Welcome back to the Deep Dive, where we take
a monumental stack of articles, research papers,
and proprietary notes, filter out the noise,
and hand you the pure distilled insight. And
today we are cracking open a company that touches,
well, literally one in five. working Americans.
It's a corporate giant whose name you probably
know, but whose epic journey from paper ledgers
to cloud infrastructure, you almost certainly
don't. That's absolutely right. Our subject today
is Automatic Data Processing, Inc., or as everyone
knows them, ADP. This is a deep dive into an
organization that has essentially built the modern
infrastructure for employment in the United States
and increasingly globally. And the mission, as
we unpack all these sources, is a fundamental
one. We really need to understand the true magnitude
of ADP's transformation. It's quite a story.
We are tracing the path of a company founded
76 years ago to get this manually processed paper
paycheck. And manually, yeah. Into a cloud -based
multinational technology behemoth. One that is
so deeply integrated into the American labor
system that it has become a vital, if changing,
source. of national economic data. And the scale
is what grabs you immediately. When most people
think of ADP, they think of the portal, right?
Where they check their hours or deductions. Sure.
Yeah. But if we look at the high level identity
based on the source material, ADP is an American
multinational provider of cloud -based human
resources management, HRM payroll processing,
and this is crucial, professional employer organization
or PEO. That PEO service component is the key.
It's the differentiator that elevates them beyond
just being a simple software vendor. It absolutely
is. And we need to spend some real time analyzing
the strategic implications of that decision,
which we will. But let's anchor the discussion
first with just the sheer numbers. The scope
is staggering. The benchmark they hit as far
back as 1985 and have maintained since is processing
paychecks for approximately 20 percent of the
entire U .S. workforce. 20 percent. Think about
that level of deep foundational penetration.
If you work in the U .S., chances are ADP has
touched your paycheck at some point. And that
reach translates directly into a massive financial
infrastructure. Looking at the fiscal year 2025
data we have, ADP employs around 67 ,000 people
worldwide. Right. And their revenues for FY 2025
clocked in at a massive $20 .6 billion. We are
not talking about a startup or a niche player
here. We are discussing what is essentially an
economic utility. And that financial context
is why they're viewed not just as a payroll service,
but as a crucial component of the financial infrastructure.
It's what cements their place as a major holding
within both the S &P 500 and the NASDAQ 100 indexes.
OK, so our task now is to go back and connect
those humble, I mean, really humble manual beginnings
in 1949 New Jersey with this current status as
a global data architect. Let's do it. OK, let's
unpack this journey starting right at the beginning.
It feels almost contradictory to discuss a modern
technology giant. that started with manual labor.
It really does. But that is precisely the foundational
story of ADP. The company's story begins back
in 1949, nestled in Patterson, New Jersey. And
the sources confirm the founders were two brothers,
Henry Taub and Joe Taub. They originally incorporated
the business under the name Automatic Payrolls,
Inc. And the core detail that is, you know, almost
impossible to imagine in a modern context is
that it began its existence as a purely manual
payroll processing business. Manual. When we
say that, you really have to paint a picture.
This was 1949. The post -war economic boom meant
small and medium businesses were growing like
crazy. But processing payroll was a nightmare
of complexity. You had federal taxes, state taxes,
FICA deductions, local taxes. all changing constantly.
And companies were doing this by hand. By hand.
They had dedicated clerical staff using paper
ledgers, mechanical calculators, and literally
printing checks one by one. Errors were rampant,
and it took huge amounts of time. So the genius
of the Tao brothers was not technology, at least
not at first. It was systematic efficiency. Exactly.
They were selling reliability, accuracy, and
most importantly, time savings. When they called
themselves automatic payrolls, it didn't mean
automation via machinery it meant they were a
reliable systematic engine yes An engine that
could handle these complex calculations reliably
for hundreds of clients, they centralized the
knowledge in the process. That systematic approach
allowed them to scale so quickly, which then
attracted a crucial third partner who would later
become very famous. Frank Lautenberg. Frank Lautenberg.
He joined the brothers in the company's infancy,
bringing a powerful skill set to the burgeoning
enterprise. And Lautenberg's early impact was
immediate and measurable. Our sources note he
successfully served in sales and marketing. He
was a driving force for client acquisition. He
wasn't just a salesman, though. He quickly earned
his status, becoming a full -fledged partner
with Henry and Joe Taub in 1957. And this is
where we hit that fascinating aha moment, you
know, connecting corporate history to political
history. Lautenberg didn't just stay in a back
office role. Not at all. He was a core executive.
