ADP Buys Stockmate; Largest Client Is Piper Jaffray
VENDOR STRATEGIES
In an attempt to strengthen its already dominant position in the retail brokerage marketplace, ADP has purchased the assets of retail quote vendor Stockmate Financial Systems Inc. The deal, which gives ADP control of the vendor's installed base of 2,300 broker quote terminals, had to be cleared through Stockmate's largest client, Piper Jaffray Inc., before it was finalized. Piper, whose 1,500 users rely on Stockmate, also owned a 15 percent stake in the vendor. The firm had been looking to
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