Broadridge Financial Solutions has acquired Pittsburgh-based enterprise-wide reporting and data management solution vendor Access Data Corporation, with a view to strategically expanding its investor communications hub, data aggregation and data management solutions. Gerard Scavelli, president of mutual fund solutions at Broadridge, says the main draw for the vendor was the smaller vendor’s technology platform, SalesVision.
“Access Data’s unique technology adds a new dimension to our servicing capabilities and is the foundation of our strategy of offering innovative and comprehensive data solutions to the global financial services industry. Our acquisition of Access Data enables Broadridge to offer our clients the superior data quality, transparency and oversight that is integral to their ongoing growth strategies,” says Scavelli.
The vendor hopes that the combination of Access Data’s proprietary applications and Broadridge’s data aggregation capabilities will make its offering more attractive to the mutual funds market, as well as providing it access to the financial intermediary servicing market. Access Data’s solutions provide enterprise-wide reporting and data management services to asset management firms and financial intermediaries via the SalesVision platform. Broadridge is therefore hoping to use the platform to provide its clients with data relating to distribution results, administering wholesaler compensation and distribution payments, and managing shareholder compliance.
Richard Daly, CEO of Broadridge, adds: “This represents the type of strategic acquisition we have been looking to execute. The addition of Access Data’s solutions will enable us to leverage our industry position and offer a more complete solution for critical processing services between funds and broker-dealers.”
Despite a rocky start to the year in terms of revenues, the vendor has been busy attempting to enhance its market offering with the signing of strategic partnerships and product upgrades. Thus far, Broadridge has signed three partnership agreements, with Oracle, Information Mosaic and NewRiver and launched a couple of new services, such as its Virtual Shareholder Meeting service last month.