HOFFMAN ESTATES, Ill. — CDK Global Inc. was officially spun off from Automatic Data Processing Inc. on Tuesday, September 30, 2014. The new independent company begins trading as a member of the S&P MidCap 400 Index.
“This is a monumental day in our history and marks the next step of our journey,” said Steve Anenen, president and CEO of CDK Global. “There are many driving forces impacting this industry — consumers expecting an improved buying and service experience, and dealerships and manufacturers who see the value of innovative technology to improve productivity and profitability.
“As the global technology partner of choice, we are well positioned to provide ‘mission critical’ digital marketing and retail technology services to move this industry faster forward."
As a result of the spinoff, ADP shareholders received one share of CDK Global stock for every three shares of stock they held in ADP on Sept. 24, 2014. Approximately 160.6 million shares of CDK Global stock were distributed on Sept. 30, 2014, to ADP shareholders.
Originally posted on F&I and Showroom