He served as president and CEO until 1982. And
the reason he stepped away that year. Is because
he successfully ran for and was elected to the
United States Senate from New Jersey. Where he
served for decades. It's an incredible transition.
That really is remarkable. It highlights that
the skills required to build a massive, complex
data processing firm organization, understanding
regulatory detail, large scale systematic thinking,
were highly transferable to a political career
on the national stage. It gives you a deeper
appreciation for the caliber of person who built
this early enterprise. So they had the systematic
efficiency down, but they knew they couldn't
scale forever using human hands. The pivotal
shift came in 1961. This is the moment. This
is when they stopped being just a service company
and truly became a technology company. They officially
changed the name to Automatic Data Processing,
Inc. ADP. And that name change was more than
just rebranding. It signaled a complete shift
in methodology. They decisively moved beyond
those manual processes. They embraced the first
wave of automation. Right. Which meant leveraging
punch card machines for input. specialized check
printing machines for output, and critically
centralized mainframe computers for bulk processing.
This transition introduced them to the concept
of batch processing. Yes, that's a great point.
In the old manual days, the data was continuous,
flowing through ledgers. With mainframes in 1961,
ADP's clients would submit all their data at
once, the batch. And ADP's giant machines would
process it overnight or over the weekend. They
were finally living up to the data processing
part of their name, not just the automatic part.
And 1961 was truly a transformational year because
that is when they took the company public. And
the IPO figures. They provide a fantastic initial
benchmark for just how modest their starting
point was, especially compared to where they
ended up. At the time of the IPO, ADP had only
300 clients. 300. And they employed 125 people.
With annual revenues around, what, US $400 ,000?
That's a small operation, even for the early
60s. It just underscores how quickly that technology
pivot allowed them to explode. And that explosion
didn't just stay regional. They showed incredible
strategic foresight by expanding internationally
almost immediately. The sources confirm that
they established a subsidiary in the United Kingdom
just four years later, in 1965. Which is an incredibly
early move. It demonstrated that the need for
reliable, centralized payroll processing was
a global business problem, not just an American
one. Their public presence also shifted as they
grew. After the 1961 IPO, they spent time on
the American Stock Exchange. But by 1970, their
growing market cap and prestige led them to transition
their stock to the New York Stock Exchange, a
classic signal of having arrived in the financial
big leagues. And then much later, in 2008, reflecting
their evolving identity as a technology -focused
HRM provider rather than just a financial processor,
they switched again to the Nasdaq Global Select
Market. This progression of listings really tells
the story of a company constantly adapting its
public image to match its technological reality.
So once ADP had made that critical pivot to technology
in the 1960s, the subsequent decades were really
just characterized by one thing, relentless scaling.
Exactly. They stopped being just a regional service
and became a national utility. The $1 billion
revenue mark is always that definitive sign that
a company has gone from big to massive. And ADP
crossed that line by 1985. This is the point
in their history. where that key metric processing
paychecks for about 20 % of the U .S. workforce
cemented their status. They were no longer just
offering a service. No, they were a fundamental
infrastructural component of the American labor
market. But that growth was also fueled by a
key and often overlooked financial mechanic that
underpins the entire payroll industry, especially
in the days before real -time transfers. Ah,
yes. Float revenue. Exactly. This is a critical
piece of the puzzle that often gets missed in
a surface -level analysis. Float is the interest
income generated by a company holding client
funds. So they collect the money from the client
on, say, a Friday. And they don't have to disperse
that money to employees or tax authorities until
the following day. Monday or Tuesday. And when
you're processing payroll for 20 percent of the
U .S. workforce, you are holding billions of
dollars in funds at any given time. Billions.
And if those funds are parked in short term,
ultra safe treasury bills or money markets, the
interest earned on that float is essentially
pure profit. A zero risk, high volume revenue
stream. Precisely. For decades, particularly
when interest rates were higher, float revenue
was a massive. reliable profit engine for ADP.
It was money earned without the need to sell
more software or provide more service hours.
So it effectively subsidized their technological
investment and their expansion. That's right.
This mechanic explains how they could afford
to scale their system so quickly. I see. So the
billion -dollar revenue in 1985 wasn't just service
fees. A significant portion was just smart financial
management of money that wasn't technically theirs
yet. Correct. As their client base and assets
grew, the float revenue pool just grew exponentially.
