Broadridge Financial Solutions, Inc. (NYSE:BR), a leading global provider of technology-based outsourcing solutions to the financial services industry, today announced that it has successfully completed the acquisition of Investigo Corporation.
The acquisition increases Broadridgeâs commitment to enterprise data management and compliance solutions and complements a number of Broadridge initiatives targeted to support the wealth management strategies of its customers. Technology spending for wealth management is one of the fastest growing expenses in the securities industry. Both Investigoâs products and technologies can be leveraged to add value to the unique wealth management solutions Broadridge offers its customers.
âInvestigoâs solution has proven to be readily scalable and is already making a difference for a number of large financial services firms. They are a strong addition to the Broadridge family,â said Richard J. Daly, Chief Executive Officer, Broadridge Financial Solutions. âAt the same time, the acquisition of Investigo demonstrates our commitment to buy customer-focused organizations that can deliver innovative solutions to our clients,â Daly added.
The Investigo Enterprise Solution provides financial services enterprise data consolidation from multiple sources, including clearing houses, custodians and back office systems, into a central repository. It aggregates client account, position and transaction data to create a single structured data repository that provides accurate and reliable information to all applications across the enterprise. These include a number of critical applications available from Investigo as well as proprietary and third-party applications. Investigoâs data model can be further leveraged to deliver targeted data sets for customer-defined needs.
âInvestigo is a great fit in our Securities Processing Solutions business. Their technology and deep understanding of its applications will enable us to tailor better and deeper solutions for financial institutions confronting the need to seamlessly combine customer and transaction information from multiple sources to achieve their business, relationship management and compliance strategies,â said Charlie Marchesani, President of Broadridge Securities Processing Solutions.
Investigo customers include major financial institutions and their advisors, such as broker-dealers, clearing firms, institutional custodians, money managers and insurance carriers. Investigo aggregates millions of accounts on a daily basis to update a customerâs data repository.
"Our acquisition by Broadridge will provide Investigoâs customers with a globally strong business partner with over $2.0 billion in revenues and a 40-plus year track record of providing superb service to financial services organizations of all sizes. Broadridgeâs resources and experience will enable us to support an ambitious schedule of product development while constantly improving the quality and service levels of all of our offerings,â said Scott Fergusson, Co-Founder of Investigo.
Mr. Fergusson will become Vice President of Product Management and Development, where he will lead the development of a number of new initiatives. These include further enhancements to the business intelligence value of the data model, automation of direct business with mutual funds and insurance carriers and broader compliance offerings.
Broadridge plans to continue to use Investigoâs architecture and technology for new service offerings and will continue to support all of Investigoâs current solutions. It is anticipated that there will be no technology changes or development required by Investigoâs current customers.
Cantor, Fitzgerald & Co. served as Investigo Corporationâs financial advisor on this transaction.