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Broadridge Financial Solutions
Company typePublic
NYSE: BR
S&P 400 Component
IndustryFinancial technology
Founded
  • 1962 (as brokerage services arm of ADP)
  • 2007 (as independent public company)
HeadquartersLake Success, New York, U.S.
Key people
RevenueUS$4.1B (FY 2017)[1]: 19 
US$327M (FY 2017)[1]: 19 
Total assetsUS$3.15B (FY 2017")[2]
Total equityUS$1.004B (FY 2017)[2]: 55 
Number of employees
10,000 (2017)[1]: 2 
Websitewww.broadridge.com

Broadridge Financial Solutions, Inc. is a U.S.-based global provider of communications, technology, data and analytics for the financial industry and others. Originally created as the brokerage services arm of Automatic Data Processing (ADP) in 1962, Broadridge spun off as an independent public company in 2007. The main fields of work are in securities processing, clearing and investor communications. A main business of Broadridge is electronic proxy voting.

History

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Broadridge Financial Solutions was created as the brokerage services arm of New Jersey-based ADP in 1962.[3] The company expanded its U.S. securities processing business in 1979 to include Canadian securities.[4] In 1989, Broadridge launched its proxy services business.[5]

Broadridge expanded in the 1990s through several acquisitions. In 1992, it acquired the Independent Election Corporation of America, which processed proxies, annual reports and other corporate communications.[6] Broadridge bought multi-currency clearance and settlement services company Wilco International in 1995.[7] Forbes reported that by 1999, the company was "handling investor communications for 90 percent of securities held of record by American banks and broker-dealers".[8]

Broadridge bought print centers in Dallas, Texas and Columbus, Ohio in 2001, and in 2002 began on-demand printing.[9]

The company became a wholly owned subsidiary of ADP on March 29, 2007.[10] The next day, it spun off as an independent public company.[10] Since going public, Broadridge expanded through a series of acquisitions to grow its service offerings, including the 2010 acquisition of NewRiver, Inc., an electronic investor disclosure firm, for $78 million.[8] The following year, Broadridge acquired Matrix Financial Solutions, which provided retirement products, for an undisclosed sum[11] and investment management services firm Paladyne Systems, Inc. for $76.5 million.[12][13] In 2016, the company acquired DST's North American Customer Communications business for $410 million[14] and M&O Systems, Inc., an advisor to wealth management firms, for $25 million in cash.[15] In 2017, it acquired institutional asset management data, analytics and research consultancy Spence Johnson for an undisclosed sum.[16]

Operations

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Broadridge Financial Solutions is headquartered in Lake Success, New York.[17] It publicly trades on the New York Stock Exchange under the symbol NYSE: BR[18] and is part of the S&P MidCap 400 Index. The company employs about 10,000 people.[19]

Broadridge is governed by a ten-member board of directors: Chairman Leslie A. Brun, Richard J. Daly, Robert N. Duelks, Richard J. Haviland, Brett A. Keller, Stuart R. Levine, Maura A. Markus, Thomas J. Perna, Alan J. Weber and Pamela L. Carter.[20]

Daly, who is also CEO, director, and former president, leads the company's executive team.[21] Chief Operating Officer Timothy C. Gokey became the company's president September 1, 2017.[21]

As of 2017, Broadridge is named among Fortune magazine's World's Most Admired Companies.[17]

Business segments

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Broadridge operates two main business segments: Investor Communications and Global Technology and Operations, primarily for the financial services industry.[19] Its clients are grouped into the following market segments: asset management, capital markets, wealth management and corporations.[22] Through Investor Communications, Broadridge processes regulatory communications, including proxy materials and mutual fund reports. In 2016, TheStreet.com reported that Broadridge sent more than 5 billion communications to 138 million household recipients.[23] As of 2013, the company processed 85 percent of outstanding shares voted in the U.S., and 72 percent of shares outside the U.S.[8] As such, the company has been said to have a near-monopoly on proxy services.[8] Broadridge's Global Technology and Operations unit offers transaction processing services, including productivity tools, data management, analytics, revenue and expense management and managed services.[24][19]

