NEW YORK and TORONTO, May 13, 2024 /PRNewswire/ -- Global Fintech leader Broadridge Financial Solutions , Inc. (NYSE:), today announced 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 partner with Broadridge Canada by providing managed services and capabilities to SIS.
"The partnership with Kyndryl and the acquisition of the SIS business further underscore 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 the SIS technology business and Kyndryl managed services with our industry-leading Broadridge Wealth Platform will further accelerate our ability to bring innovation to Canada and meet the increasingly complex needs of Canadian firms."
"Broadridge has been a long-standing partner and this latest collaboration is a win-win for our Canadian clients," said Farhaz Thobani, President of Kyndryl Canada. "Broadridge shares our commitment to drive technology innovation at scale, making them the right acquirer for the SIS business and bringing additional innovation to our clients."
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 on this transaction.
Forward-Looking Statements
This press release and other written or oral statements made from time to time by representatives of Broadridge may contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Statements that are not historical in nature, and which may be identified by the use of words such as "expects," "assumes," "projects," "anticipates," "estimates," "we believe," "could be," "on track," and other words of similar meaning, are forward-looking statements.
These statements are based on management's expectations and assumptions and are subject to risks and uncertainties that may cause actual results to differ materially from those expressed. These risks and uncertainties include those risk factors described and discussed in Part I, "Item 1A. Risk Factors" of our Annual Report on Form 10-K for the year ended June 30, 2023 (the "2023 Annual Report"), as they may be updated in any future reports filed with the Securities and Exchange Commission. All forward-looking statements speak only as of the date of this press release and are expressly qualified in their entirety by reference to the factors discussed in the 2023 Annual Report.
About Broadridge
Broadridge Financial Solutions (NYSE: BR), a global Fintech leader with more than $6 billion in revenues, provides the critical infrastructure that powers investing, corporate governance and communications to enable better financial lives. We deliver technology-driven solutions that drive business transformation for banks, broker-dealers, asset and wealth managers and public companies. Broadridge's infrastructure serves as a global communications hub enabling corporate governance by linking thousands of public companies and mutual funds to tens of millions of individual and institutional investors around the world. Our technology and operations platforms underpin the daily trading of more than U.S. $10 trillion of equities, fixed income and other securities globally. A certified Great Place to Work ®, Broadridge is part of the ® Index, employing over 14,000 associates in 21 countries.
For more information about us and what we can do for you, please visit www.broadridge.com.
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