It was the rocket fuel. But as you mentioned,
their later pivot into PEO services would have
changed that revenue mix. It did. The PEO model
is more about charging comprehensive administrative
fees in assumption of risk rather than relying
solely on the float, especially in a world where
payment transfers are becoming instantaneous.
That makes perfect sense. Now let's revisit their
current financial footprint to see the modern
scale. The confirmed FY 2025 figures, they show
a fortress balance sheet. Revenue? U .S. $20
.6 billion. Operating income at U .S. $5 .41
billion. Net income is U .S. $4 .08 billion.
And beyond the income statement, look at the
assets. Total assets stand at U .S. $53 .4 billion,
backed by total equity of U .S. $6 .19 billion.
These aren't figures that represent a simple
service organization. No, they represent a global
financial platform with the kind of stability
and firepower needed to constantly acquire and
integrate massive technological systems. which
is exactly what they do. And what's equally telling
is the sustained prestige and recognition they've
earned. Financial scale is one thing, but consistency
speaks volumes about management and performance.
They are consistently ranked among the corporate
elite. In 2020, for example, the sources note
they were ranked 227 on the Corchin 500 list.
And sustaining a spot in the top 250 of the American
corporate landscape requires extraordinary operational
discipline and consistent customer retention.
And beyond sheer size, they are lauded for organizational
quality. ADP has been included on Fortune magazine's
world's most admired companies list. for an incredible
14 consecutive years. 14 years. That speaks to
the perception of their long -term strategy,
the quality of their executive team, and their
ability to stay financially sound through multiple
economic cycles. And critically, in the modern
era, corporate responsibility and culture are
key indicators of sustained success. ADP has
been recognized by Diversity Inc. as one of the
top companies for diversity and inclusion in
the United States for 11 consecutive years. It's
that trifecta financial stability, operational
excellence, and a commitment to corporate culture
that shows a company that successfully modernized
its internal values alongside its technology.
That sustained excellence is truly the marker
of a company that transitioned successfully from
a paper -based business to a 21st century cloud
provider. So how do you maintain that kind of
scale and consistent admiration in an industry
constantly being disrupted by new tech startups?
It's an acquisition strategy, a ruthless, smart,
and often expensive one. ADP's history is a masterclass
in buying the expertise and technology they needed
to maintain their leadership. And the single
most crucial strategic shift in terms of business
model diversification came in the 1990s, the
entry into the Professional Employer Organization,
or PEO. This was not a minor pivot. It changed
the very nature of their relationship with their
clients. Absolutely. Before PEO, ADP was a vendor.
You pay them to run payroll. With the PEO model,
they become a co -employer. A co -employer. So
that means they're responsible for HR administration,
benefits, compliance, and crucially, they assume
certain employment risks. Which elevates their
service fee structure dramatically. But it also
elevates their risk. Moving to a PEO model shifts
the legal and operational risk away from the
client and onto ADP. It exposes them to massive
liabilities. So why take that risk? Well, the
revenue potential must be enormous, but also
it locks in the client far more effectively than
a simple payroll contract. Exactly. Once ADP
is handling all your HR infrastructure and liability,
leaving them... becomes exponentially harder.
It's a stickier, more valuable client relationship.
So that move defined their late 90s and was supported
by a barrage of related acquisitions. Right.
But they were always focused on technological
superiority, even decades earlier. You can track
that focus back to the 1970s. In 1974, ADP acquired
Timesharing Limited, TSL, which is a pioneering
online computer services company. And the very
next year, they acquired Cyphernetics. These
weren't acquisitions to optimize batch processing.
