Broadridge completes acquisition of Itiviti, expands backoffice capabilities
Broadridge Financial Solutions has announced the completion of its acquisition of Itiviti Holding AB, a leader in trading and connectivity technology.
Broadridge is a large fintech firm that is focused on delivering technology-driven solutions to its large client base that includes banks, public companies, asset management firms and wealth managers as well. It is a publicly listed company and has over $4.5 billion in revenues.
Its acquisition of Itiviti is expected to make the company better-placed to handle the requirements of financial institutions that constantly deal with a rapidly evolving marketplace. Itiviti will become part of Broadridge’s Global Technology and Operations segment and its senior management team, including its CEO, will continue to remain in the company to help in driving the future expansion and growth of the company.
This deal was announced last month and it is a deal that is worth close to $2.5 billion. It is indeed a major acquisition for Broadridge but it also shows its commitment and desire to continue its growth as it expects its shareholder to get good value out of this deal.
Itiviti has offices at 16 locations around the world and this acquisition is expected to boost its sales growth as it pushes forward with the momentum and with the added backup of a large team at Broadridge supporting them.
Broadridge would be eyeing the European and Asian presence and market of Itiviti as part of this deal as the company currently has a major presence only in the Americas. The existing clientele of Itiviti would be useful for its global expansion plans and would also bring upon newer opportunities.
It is also to be noted that Itiviti had planned for transforming its services into the cloud and had planned to shift its operations into the Amazon Web services cloud infrastructure, as was reported at financefeeds. This was expected to provide various benefits to its clients including high connectivity, availability and efficiency as well.
This deal was expected to be completed only in the fourth quarter of this year but the early completion makes the intentions of both the companies very clear as they look to fast-track their growth.
