Broadridge Financial Solutions, an investor communication solutions provider for financial market has given its nod for buying Bonaire Software Solutions, a provider of fee calculation, billing and revenue and expense management solutions.
The two companies will benefit from each other’s complementary market and client linkages. The acquisition will enable Broadridge to expand its already impressive solution suit which includes technology driven investor communication solutions as well as securities processing services and other integrated services. Post acquisition, Broadridge will be able to offer its financial sector clients an extended suit of solutions, integrating three of Bonaire’s robust, enterprise grade products, namely REVPORT, PAYPORT and EMPOWER BI.
REVPORT is a multi-asset, revenue management platform that performs fee billing calculations based on asset performance. PAYPORT is an accounts receivables and collections solution designed for the asset management industry. EMPOWER BI is a business intelligence and management information platform.
The integration of Bonaire’s fee calculation engines will help strengthen the Broadridge platform for the asset managers, wealth managers and mutual funds.
For Bonair, merging with Broadridge means an opportunity to expand its global clientele and an extended reach into the new geographical territories. In addition, joining Broadridge is also expected to strengthen Bonaire's client service and sales. Bonair will be leveraging Broadridge client relationships and all technology assets and its global infrastructure to achieve all these.
“Bonaire is a great strategic fit for Broadridge. Its market-leading suite of solutions will extend Broadridge's offerings for asset managers, wealth managers and mutual funds, while strengthening our platform for the future,” said Richard J. Daly, chief executive officer of Broadridge Financial Solutions.
“We enjoy complementary market and client linkages, with aligned products that build off each other's strengths. Broadridge is uniquely positioned to accelerate the adoption of our fee calculation engines. Joining Broadridge will strengthen Bonaire's client service and sales, and its global footprint will help broaden our combined breadth of product applications to new geographies and clients,” noted Christopher John, chief executive officer of Bonaire, in a statement.
Few months back, Broadridge Financial Solutions reported financial results for the third quarter of its fiscal year 2013. For the three months ended March 31, 2013, the Company reported revenues of $577 million.
Edited by Alice Koganova