ADP is a global leader in payroll services and is responsible for paying 26 million people in the US, equal to one in every six workers, and 26 million more outside the US. It offers outsourced payroll management as well as time and attendance, benefits administration and compliances services. Client retention is impressive at over 90%. The company was founded in 1949 and today has revenue of over US$14 billion and a market capitalisation of US$74 billion. We see ADP as a leader in its market, earning attractive profitability and a management mindset to invest in the business and continuing to drive attractive earnings growth.