Broadridge Financial Solutions, Inc. [NYSE:BR], a global Fintech leader and part of the S&P 500® Index, and IBM Services [NYSE:IBM], today announced an agreement to bring new cloud-based solutions to Broadridge’s clients in the financial services industry.
As part of this strategic collaboration, Broadridge will create The Broadridge Private CloudTM powered by IBM and will transition a significant portion of its global infrastructure to IBM. This key milestone in its cloud strategy will enable Broadridge to better provide powerful industry solutions to leading financial institutions around the world, with improved speed to market, flexibility, and resiliency.
Accelerating its shift to a hybrid cloud model will enable Broadridge to further deliver next-generation SaaS solutions to its clients through industry leading technology infrastructure. Today’s announcement marks Broadridge’s move of its mission-critical workloads to the cloud with IBM, to help further transform the financial services industry. Leveraging IBM’s open source capabilities allows infrastructure flexibility and will provide Broadridge new opportunities to invest in its application portfolio, adding new capabilities to its market-leading solutions. By implementing Red Hat OpenShift platform, the industry's most comprehensive Kubernetes platform, Broadridge will also be able to manage workloads across its overall hybrid cloud infrastructure.
“The Broadridge Private Cloud powered by IBM, will increase our ability to more rapidly deliver next-gen and mission-critical solutions to our clients around the world,” said Mark Schlesinger, Broadridge’s Chief Information Officer. “Accelerating our cloud strategy will enable clients to leverage an industry-leading, highly flexible and resilient technology platform and allow Broadridge to accelerate our product roadmap, providing our clients with faster access to new industry solutions incorporating the ABCDs of InnovationTM (AI, Blockchain, Cloud, Digital),” Mr. Schlesinger added.
“We look forward to bringing the power of IBM’s hybrid cloud capabilities and financial services industry experience to Broadridge’s mission-critical infrastructure that powers the global financial markets,” said Rodrigo Kede Lima, General Manager, IBM Global Technology Services. “The Broadridge Private Cloud, along with the world’s first financial services-ready public cloud, recently launched by IBM, showcases how IBM is working with key clients all over the world to address critical requirements of financial services institutions with regulatory compliance, security and resiliency.”
The financial services industry continues to face challenges from new and existing competitors, generating the constant need for new, innovative products and services. Additionally, increased regulatory and compliance requirements are driving the need for improved security and resiliency. By engaging with IBM, Broadridge and its clients have a service provider with experience in providing hybrid cloud managed services with a keen awareness of the regulatory and compliance demands of the financial services industry globally.
IBM is bringing its deep financial services industry experience to help generate long term value to Broadridge and its clients. Over this multi-year agreement, IBM will help modernize Broadridge’s infrastructure to provide automated private cloud services for its critical workloads. In addition, IBM cloud will provide new application development capabilities for Broadridge’s businesses. As Broadridge continues to develop and deploy new applications in the cloud, IBM will also assist with design and migration services along with its ongoing support.
IBM and Broadridge Financial signed this transaction in IBM's fourth quarter of 2019.