ADP Buys Shark For $18M To Help Buy-Side Cause
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Having permitted Bridge Information Systems Inc. to go by the boards, ADP has signed a letter of intent to purchase the assets of equity quote specialist Shark Information Services Corp. The agreement, which was signed on March 6, stipulates that--in addition to assuming Shark's $2 million in debt--ADP will cough up roughly $18 million in cash to the smaller vendor's parent, San Francisco-based Data Broadcasting Corp. (DBC). In return, ADP will take ownership of Shark's installed base of around
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