In a move that is expected to better position the company for long-term growth and help existing and prospective financial market clients enhance their operations and business models, Broadridge Financial Solutions (BR) announces the successful and on time migration of its currently outsourced data center and applications to IBM.
With the support of IBM, this transition is another example of Broadridge's ability to complete large-scale technology conversions on time and on budget.
The redundant infrastructure, which is ISO 27001 and ISO 9001 certified, provides state-of-the-art security and provides significant capabilities to scale to meet client needs. The data center supports the processing of over $4 trillion in equity and fixed income trades each day, services 13 of the 20 primary dealers of fixed income securities in the U.S. and processes more than one billion of investor communications each year.
"The on time migration to IBM marks the execution of a strategic initiative that will enhance our ability to deliver increased tangible value to clients," said Richard J. Daly, Chief Executive Officer, Broadridge. "Our clients are under pressure to right-size their operations and technology while seizing new opportunities for growth. Increasingly, they are turning to Broadridge for solutions."
"As a leading IT services provider for many international financial clients, we have applied our experience to help Broadridge and its clients pursue new opportunities and efficiencies in the fast-growing global capital markets industry," said Bob Zapfel, General Manager, IBM Global Technology Services, North America.
The agreement will enable Broadridge to better focus on helping clients transform their businesses to more effectively navigate competitive, regulatory and macro-economic pressures. During the 10-year IT services agreement, IBM will provide infrastructure services to Broadridge including data center, data center operations and network support. IBM will manage the sophisticated technology requirements for Broadridge's financial markets clients, from enhanced information security controls to advanced performance, as well as advances in infrastructure strategic solutions.
Broadridge and IBM also signed a business alliance agreement in April 2010. The business alliance is structructured to deliver an extensive portfolio of technology-based solutions and services to the financial services industry.