In 2017, Broadridge processed an average of $5 trillion each day in equity and fixed income trades of U.S. and Canadian securities.[25]

Acquisitions

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Acquisition Year References
Investigo Corporation 2008 [26]
Access Data Corp 2009 [27]
Forefield, Inc. 2010 [28]
StockTrans 2010 [29]
City Networks Ltd. 2010 [30]
NewRiver, Inc. 2010 [8]
Matrix Financial Solutions, Inc. 2011 [11]
Paladyne Systems, Inc. 2011 [12]
Bonaire Software Solutions, LLC 2013 [31]
Emerald Connect 2014 [32]
TwoFour 2014 [33]
Direxxis 2015 [34]
WTRIS 2015 [35]
FIS Unit of Thomson Reuters Lipper 2015 [36]
QED Financial Systems 2015 [37]
Anetics 2016 [38]
Dojima 2016 [39]
4sight Financial Software 2016 [40]
DST Systems (North American Customer Communications Business) 2016 [14]
Inveshare (Technology Assets) 2016 [41]
M&O Systems 2016 [15]
Message Automation 2017 [42]
Spence Johnson 2017 [16]
Summit Financial Disclosure LLC 2017 [43]
Morningstar’s 15(c) board consulting services 2018 [44]

See also

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References

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  1. ^ a b c "Annual Report 2017" (PDF). Broadridge Financial Solutions. 2017. Retrieved 9 January 2018.
  2. ^ a b : 28  Cite error: The named reference "Form10-K-2017" was defined multiple times with different content (see the help page).
  3. ^ Morris, Keiko (28 February 2017). "FinTech firm Broadridge Financial moving to booming Newark, N.J." The Wall Street Journal.
  4. ^ Broadridge Financial Solutions, Inc (Report). MarketLine. 24 April 2015. In 1979, the company expanded its securities processing solutions in the US to process Canadian securities.
  5. ^ Ibid. "BROADRIDGE started providing proxy services in 1989".
  6. ^ Ibid. "BROADRIDGE acquired the Independent Election Corporation of America, a company that processes proxies, annual reports, and other corporate communications to beneficial owners of securities held in street name by financial institutions, and broadened its proxy services business in 1992".
  7. ^ Ibid. "In 1995, the company acquired London-based Wilco International, a provider of multi-currency clearance and settlement services".
  8. ^ a b c d e Schaefer, Steve (30 October 2013). "The broad reach of Broadridge, the most important financial firm you've never heard of". Forbes. Retrieved 8 November 2017.
  9. ^ Broadridge Financial Solutions, Inc (Report). MarketLine. 24 April 2015. BROADRIDGE acquired IBM's print centers in Dallas, Texas and Columbus, Ohio in 2001. In the following year, the company acquired Argus Group and added on-demand customized print capabilities to its investor communication offerings.
  10. ^ a b "Form 10K" (PDF). Broadridge Financial Solutions. 2016. Retrieved 8 November 2017.
  11. ^ a b "Broadridge Financial (BR) completes acquisition of Matrix Financial Solutions". StreetInsider.com. 7 January 2011. Retrieved 8 November 2017.
  12. ^ a b "Broadridge appoints Bennett Egeth as president of investment management business". Hedgeweek. 31 January 2014. Retrieved 8 November 2017.
  13. ^ Schmerken, Ivy (8 September 2011). "Broadridge acquired Paladyne Systems for $76.5 million". Wall Street & Technology. Retrieved 8 November 2017.
  14. ^ a b Dornbrook, James (14 June 2016). "DST Systems will sell huge subsidiary for $410M". Kansas City Business Journal. Retrieved 8 November 2017.
  15. ^ a b Madore, James T. (9 November 2016). "Broadridge sales soar following merger; profits up slightly". Newsday. Retrieved 8 November 2017.
