« New Business | Main | Advertising Information »
November 14, 2007
Top Stories
EDS PURCHASES MAJORITY STAKE IN SABER HOLDINGS...EDS has agreed to purchase an approximate 93 percent equity interest in Saber Holdings, Inc., a leading provider of software and services to U.S. state governments, from various sellers, including majority shareholder Accel-KKR, for approximately $420 million in cash. Saber’s Chief Executive Officer Nitin Khanna and President and Chief Operating Officer Karan Khanna will retain an approximate 7 percent interest in Saber and continue to lead the company following the closing. Saber, founded in 1997, is one of the world’s fastest-growing providers of software products and services that enable state and local governments to better serve citizens. The Portland, Oregon-based company, which has operations in 35 states, more than doubled its revenue each year since 2004.
CERIDIAN ACQUISITION COMPLETED...Ceridian Corporation, Thomas H. Lee Partners, L.P. and Fidelity National Financial, Inc. announced that THL Partners and FNF have completed the acquisition of Ceridian for approximately $5.3 billion. Under the terms of the merger agreement, Ceridian stockholders are entitled to receive $36.00 in cash, without interest, for each share of Ceridian common stock that they hold. Ceridian common stock ceased trading on the NYSE before commencement of trading on November 9, 2007 and will be delisted from the NYSE.
CHANGE AT HELM AT ACXIOM...Acxiom Corporation announced that Charles Morgan has retired, effective immediately, from the board and as company leader. Morgan has entered into a transition agreement with the company and has agreed to serve as interim company leader until his successor is selected. In addition, Morgan has agreed to serve as a consultant to the company for up to three years, focusing on technology and innovation. The company also announced that its board of directors has elected Michael J. Durham to serve as the non-executive chairman of the board of directors.
FED TAPS PAYCHEX EXECUTIVE...The board of directors of the Federal Reserve Bank of New York have elected Jonathan J. Judge, president and chief executive officer of Paychex, Inc., to the board of directors of the Buffalo Branch, Federal Reserve Bank of New York. The Buffalo Branch consists of seven members, three of whom are appointed by the Board of Governors of the Federal Reserve System. The remaining four are appointed by the board of directors of the Federal Reserve Bank of New York. Branch board of directors are leaders representing various industries throughout upstate New York, including banking, manufacturing, health care, agriculture, labor and energy.
ACS NAMES HEAD OF F&A...Affiliated Computer Services, Inc. has appointed Ron Gillette senior managing director, finance and accounting (F&A), to lead and transform its global F&A outsourcing (FAO) business. His focus will be on standardizing the company's F&A processes and management to enable rapid growth in the expanding FAO market. He reports to Ann Vezina, president of the company's Commercial Solutions Group.
ADP RAISES DIVIDEND 33RD YEAR IN A ROW...The board of directors of Automatic Data Processing, Inc. approved a 26% increase in the cash dividend to an annual rate of $1.16 per share, Gary C. Butler, president and chief executive officer, announced today. The new quarterly dividend of 29 cents per share compares with the previous quarterly dividend rate of 23 cents per share. This increased quarterly dividend will be distributed on January 1, 2008 to shareholders of record December 14, 2007. The increased cash dividend marks the 33rd consecutive year in which the company has raised its dividend.
Posted by jbowles at November 14, 2007 07:49 PM