ADP Aquires Audatex Holding AG From Swiss Re

NJ-based Automatic Data Processing Inc. has completed its purchase of Audatex Holding AG, Zurich from the Swiss Reinsurance Company. The sale was first announced in September 1997 and is in line with Swiss Re's strategy to focus on the reinsurance business.

Audatex was formed in 1966 and has established itself in the computerized assessment of repair costs for damaged motor vehicles business. The company reported earnings of CHF 11.4 million on sales of CHF 117.9 million for 1997.

ADP, with over US$ 4 billion in revenue and more than 400,000 clients, is one of the largest independent computer services firms in the world. Terms of the transaction were not announced.