ADP Announces Acquisition of WALLACE
ROSELAND, N.J., Oct. 13, 2011 /PRNewswire/ — ADP Â®, a leading provider of human resource outsourcing, payroll services, tax and compliance services, benefits administration and accounts payable solutions, today announced it has acquired privately held WALLACE – The Training Tax Credit Company, the primary service provider in the state of Georgia for the Georgia Retraining Tax Credit. The terms of the transaction were not disclosed.
Founded by Ray Wallace in 1996 and based in Alpharetta, Ga., WALLACE has developed and mastered the tax credit analysis process for the Georgia Retraining Tax Credit, resulting in a 104-step process that is regarded as the most reliable and secure method for gaining the maximum possible tax credits. The process allows WALLACE experts to help clients understand and maximize the benefits of their training efforts, as well as work closely with Georgia State officials to educate them about their clients’ business and training activities. The final product is a state-approved tax credit that is attached to the client’s tax return.
“ADP’s acquisition of WALLACE complements the ADP Tax Credits and Incentives portfolio with additional high-quality specialists who have the expertise to maximize the Georgia training credits their clients can receive,” said Rich Schultz, Vice President, ADP Tax Credit Services. “As a market leader in tax credits, ADP welcomes this opportunity to provide additional services for existing and new clients who have a presence in Georgia.”
“We are delighted to become a part of the ADP team because they have such an excellent reputation and track record in the industry,” said Ray Wallace, founder and CEO of WALLACE.
“Success in tax credits is a result of specialized expertise,” said Peter Green, President, WALLACE. “We are excited to combine our expertise and experience in the Georgia Retraining Tax Credit with ADP’s team of tax credit experts to best serve current and prospective clients of both companies.”
The Georgia Tax Credit for Retraining of Employees provides tax credits according to the Georgia Business Expansion Support Act of 1994. The credit supports the profitability and competitiveness of Georgia’s existing businesses by encouraging workforce development through retraining tax incentives; helping companies offset the costs of retraining employees that are affected by the implementation of new equipment or new technology; and, enhancing the skills of Georgia employees to enable them to successfully use new equipment, technology or operating systems. Between 2003 and 2008, corporations with operations in Georgia received $185 million in credits/benefits through the Georgia Retraining Tax Credit.
ADP has a 32-year track record in tax credits and incentives and performs approximately 45 percent of annual Work Opportunity Tax Credit (WOTC) certifications nationwide. It offers a team of professionals with advanced degrees and certifications in tax and law, and its proprietary databases cover more than 1,800 government-designated zones and more than 2,300 tax incentive programs. For more information, please visit http://www.ADP.com.
Automatic Data Processing, Inc. (NASDAQ: ADP), with about $10 billion in revenues and approximately 570,000 clients, is one of the world’s largest providers of business outsourcing solutions. Leveraging over 60 years of experience, ADP offers a wide range of human resource, payroll, tax and benefits administration solutions from a single source. ADP’s easy-to-use solutions for employers provide superior value to companies of all types and sizes. ADP is also a leading provider of integrated computing solutions to auto, truck, motorcycle, marine, recreational vehicle and heavy equipment dealers throughout the world. For more information about ADP or to contact a local ADP sales office, reach us at 1.800.225.5237 or visit the company’s website at www.ADP.com.
About WALLACE – The Training Tax Credit Company
Founded in 1996, WALLACE – The Training Tax Credit Company (“W. Ray Wallace & Associates, Inc.”) is Georgia’s primary service provider for the Georgia Retraining Tax Credit, with a unique approach helps clients maximize their retraining tax credits. Headquartered in Alpharetta, Ga., WALLACE has prepared more than 30 percent of all the Georgia Retraining Tax Credits since 2000. For more information about WALLACE, visit www.wraywallace.com.
For more information, contact:
ADP Public Relations
Jill Lewis, Weber Shandwick for ADP
Peter Green, WALLACE
SOURCE Automatic Data Processing, Inc.