Year: 2000 M&A 2 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2000-01-01 National Recovery Systems

East Chicago, Indiana, United States

National Recovery Systems Inc. specialized in blending, agglomerating, and recycling waste materials and by-products for heavy industry. NRS used its proprietary binder technology to manufacture a briquette, composed primarily of steel-mill waste, that is suitable for recharging back into the steel-making process. The company owned and operated National Briquette Corp., which processed blended and packaged products and high-volume by-products for both integrated and mini-mills.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2000-02-25 Omnipoint

Bellevue, Washington, United States

Omnipoint Corporation was a leader in commercializing PCS and a leading developer and supplier of wireless communication technologies, products, and engineering services. As a pioneer in the industry, Omnipoint was on the forefront of developing and integrating advanced wireless technologies including GSM, GPRS packet data, EDGE, positioning, and Internet access.

Sell -
SELLER

First Analysis

Chicago, Illinois, United States

Investor Investor Investor Investor Investor


Category Venture Capital Firm
Founded 1981
PE ASSETS 800M USD
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

First Analysis is a financial advisory and investment firm. First Analysis' private equity arm targets investments in growth companies at all stages of development. The Group looks for opportunities based primarily in the US and can commit up to $10 million of equity per transaction. Sectors of particular interest include outsourced services, (business/government services, education, environmental services, healthcare services, marketing services); information technology, (business integration, call centers, healthcare IT, network security, open source, sensor systems, transaction processing); and chemistry enabled businesses (advanced materials, chemicals, healthcare products, polymers, purification). First Analysis was formed in 1981 and is based in Chicago, Illinois.


DEAL STATS #
Overall 11 of 73
Sector: Insurance M&A 1 of 2
Type: Add-on Acquisition M&A Deals 7 of 53
Country: United States M&A 11 of 72
Year: 2000 M&A 3 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2000-01-01 National Recovery Systems

East Chicago, Indiana, United States

National Recovery Systems Inc. specialized in blending, agglomerating, and recycling waste materials and by-products for heavy industry. NRS used its proprietary binder technology to manufacture a briquette, composed primarily of steel-mill waste, that is suitable for recharging back into the steel-making process. The company owned and operated National Briquette Corp., which processed blended and packaged products and high-volume by-products for both integrated and mini-mills.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2000-02-25 Omnipoint

Bellevue, Washington, United States

Omnipoint Corporation was a leader in commercializing PCS and a leading developer and supplier of wireless communication technologies, products, and engineering services. As a pioneer in the industry, Omnipoint was on the forefront of developing and integrating advanced wireless technologies including GSM, GPRS packet data, EDGE, positioning, and Internet access.

Sell -