Global Fintech leader Broadridge Financial Solutions, Inc. (NYSE:BR), today announced that it will acquire Kyndryl’s Securities Industry Services (SIS) wealth and capital markets technology platform.
SIS solutions include clearing and settlement, account record keeping, tax and regulatory reporting, and integrated order management activities for Canadian financial services firms. Kyndryl intends to 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.”
“Broadridge has been a long-standing partner and this latest collaboration is a win-win for our Canadian clients,” said Farhaz Thobani, President of Kyndryl Canada. “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.”
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.