  16. ^ a b Baker, Sophie (11 July 2017). "Broadridge Financial Services acquires Spence Johnson". Pensions & Investments. Retrieved 8 November 2017.
  17. ^ a b "Broadridge Financial Solutions". Fortune. Retrieved 9 November 2017.
  18. ^ Madway, Gabriel (30 March 2007). "ADP completes spin-off of Broadridge". Market Watch. Retrieved 9 November 2017.
  19. ^ a b c "Company overview of Broadridge Financial Solutions, Inc". Bloomberg LP. Retrieved 9 November 2017.
  20. ^ "Company Overview of Broadridge Financial Solutions, Inc". Bloomberg LP. Retrieved 9 January 2018.
  21. ^ a b Madore, James T. (4 August 2017). "Gokey named president of Broadridge; Daly to remain CEO". Newsday. Retrieved 9 November 2017.
  22. ^ 2017 Form 10-K, p. 4
  23. ^ Greenberg, Gregg (22 November 2016). "Broadridge Financial bolstered by cloud capability, says CEO". TheStreet.com. Retrieved 9 November 2017.
  24. ^ 2017 Form 10-K, p. 5
  25. ^ 2017 Form 10-K, p. 12
  26. ^ Sims, David (1 August 2008). "Broadridge acquires Investigo". TMC News. Retrieved 9 November 2017.
  27. ^ "Broadridge acquires Access Data Corp". Network Computing. 21 May 2009. Retrieved 9 November 2017.
  28. ^ "Broadridge acquires Forefield". GlobalCustodian.com. Retrieved 9 November 2017.
  29. ^ "Broadridge Financial buys StockTrans". The Boston Globe. 9 March 2010. Retrieved 9 November 2017.
  30. ^ "Broadridge buys City Networks". Finextra. 21 June 2010. Retrieved 9 November 2017.
  31. ^ "Broadridge buys Bonaire to build data-driven strategy". BankingTech.com. Retrieved 9 November 2017.
  32. ^ Madore, James T. (26 February 2014). "Broadridge Financial Solutions buys Emerald Connect websites for $60M". Newsday. Retrieved 9 November 2017.
  33. ^ Madore, James T. (5 January 2015). "Broadridge moves into foreign exchange arena with purchase of TwoFour Systems". Newsday. Retrieved 9 November 2017.
  34. ^ Madore, James T. (3 March 2015). "Broadridge Financial buys Direxxis LLC". Newsday. Retrieved 9 November 2017.
  35. ^ Jake Safane (23 January 2015). "Broadridge to acquire trade processing arm of M&T Bank for retirement industry". GlobalCustodian.com. Retrieved 9 November 2017.
  36. ^ Tanaya Macheel (21 May 2015). "Thomson Reuters to sell competitive intelligence unit to Broadridge". American Banker. Retrieved 9 November 2017.
  37. ^ Jeff Patterson (12 November 2015). "Broadridge acquires QED Financial Systems, fortifying investment solutions". FinanceMagnates.com. Retrieved 9 November 2017.
  38. ^ Mark Dugdale (5 February 2016). "Broadridge acquires Anetics". Securities Lending Times. Retrieved 9 November 2017.
  39. ^ Jeff Patterson (11 May 2016). "Broadridge acquires Dojima, fortifying global post trade management solution". FinanceMagnates.com. Retrieved 9 November 2017.
  40. ^ Jeff Patterson (14 June 2016). "Broadridge acquires 4sight financial software in latest M&A move". FinanceMagnate.com. Retrieved 9 November 2017.
  41. ^ "Broadridge Financial buys Inveshare technology assets for $95 million upfront". PYMNTS.com. 21 September 2016. Retrieved 9 November 2017.
  42. ^ "Broadridge buys Message Automation for undisclosed amount". Reuters. 9 March 2017. Retrieved 9 November 2017.
  43. ^ "Broadridge acquires Summit Financial Disclosure LLC". Reuters. 2 October 2017. Retrieved 9 January 2018.
  44. ^ Madore, James T. (2 January 2018). "Broadridge Financial Solutions buys Morningstar unit". Newsday. Retrieved 9 January 2018.
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