Broadridge Financial Solutions has acquired City Networks, a long-standing UK-based provider of reconciliation, multi-asset process automation and operational risk management software and services to the finance industry. Financial terms were not disclosed.
City Networks was founded in the wake of the City of London's Big Bang as a broker network in 1987. With offices in London, New York, Singapore, Hong Kong, Tokyo, Johannesburg and Sydney, City Networks claims over 400 customers, including 40 of the world's top 50 tier one banks.
It will now operate internationally as Broadridge City Networks, forming part of the buyer's securities processing solutions business. Marcus Dutton, director, City Networks, has been appointed as general manager of the new Broadridge unit. City Networks' founder and CEO Richard Hill will remain on call as a "strategic advisor" to the business.
Broadridge says the acquisition accelerates its international growth plans and extends its reach into foreign exchange and money markets and OTC derivatives.
Tom Carey, president, securities processing solutions, international, Broadridge, says: "The acquisition underlines Broadridge's continued strategy of providing services on a global basis. We particularly look to use our strong market position in both the US and Canada to accelerate Broadridge City Networks' business growth in North America."