Global Fintech leader Broadridge Financial Solutions, Inc. (NYSE:BR) announced today that it will acquire Kyndryl’s Securities Industry Services (SIS) wealth and capital markets technology platform.
SIS solutions include clearing and settlement, account record keeping, tax and regulatory reporting and integrated order management activities for Canadian financial services firms. Kyndryl intends to work with Broadridge Canada to provide managed services and capabilities to SIS.
“The partnership with Kyndryl and the acquisition of the SIS business further underscores Broadridge’s long-standing commitment to being a leading technology provider to Canadian financial services firms,” said Karin Kirkwood, President of Broadridge Canada. “The combination of Kyndryl’s SIS technology business and managed services with the industry-leading Broadridge Wealth Platform will further accelerate our ability to bring innovation to Canada and meet the increasingly complex needs of Canadian companies.”
“Broadridge has been a long-standing partner and this latest partnership is a win-win for our Canadian customers,” said Farhaz Thobani, President of Kyndryl Canada. “Broadridge shares our commitment to drive technology innovation at scale, making it the right buyer for the SIS business and bringing additional innovation to our customers.”
The transaction is not expected to have a material impact on Broadridge’s financial results and is expected to close in the coming months subject to customary closing conditions, including regulatory approvals. RBC Capital Markets acted as the exclusive financial advisor to Broadridge in this transaction.