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August 17, 2010 at 08:00 PM
Broadridge Financial Solutions, Inc. announced Tuesday, August 17, that it had signed an agreement to acquire NewRiver, Inc., a leader in electronic investor disclosure solutions, for approximately $77 million. The merger has been approved by the Boards of Directors of both companies, and the firms say the transaction is expected to close this month.
NewRiver, which was founded in 1995 and provides compliance solutions to some of the industry’s leading mutual funds, variable annuity insurers, retirement plan administrators, and brokerage firms, is well known for pioneering the first electronic prospectus.
Robert Schifellite, president of Investor Communication Solutions at Broadridge, said in a statement, that “combining the best-of-breed compliance communication tools and technology of our two organizations will enable us to provide a broader and deeper set of compliance communication solutions for our brokerage, mutual fund, and annuity and retirement plan administrator clients.” At the same time, he said, “NewRiver’s capabilities will enable us to help our clients continue the transition toward electronic document delivery and access a richer set of electronic solutions.” NewRiver’s associates, located in Andover, Massachusetts, and New Delhi, will become part of Broadridge’s Investor Communication Solutions division.
