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Broadridge buys Access Data

21 May 2009  |  3537 views  |  0 Source: Broadridge Financial Solutions

Broadridge Financial Solutions (BR), a leading global provider of technology solutions to the financial services industry, today announced the acquisition of Access Data Corp. ("Access Data").

The acquisition is a strategic expansion of Broadridge's role as an investor communications hub, and its data aggregation and data management solutions for the mutual fund industry. The combination of Access Data's proprietary applications and Broadridge's unique data aggregation capabilities will provide significant value to mutual funds and financial intermediaries.

Access Data's solutions provide enterprise-wide reporting and data management services to asset management firms and financial intermediaries using its technology platform, SalesVision®. The only offering of its kind, SalesVision will assist Broadridge's clients by providing actionable information relating to distribution results, administering wholesaler compensation and distribution payments, and managing shareholder compliance -- all from a single platform.

The mutual fund and financial intermediary servicing markets are sizeable, and the combined platforms will enable Broadridge to grow market share in those markets. Broadridge will leverage its unique processing capabilities, data repositories and existing Investor Communication Solutions relationships with mutual funds, banks and broker-dealer firms to offer data solutions to the approximately 700 mutual fund complexes and over 5,400 intermediaries in the U.S. These solutions will assist in making activity related to assets within the estimated $9.2 trillion mutual fund industry more transparent.

"Access Data's unique technology adds a new dimension to our servicing capabilities and is the foundation of our strategy of offering innovative and comprehensive data solutions to the global financial services industry," stated Gerard Scavelli, President, Mutual Fund Solutions, Broadridge. "Efficiently increasing assets under management and diminishing risk are paramount for firms to remain competitive in today's marketplace. Our acquisition of Access Data enables Broadridge to offer our clients the superior data quality, transparency and oversight that is integral to their ongoing growth strategies," Mr. Scavelli added.

"This represents the type of strategic acquisition we have been looking to execute. The addition of Access Data's solutions will enable us to leverage our industry position and offer a more complete solution for critical processing services between funds and broker-dealers. Access Data gives us a clear path to grow quickly and service this exciting mutual fund market," said Richard J. Daly, Chief Executive Officer, Broadridge. "I am delighted to welcome the highly skilled Access Data associates to Broadridge. They pioneered mission-critical solutions that provide transparency of comprehensive mutual fund sales and asset data. Together under the Broadridge umbrella, we can grow to achieve the same pinnacle of industry leadership as we have with our core communications solutions," Mr. Daly added.

"Broadridge and Access Data share a common business model and focus. We eliminate the need for our clients to manage complex technology utilizing our Software as a Service (SaaS) delivery model. This allows them to focus on running their businesses using our groundbreaking solutions and investment industry data," commented Daniel Cwenar, President, Access Data. "As part of Broadridge, our clients will gain access to the expansive solution set, industry expertise, and resources of a strong, global service provider that has successfully served the financial services industry for over four decades," he added.

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