Automatic Data Processing, the US software house, has bought Bank of America's clearing and brokerdealer divisions as it sets about launching a new outsourcing business.

ADP has bought the US Clearing and the BrokerDealer Services arms from the bank to expand its back office division brokerage services group. Terms of the deal, which ADP said would increase revenue by approximately $85m (€69.9m) and brings around 400 employees, were not disclosed.