Partnership to boost the duo’s Canadian wealth management capabilities
Broadridge Financial Solutions, Inc. has announced the acquisition of Kyndryl’s Securities Industry Services (SIS) wealth and capital markets technology platform. This acquisition, as noted in a company statement, includes clearing and settlement, account record keeping, tax and regulatory reporting, and integrated order management activities for Canadian financial services firms.
Kyndryl will 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.”
Farhaz Thobani, president of Kyndryl Canada, also expressed optimism about the collaboration. “Broadridge has been a long-standing partner and this latest collaboration is a win-win for our Canadian clients,” he said. “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.”
According to the news release, 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.
Broadridge Financial Solutions is a global financial technology company with over $6 billion in revenue. It provides essential infrastructure for investing, corporate governance, and financial communications. Broadridge offers technology-driven solutions for banks, broker-dealers, asset and wealth managers, and public companies. Its infrastructure connects thousands of public companies and mutual funds with millions of individual and institutional investors worldwide. Broadridge’s platforms support the daily trading of more than $10 trillion in equities, fixed income, and other securities globally. The company is part of the S&P 500® Index and employs over 14,000 people across 21 countries.
