Broadridge Financial Solutions, Inc. (BR) today announced the closing of its acquisition of Bonaire Software Solutions, LLC - a leading provider of fee calculation, billing, and revenue and expense management solutions for asset managers including institutional asset managers, wealth managers, mutual funds, bank trusts, hedge funds and capital markets firms.
Terms of the transaction were not disclosed.
"The addition of Bonaire is a great advancement in our strategy to offer expanded fee and expense management solutions to the financial services industry," said Gerard Scavelli, President, Mutual Funds and Retirement Solutions Group, Broadridge. "The combined Broadridge and Bonaire solutions will help create the transparency, automation and audit trails that firms need as they respond to increased regulatory scrutiny of fee calculations around the globe."
Bonaire will operate as part of Broadridge's mutual fund and retirement solutions group, with current management remaining at the firm and reporting to Mr. Scavelli.