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It is +9.6% in 2026. Demand side (avg +4%), the stock (+9.6%) and supply side (avg +12%) are moving in step. Propagation has completed a lap, so the next leg depends on individual results more than chain direction. Among connected nodes the furthest ahead is Amazon (+12%) and the furthest behind is Microsoft (+4%). If chain logic explains the gap, the laggard is the next propagation candidate; if not, the link itself deserves a second look. It spends on service delivery and implementation, cloud and software, benefits pass-throughs, and insurance, and it has acquired workforce-management software.","analysis_asof":"2026-09-04"},"edges":[{"direction":"investment","counterparty":"WorkForce Software","counterparty_slug":null,"confidence":"high","metric":{"type":"amount","unit":"USD","as_of":"2026-08-05","basis":"WorkForce Software 매입가격","value":1170800000,"period":"October 2024 acquisition","basis_en":"Purchase price for WorkForce Software","qualifier":null},"note":"ADP는 대기업용 인력관리 기능을 보강하기 위해 WorkForce Software를 인수했다. SEC 공시가 매입가격을 제시하고 Nucleus Research가 제품·시장 측면의 인수 효과를 분석했다.","note_en":"ADP acquired WorkForce Software to strengthen workforce-management capabilities for large enterprises. 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The filing directly reports the policy-year premium.","sources":[{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-08-05","url":"https://www.sec.gov/Archives/edgar/data/8670/000000867026000030/adp-20260630.htm","title":"AUTOMATIC DATA PROCESSING INC 10-K (2026-08-05)","title_en":"AUTOMATIC DATA PROCESSING INC 10-K (2026-08-05)","excerpt":"ADP Indemnity는 처브와의 재보험 계약에 2억7,800만 달러의 보험료를 지급했다.","excerpt_en":"paid a premium of $278.0 million to enter into a reinsurance arrangement with Chubb Limited"}]},{"direction":"cost","counterparty":"아마존","counterparty_slug":"amazon","confidence":"mid","metric":{"type":"amount","unit":"USD","as_of":"2026-09-08","basis":"ADP의 AWS 클라우드 서비스 이용액","value":null,"period":"ongoing as of 2026-09-08","basis_en":"ADP spending on AWS cloud services","qualifier":"confirmed_no_disclosed_value"},"note":"AWS는 ADP의 전략적 클라우드 공급사다. ADP는 급여와 HCM 애플리케이션을 AWS로 이전하고 AWS 서비스를 사용하지만 계약 금액은 공개하지 않았다.","note_en":"AWS is ADP's strategic cloud provider. ADP has migrated payroll and HCM applications to AWS and uses AWS services, but the contract value is not disclosed.","sources":[{"stance":"confirms","publisher":"아마존","publisher_en":"Amazon","kind":"news","lang":"en","published_at":"2026-09-08","url":"https://press.aboutamazon.com/aws/2026/9/adp-partners-with-aws-to-accelerate-ai-powered-innovation-in-human-capital-management","title":"ADP와 AWS, HCM의 AI 혁신 가속을 위한 파트너십 확대","title_en":"ADP Partners with AWS to Accelerate AI-Powered Innovation in Human Capital Management","excerpt":"확대된 파트너십은 AWS가 ADP의 전략적 클라우드 공급사임을 확인했다.","excerpt_en":"The partnership affirms AWS as ADP's strategic cloud provider."},{"stance":"confirms","publisher":"아마존웹서비스","publisher_en":"Amazon Web Services","kind":"ir","lang":"ko","published_at":"2023-07-17","url":"https://d1.awsstatic.com/psc-digital/2023/gc-300/mod-web-and-mobile/accelerate-full-stack-web-mobile-app-development-ko.pdf","title":"ADP, MyADP 및 ADP 모바일 애플리케이션에서 진화하는 단일 글로벌 경험 제공","title_en":"Evolving ADP's Single Global Experience in MyADP and ADP Mobile Applications","excerpt":"시스템을 AWS로 마이그레이션하면서 간소화되었습니다.","excerpt_en":"Migrating our systems to AWS made everything simpler."}]},{"direction":"revenue","counterparty":"코카콜라 유로퍼시픽 파트너스","counterparty_slug":"coca-cola-europacific-partners","confidence":"mid","metric":{"type":"amount","unit":"USD","as_of":"2025-10-10","basis":"코카콜라 유로퍼시픽 파트너스의 ADP Global Payroll 이용액","value":null,"period":"ongoing as of 2025-10-10","basis_en":"Coca-Cola Europacific Partners spending on ADP Global Payroll","qualifier":"confirmed_no_disclosed_value"},"note":"코카콜라 유로퍼시픽 파트너스는 ADP Global Payroll을 도입해 여러 지역의 급여 처리를 표준화한 전략 고객이다. 상대별 계약 금액은 공개되지 않았다.","note_en":"Coca-Cola Europacific Partners is a strategic client that adopted ADP Global Payroll to standardize payroll across its regions. The contract value is not disclosed.","sources":[{"stance":"confirms","publisher":"ADP","publisher_en":"ADP","kind":"ir","lang":"en","published_at":"2025-10-10","url":"https://www.adp.com/resources/what-others-say/testimonials/g/global-payroll-solution-coca-cola-europacific-partners.aspx","title":"ADP 글로벌 급여 솔루션 도입","title_en":"Adopting a Global Payroll Solution with ADP","excerpt":"CCEP는 ADP Global Payroll을 도입해 급여와 인사 시스템을 표준화했다.","excerpt_en":"By adopting ADP Global Payroll solution, CCEP was able to provide one standardized, common view of payroll."}]},{"direction":"revenue","counterparty":"마이크로소프트","counterparty_slug":"microsoft","confidence":"mid","metric":{"type":"amount","unit":"USD","as_of":"2023-08-15","basis":"마이크로소프트의 ADP 급여 서비스 이용액","value":null,"period":"ongoing as of 2023-08-15","basis_en":"Microsoft spending on ADP payroll services","qualifier":"confirmed_no_disclosed_value"},"note":"마이크로소프트의 글로벌 급여 조직은 ADP를 핵심 외부 공급사로 사용하며 직원 급여 운영에 협력한다. 상대별 계약 금액은 공개되지 않았다.","note_en":"Microsoft's global payroll organization uses ADP as a key external vendor and works with it on employee payroll operations. The contract value is not disclosed.","sources":[{"stance":"confirms","publisher":"ADP ReThink Quarterly","publisher_en":"ADP ReThink Quarterly","kind":"news","lang":"en","published_at":"2023-08-15","url":"https://rethinkq.adp.com/jennifer-collins-microsoft-payroll/","title":"위기 속에서도 직원 급여를 지킨 제니퍼 콜린스","title_en":"Jennifer Collins on Getting Employees Through a Crisis","excerpt":"마이크로소프트 급여 책임자는 ADP를 핵심 공급사라고 설명했다.","excerpt_en":"Our payroll team members need to apply relationship-building skills with our key vendors, like ADP."}]}]}