Broadridge Financial Solutions today announced that it has completed the acquisition of City Networks, a software and services provider of reconciliation, multi-asset process automation and operational risk management solutions to the global financial services industry.
The acquisition further accelerates Broadridge’s international strategic growth, extending its growing range of solutions and competencies to its existing bank-broker and asset management client base. The acquisition also increases Broadridge’s service reach into client domains such as FX and money markets and OTC derivatives.
City Networks is a highly respected solutions provider. Through its PROactive suite of solutions, it has a strong track record for product innovation, customer service, and over 400 clients globally. Its enterprise reconciliation solution delivers superior rules-based capabilities and integrated exception management from the earliest point in the trade lifecycle through to post-settlement for any type of financial instrument across all internal systems and external agents. Its confirmation matching solutions automate the processing of trade confirmations with unsurpassed match rates.
With immediate effect, City Networks will operate internationally as Broadridge City Networks, forming part of Broadridge’s Securities Processing Solutions business. With its workforce based in New York, London, Johannesburg, Tokyo, Hong Kong, Singapore and Sydney, its local and regional operations will combine with existing Broadridge operations to complement and increase Broadridge’s presence in these locations.
Tom Carey, president, Securities Processing Solutions – International, Broadridge, said, “We are delighted to welcome the associates of City Networks, and their clients, to Broadridge. They bring an impressive pool of domain talent and service expertise, and we look forward to working together and demonstrating our commitment to investing in the solutions and growing this business. The acquisition underlines Broadridge’s continued strategy of providing services on a global basis. We particularly look to use our strong market position in both the US and Canada to accelerate Broadridge City Networks’ business growth in North America.”
Richard Hill, founder and CEO of City Networks, said, “I am excited by the prospects that this offers our clients and staff, and look forward to the increased opportunities for City Networks with Broadridge.”
Marcus Dutton, director, City Networks, has been appointed as general manager of Broadridge City Networks. Commenting on the acquisition, he said, “Broadridge is an internationally respected, premier solutions provider across the financial services industry, with an exceptional focus on providing enduring value to its clients, its associates and its shareholders. City Networks has a proud record of innovating and delivering process automation solutions, and with Broadridge’s full backing we are now exceptionally well positioned to add further momentum to our business.” Dutton reports into Tom Carey.