No, these were acquisitions aimed at embracing
the cutting edge of online interactive computing
services. This shows they were already looking
past the mainframe -only era toward network services,
laying the groundwork for the eventual transition
to cloud infrastructure decades later. The mid
-90s saw their global reach and diversification
ramp up significantly, which was necessary to
support that emerging PEO model. Right. In 1995,
they acquired the German company Autonom, and
later that same year, the human resource services
company GSI. They were securing critical local
knowledge and market share. And it wasn't just
private enterprise. A very notable acquisition
occurred in 1998, the UK -based Chessington Computer
Center. And this center supplied administration
services directly to the UK government. This
move gave ADP high level exposure and a foothold
in complex high security public sector administration,
a huge mark of trust and capability. OK, let's
jump forward to the late 2010s, where we see
ADP adapting to the biggest structural shift
in the modern economy, the explosion of the contingent
workforce and the gig economy. This period, specifically
2017 and 2018, contains the most telling acquisitions
by ADP's forward -looking strategy. They recognize
that the traditional W -2 employee model was
no longer the only game in town. Early in 2017,
they acquired the Marcus Buckingham Company,
TMBC. That acquisition expanded their talent
portfolio, moving them deeper into performance
management, succession planning, and strategic
HR software services, far beyond just calculating
payroll. Then, that same year in October, they
acquired Global Cash Card, a digital payments
facilitator. That acquisition signaled an understanding
that a modern fragmented workforce needed flexible
payment solutions. They moved beyond just issuing
a direct deposit file to managing the actual
mechanics of digital payment. But the single
most strategic acquisition for the modern labor
market was in January 2018, WorkMarket. WorkMarket.
It's a software platform company specializing
in helping businesses manage the entire lifecycle
of freelancers, contractors, and consultants,
the 1099 economy. The work market acquisition
was brilliant and you could argue necessary.
I think it was necessary. If 20 % of the U .S.
workforce uses ADP for W -2 paychecks, they recognize
that the total share of labor, including project
-based contractors, was rapidly increasing. So
if they didn't capture the 1099 contingent workforce,
that 20 % market share would inevitably shrink.
It was a necessary defensive move that also turned
into an aggressive growth strategy. By acquiring
a platform designed specifically for managing
independent workers, ADP future -proofed its
offering. They recognized that the definition
of work itself was changing, and they bought
the platform to manage the new definition. And
later that same year, they bolstered their global
capacity by acquiring Selergo, a global payroll
management service company. This complemented
their ability to handle standard W2 employees,
contractors, and all the complexity that comes
with operating across multiple international
jurisdictions. More recently, the focus has shifted
even further toward workflow automation and integrated
cloud suites. Which indicates the competition
is now about efficiency and user experience.
In 2023, ADP acquired Sora. a workflow automation
tool designed to streamline those back -end,
repetitive HR processes. And most recently, in
October 2024, they continued this strategic focus
with the acquisition of Workforce software. A
management services provider focused on optimizing
employee work schedules and labor management.
And what's noteworthy is the immediate financial
confirmation that followed. The sources highlight
that ADP subsequently raised its annual revenue
growth forecast specifically because of this
deal. Which proves that these acquisitions are
directly designed to drive fundamental, immediate
growth in their projections. It's a constant,
disciplined effort to acquire capabilities rather
than try to build them from scratch, ensuring
they always stay ahead of the curve. Now, for
a company to grow and refine its identity over
seven decades, it often requires some dramatic
restructuring. Yes, and ADP went through two
massive... Massive structural changes, the spin
-offs of major divisions, that fundamentally
changed its corporate identity and market valuation.
It solidified their commitment to HR and payroll.
These spin -offs are crucial because they demonstrate
management's willingness to shed successful but
non -core assets to focus resources and capital
on their primary strategic mission. The first
major one was Broadridge Financial Solutions
in 2007. Broadridge originated as the ADP Brokerage
Service Group. Which was a substantial, highly
specialized technology business that provided
services to the financial services industry,
facilitating things like shareholder communications
and securities processing. And its removal was
a major event on the balance sheet. The sources
confirm that the departure of the brokerage service
group removed about $2 billion from ADP's total
yearly revenue. That was a clear, unambiguous
message to the market. We are focusing our energy
on human capital management, not financial brokerage
technology. And for the individual shareholder,
the distribution mechanism ensured they received
direct value. Right. Shareholders of record on
March 23, 2007, received one share of Broadridge
common stock for every four shares of ADP common
stock they held. So it was a transfer of ownership
of a valuable asset, even if it temporarily made
the remaining ADP footprint smaller in revenue
terms. The second, and arguably more impactful
for the company's identity, was the creation
of CDK Global. LLC in 2014. This was formerly
known as ADP Dealer Services, a large division
that provided specialized technology services
to automotive dealerships and vehicle manufacturers
globally. It's easy to forget that ADP was once
a massive player in auto technology. And just
like the HR division, this automotive tech unit
was built through smart, targeted acquisitions
over years. That's right. The source material
details this methodical buildup. They focused
on acquiring complementary services that locked
in the dealerships. For instance, in 2006, they
acquired BZ Results. an innovator in the automotive
tech space valued at $125 million at the time.
