As part of its strategy to expand the electronic communication solutions in its Investor Communications business, Broadridge Financial Solutions, Inc. (NYSE:BR) today announced it has acquired Forefield, Inc., a leading provider of real-time sales, education, and client communication solutions for financial institutions and their advisors, for a purchase price of $19.5 million.
Forefield's web-based platform enables financial advisors to deliver current and concise educational and marketing materials to their clients. The integration of Forefield's content with the Broadridge platform will provide Broadridge clients with access to more than 3,000 pieces of financial planning content including articles and client presentations, monthly and weekly newsletters, time sensitive flash videos, seminars, and interactive calculators designed to help investors make informed decisions about their financial future. Resources are continuously updated to reflect current legislation and industry trends and are written to satisfy applicable FINRA compliance requirements.
Last year, more than 60,000 financial advisors at 145 enterprises used Forefield's educational and marketing content to effectively communicate with investors and manage their business. Many of those same enterprises also utilize Broadridge's leading distribution solutions to deliver regulatory and transactional information to investors.
"Uniting Forefield's content and tools with Broadridge's investor communications platform enables Broadridge to provide a single access point through which financial institutions and their advisors can manage the full range of materials they need to serve their clients. This powerful solution will help advisors grow their business," stated Doug DeSchutter, President, Customer Communications, Broadridge. "This transaction both accelerates Broadridge's e-strategy and is economically attractive, with an expected return on investment in excess of 20 percent. We look forward to integrating Forefield's innovative technology and team of financial content experts into Broadridge," Mr. DeSchutter added.
"Joining Broadridge gives Forefield access to unique content, applications, and resources that will help us execute our mission to assist financial institutions and their advisors to efficiently deliver relevant and compliant sales and educational materaal materials while growing Forefield's solution suite to meet the industry's booming demand for enhanced methods of investor communications," commented Brent Delehey, Chief Executive Officer, Forefield, Inc. "We are very excited about combining Forefield and Broadridge technologies and together providing effective and efficient communication solutions for the financial services industry," Mr. Delehey added.