ROSELAND, N.J., Oct. 28, 2024 -- ADP Ventures is pleased to announce an investment in SPRX, an innovative AI-powered platform specializing in the automation of R&D tax credit claim processes. SPRX is a one stop shop R&D tax credits provider that computes eligible credits, prepares a report, and provides IRS audit support. Its AI automates over 80% of the tasks involved in collecting complex R&D tax credit information, saving customers time and money, and helping to mitigate the risk of a lengthy IRS tax audit.
Many organizations leave tax credits unclaimed because the process is nuanced and time-intensive and has extensive documentation and compliance requirements. By automating these steps, SPRX has reduced the process from an average of 270 days to just ~5 days.
ADP Venture’s investment in SPRX highlights our responsiveness to market needs, facilitating the continued enhancement of advanced tools that simplify processes and enhance business value. This move reflects ADP’s commitment to staying at the forefront of emerging trends that help businesses succeed in today’s dynamic market.
“Our investment in SPRX is a win-win for both companies and is a prime example of how working with ADP Ventures can be a force multiplier to help startups scale while staying on top of innovation that could shape the R&D market for years to come,” says Usman “Oz” Khan, SVP of ADP Ventures.
About ADP(NASDAQ: ADP)
Designing better ways to work through cutting-edge products, premium services and exceptional experiences that enable people to reach their full potential. HR, Talent, Time Management, Benefits and Payroll. Informed by data and designed for people. Learn more at ADP.com
Forward-Looking Statements
This document and other written or oral statements made from time to time by ADP may contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Statements that are not historical in nature and which may be identified by the use of words like “outlook,”“expects,” “assumes,” “projects,” “anticipates,” “estimates,” “we believe,” “could,” “is designed to” and other words of similar meaning, are forward-looking statements. These statements are based on management’s expectations and assumptions and depend upon or refer to future events or conditions and are subject to risks and uncertainties that may cause actual results to differ materially from those expressed. Factors that could cause actual results to differ materially from those contemplated by the forward-looking statements or that could contribute to such difference include: ADP's success in obtaining and retaining clients, and selling additional services to clients; the pricing of products and services; the success of our new solutions; our ability to respond successfully to changes in technology, including artificial intelligence; compliance with existing or new legislation or regulations; changes in, or interpretations of, existing legislation or regulations; overall market, political and economic conditions, including interest rate and foreign currency trends and inflation; competitive conditions; our ability to maintain our current credit ratings and the impact on our funding costs and profitability; security or cyber breaches, fraudulent acts, and system interruptions and failures; employment and wage levels; availability of skilled associates; the impact of new acquisitions and divestitures; the adequacy, effectiveness and success of our business transformation initiatives; the impact of any uncertainties related to major natural disasters or catastrophic events; and supply-chain disruptions. ADP disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. These risks and uncertainties, along with the risk factors discussed under “Item 1A. Risk Factors” of our most recent Annual Report on Form 10-K, and in other written or oral statements made from time to time by ADP, should be considered in evaluating any forward-looking statements contained herein.
ADP, the ADP logo, and Always Designing for People, are trademarks of ADP, Inc. All other marks are the property of their respective owners.