And BZ Results had won Auto Success Magazine's
Innovative Company of the Year award in 2005.
They also expanded this division geographically
that same year by acquiring Carriage Computer
Co. Ltd. Which was a leading dealer management
system or DMS provider, primarily operating in
the UK. And a dealer management system, a DMS,
is essentially the operational backbone of a
dealership, right? It is. It handles everything
from inventory management and sales tracking
to service scheduling and financing paperwork.
Incredibly complex, specialized software. They
rounded out the portfolio in 2010 by acquiring
Cobalt, an automotive marketing company. focused
on digital outreach. So by 2014, the dealer services
division was a comprehensive, vertically integrated
solution for the entire auto retail lifecycle.
Yet, despite its success, the focus was becoming
too diluted. And the final move came swiftly.
In April 2014, ADP announced a reorganization
that included layoffs within the dealer services
unit and just days later announced plans to spin
off the entire division as a standalone company.
And here is that excellent piece of corporate
history we highlighted earlier. When they announced
the new company name in August 2014, they called
it CDK Global. And the name itself is an acronym
for the three main corporate building blocks
they had acquired and built upon. Cobalt, dealer
services, and carriage. A nice touch of corporate
tribute. It is, but shedding a division of that
size always comes with market skepticism. The
financial repercussion was immediate. Both S
&P and Moody's, the major credit rating agencies,
downgraded ADP's rating to AA in April 2014 following
the divestiture. That's a critical detail that
needs context. Why the downgrade if they were
focusing on the core business? That's what I
was wondering. Credit rating agencies value diversification.
Even though the dealer services unit was non
-core to HR, it was a profitable, stable business
operating in a completely different market. The
automotive market. Right. By divesting it, ADP
increased its concentration risk, meaning their
overall financial health became more singularly
dependent on the performance of the human capital
management sector. So the rating agencies viewed
that concentration as a slight increase in risk,
hence the downgrade. Exactly. So the two spinoffs,
Broadridge in finance and CDK in automotive,
perfectly illustrate a seven -decade journey
of strategic focus. ADP should two highly successful,
multi -billion -dollar side businesses to fully
consolidate its identity as the world's premier
HR, payroll, and PEO giant. A fascinating structural
redefinition. Okay, so we've established ADP.
massive presence in payroll and HR management,
but this sheer scale has thrust the company into
a unique, almost semi -public role. A role as
an essential provider of macro -level economic
intelligence. Because they are processing paychecks
for 20 % of the U .S. workforce, they are sitting
on the largest, freshest, and most comprehensive
private data set about employment available in
the country. This is where their private business
function intersects directly with public policy.
The data they curate and publish, known as the
ADP National Employment Report, has evolved into
a key economic release. And it's frequently utilized
by financial analysts and economists as a vital
source of private sector employment data. often
complimenting or offering an early read on the
official reports from the BLS. United States
Bureau of Labor Statistics, yeah. And the unique
selling proposition that gives the ADP report
its market power is speed. Speed. They are processing
this data instantaneously as a function of their
core business, not through surveys and delayed
compilation like the government. And as a result,
the ADP National Employment Report is traditionally
launched the day before the official BLS reports.
For trading desks, policy committees, and economists
trying to gain a market edge or refine their
forecasts, having that crucial snapshot of employment
growth 24 hours earlier is an enormous advantage.
A high -stakes advantage. And the stakes are
so high that ADP is continually invested in the
methodology to ensure its rigor. Our sources
confirm a major shift occurred in 2022 when the
report was completely redesigned. And this redesign
wasn't done internally. It was done in collaboration
with Stanford's Digital Economy Lab. That collaboration
underscores their commitment to accuracy and
relevance. It shows they treat the data not just
as a marketing tool, but as a rigorous, academically
sound economic indicator. And this partnership
helps them incorporate modern methodologies,
account for things like the changing gig economy
structure, and refine their seasonal adjustments
in a way that truly reflects the current labor
market complexity. And it's important to note
this commitment to external rigor wasn't new.
Before Stanford, ADP relied on another major
external partner, Moody's Analytics, for many
years to help structure and analyze the data.
So this consistent use of external, high -level
economic expertise highlights the seriousness
with which they approach this public function.
