Automatic Data Processing (ADP) has snapped up Global Cash Card, a provider of digital payments, including paycards and other electronic accounts.
The acquirer noted that the takeover of Global Cash Card will allow the company to own proprietary digital payments processing platform, helping ADP to provide digital accounts and flexible payment offerings across their existing base of over 700,000 clients.
Once Global Cash Card is combined with ADP’s existing paycard offer the ALINE Card by ADP, ADP will manage more than four million accounts on a single platform.
ADP president and CEO Carlos Rodriguez said: “ADP pays 1-in-6 workers in the U.S. and our clients look to us as the market leader to offer solutions that help them better engage with their entire workforce.
“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.”
Global Cash Card founder, president and CEO Joe Purcell said: “The Global Cash Card team is thrilled to join ADP. We’ve worked hard to develop a very happy and growing customer base, and I’m excited to see this payment processing technology reach a whole new level with the know-how, resources and market penetration of ADP behind it.”
Financial terms of the deal were not revealed.