JERSEY CITY - ADP Information and Processing Services Division has signed a letter of understanding to acquire the stock of Investment Software Systems.

The Littleton, Mass., firm develops software that runs news processing systems used by financial service companies, including banks. Its NewsAnalyst product weaves together news from a variety of real-time sources. The product's users include major financial institutions, international investment banks, and investment management firms.

Terms of the stock sale were not disclosed.

With approximately $2.4 billion in revenues and more than 300,000 clients, ADP is one of the largest independent computing services firms in the United States.

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