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ADP grabs stake in Chinalink
By Pan Xiaoyi |
April 8, 2009, Wednesday
|
Online Edition
Online Edition
AUTOMATIC Data Processing Inc, a leading global human resource service provider, said it has acquired a major stake in Chinalink Professional Services Co. It will use its stake in the local company to ride on China's fast growing HRO market.
The Nasdaq-listed company said it would accelerate grabbing local market shares and targeted a growth rate of over 20 percent this year.
US-based ADP said the HRO market in China is young and had a huge market potential. The company was lured by room for profit as research company IDC has predicted the revenue generated by the industry is expected to reach US$1.5 billion in 2010, compared with US$1 billion now.
The merger will help the company build a more comprehensive national business line-up in China's fresh but promising HRO market, said Amer Akhtar, general manager of ADP China.
Akhtar said an increasing number of companies will begin to outsource human resource services in a bid to cut costs, especially small and medium-sized businesses. According to statistics, more than 99.5 percent of businesses in China are SMEs with fewer than 50 employees.
ADP, with annual business revenue of US$9 billion, helps over 586,000 global clients manage HR, payrolls, taxes and benefits.
The Nasdaq-listed company said it would accelerate grabbing local market shares and targeted a growth rate of over 20 percent this year.
US-based ADP said the HRO market in China is young and had a huge market potential. The company was lured by room for profit as research company IDC has predicted the revenue generated by the industry is expected to reach US$1.5 billion in 2010, compared with US$1 billion now.
The merger will help the company build a more comprehensive national business line-up in China's fresh but promising HRO market, said Amer Akhtar, general manager of ADP China.
Akhtar said an increasing number of companies will begin to outsource human resource services in a bid to cut costs, especially small and medium-sized businesses. According to statistics, more than 99.5 percent of businesses in China are SMEs with fewer than 50 employees.
ADP, with annual business revenue of US$9 billion, helps over 586,000 global clients manage HR, payrolls, taxes and benefits.
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