And the relevance of this private data extends
directly to the highest levels of U .S. economic
policy. Our sources indicate that as early as
2018, ADP employment and earnings data were actively
utilized by the Federal Reserve. That's highly
significant. The Federal Reserve, the entity
responsible for setting national monetary policy,
controlling inflation and managing unemployment,
was relying on proprietary corporate data. They
used this data stream not just for the headline
job count, but to track things like private sector
wage inflation and hiring momentum in the days
leading up to their crucial policy meetings.
Which brings us to the latest, most fascinating
piece of context that challenges this cozy relationship.
The reversal noted in our source material. Right.
In mid -2025, ADP stopped providing this crucial
private jobs data to the Federal Reserve. It
just stopped. Hold on. Why would they stop providing
data that gives them such high level visibility
and credibility? If the Federal Reserve is using
your numbers, that's a priceless endorsement.
Well, there are several potential factors, though
the sources only confirm the cessation itself.
One possibility is simply the value of the data.
ADP may have decided that providing that proprietary
high -frequency stream to a public entity diminished
its competitive advantage in the open market.
particularly if their redesigned report proved
to be more predictive than the BLS reports. Or
perhaps there were regulatory implications. If
the Fed relies on it so heavily, there might
be pressure for ADP to release their data methodology
or adhere to certain standards that they'd prefer
to keep proprietary. It's a classic tension between
maintaining the secrecy of a competitive business
asset versus the public good served by economic
transparency. And we also have to consider the
context of the government shutdown reference.
in the sources. Good point. During periods when
official government data like the BLS reports
are delayed or unavailable, the Federal Reserve's
reliance on private substitutes like ADP's report
spikes dramatically. So this level of reliance
might make ADP feel too central to public policy,
which could be an uncomfortable position for
a private, publicly traded company seeking to
maximize shareholder value. So ADP is currently
deciding where that boundary lies between being
a successful private company and acting as an
essential national infrastructure. They're not
just issuing paychecks for a fifth of the country.
They are providing a crucial real -time pulse
of the American labor market, a pulse that policymakers
were relying on and are now, as of mid -2025,
having to replace or supplement elsewhere. That
is the true depth of their influence. The ability
of a private corporate entity to start, refine,
and then potentially withdraw such a vital data
stream raises profound questions about where
economic truth resides in the 20... What an extraordinary
journey. We began with Henry and Joe Taub manually
calculating deductions in a Patterson, New Jersey
office in 1949. And we conclude with a $20 billion
multinational corporation that moves market expectations,
informs economic policy, and manages the entire
contingent workforce. Let's review the key takeaways
for you, the listener, to ensure you walk away
with the distilled insight. First, the core of
this story is technological transformation. ADP
successfully pivoted from manual labor and punch
cards to mainframe batch processing, and finally
to sophisticated cloud -based human capital management
and PEO services. Second, their sustained growth
and dominance were powered by dual engines. That
lucrative, low -risk revenue generated by float
in the early decades combined with a highly sophisticated
strategic acquisition playbook. A playbook designed
to capture new market segments, like their crucial
push into the gig economy. with work market.
Third, we saw how the company structurally redefined
itself by shedding successful non -core assets.
The major spinoffs brought rich financial solutions
in 2007 and the automotive tech unit CDK Global
in 2014 were critical actions that concentrated
the company's focus. Even if the subsequent loss
of diversification caused a short term downgrade
in their credit ratings. And finally, we discussed
ADP's unique and highly critical role in providing
national employment data used by policymakers.
That fast private snapshot of labor growth. is
immensely valuable. And the recent decision in
mid 2025 to cease providing that specific data
stream to the Federal Reserve is a defining signal
of the shifting boundaries between corporate
proprietary holdings and public policy reliance.
And that leads us directly to our final provocative
thought for you to consider as you wrap up this
deep dive. Given that ADP was founded strictly
to provide a fundamental private business service
payroll, but now, through its sheer size, technological
complexity, and proprietary data holdings, plays
an essential public role in generating macroeconomic
indicators, what are the long -term implications?
When a private company can decide, as ADP did
recently, to stop providing a data stream that
was vital to the central banking system. It raises
profound questions about the ownership, accessibility
and potential monetization of the foundational
data that defines national economic truth. A
heavy, complex thought to end on, but one that
is essential for understanding the modern corporate
ecosystem. Thank you for joining us for this
deep dive into the extraordinary history and
economic power of automatic data processing,
Inc. We hope you walk away well -informed and
ready to connect those crucial historical and
economic dots. We'll see you next time.