Broadridge Financial Solutions has acquired buy-side technology and services outfit Paladyne Systems for around $76.5 million.
Founded in 2005, New York-headquartered Paladyne provides investment management tech to over 125 hedge funds, asset managers, fund administrators and prime brokers.
Its front-, middle- and back-office platform includes multi-asset class order and portfolio management tools, reference data, pricing and valuation management applications, and data warehousing.
Richard Daly, CEO, Broadridge, says: "The acquisition of Paladyne will significantly expand Broadridge's position as a service provider to buy-side clients. Buy-side firms purchase nearly 40% of capital markets technology and services and represent a segment of virtually untapped opportunity for Broadridge."