New Entity Structure to Maximize Growth Opportunities for Ceridian HCM and Comdata
Ceridian announced last week that it has completed the legal separation of its Human Capital Management (HCM) and Payments businesses. Ceridian completed the separation on October 1, 2013 through a series of transactions that result in the Payments business being operated as Comdata Inc. (“Comdata”), and the HCM business being operated as Ceridian HCM Holding Inc. (“Ceridian HCM”).
Stuart C. Harvey, Jr. will serve as Chairman of the Board for both Comdata and Ceridian HCM, as well as remaining as the Chief Executive Officer of Comdata. Majority owners and financial partners, funds affiliated with Thomas H. Lee Partners, L.P. and Fidelity National Financial, Inc. remain the same for both Comdata and Ceridian HCM.
Ceridian HCM has seen tremendous market success in the last twelve months. The award-winning Dayforce HCM cloud solution had approximately 750 live clients as of June 30, 2013. Dayforce HCM is a single application for payroll, benefits, time, scheduling and human resources. In addition, the LifeWorks Wellness solution has more than 14 million members using the web, phone, and mobile applications. David Ossip will continue to lead Ceridian HCM as its Chief Executive Officer, David MacKay as President and Lois Martin as Chief Financial Officer.
“The new structure enables our team to continue to innovate in human capital management, helping our clients engage their employees and create the most effective workforce possible,” says David Ossip, CEO, Ceridian HCM. “We will remain focused on delivering trusted results and transformative technology.”
Comdata is a driving force in payment innovation in the fleet, healthcare and retail industries. With leadership from Stuart Harvey as Chief Executive Officer and Steve Stevenson as President and Chief Financial Officer, Comdata continues to evolve card-based and virtual payment products to serve the needs of its customers.
This year, Comdata launched several innovative products, including a mobile application for gift cards, FleetAdvance, ConnectPay, and SmartSight. Stevenson notes, “At Comdata, we are proud of our rich history and look forward to this next chapter where we continue to develop leading payment solutions.”
“This is an exciting time for both businesses to optimize momentum and take advantage of its opportunities,” adds Harvey. “Comdata is a leader in global commercial payments and advanced data solutions, and Ceridian HCM is transforming human capital management with the award-winning, game-changing Dayforce HCM single application.”
About Ceridian HCM
Ceridian HCM is a leader in human capital management with more than 100,000 clients in over 50 countries. Ceridian HCM delivers trusted results and transformative technology. Our offering includes the award winning, cloud-based Dayforce HCM, LifeWorks, PowerPay and International Payroll. Ceridian HCM is transforming the world of work. For more information about Ceridian HCM solutions, call 1-800-729-7655 or visit http://www.ceridian.com.
Comdata Inc. is a leading business-to-business provider of innovative electronic payment solutions. As an issuer and a processor, Comdata provides fleet, corporate payment, healthcare, virtual card, and prepaid solutions to over 30,000 customers. Comdata’s SVS division is a global gift card and loyalty innovator that manages over 600 million cards and processes over 1 billion transactions from over 45 countries and in 26 currencies worldwide every year. Founded in 1969 and headquartered in Brentwood, Tennessee with more than 1,200 employees globally, Comdata enables over $60 billion in payment volume annually. For more information about Comdata solutions, call 1-(800) 266-3282 or visit http://www.comdata.com.