Broadridge Paid $406M for 3 Acquisitions in 2019
The terms of two of the deals weren't previously disclosed.
Broadridge Financial Solutions paid a combined $406.4 million for three major acquisitions that the company made in its fiscal year ended June 30, according to a 10-K filing with the Securities and Exchange Commission on Tuesday.
Those acquisitions included Rockall, a provider of securities-based lending and collateral management solutions for wealth management firms and commercial banks, for $41.9 million, completed in May; RPM Technologies, a provider of enterprise wealth management software solutions and services, for $302.9 million in June; and the retirement plan custody and trust assets of TD Ameritrade Trust Co., for $61.5 million, also in June.
In announcing its plan to purchase RPM in May, Broadridge said it was paying about $300 million in a move designed to further strengthen its Canadian wealth management business.
Broadridge didn’t provide the terms of its plan to buy Rockall when that transaction was announced earlier in the month. At the time, Broadridge said the acquisition was intended to expand its core front-to-back office wealth capabilities.
Broadridge also didn’t say how much it was paying to acquire the retirement plan custody and trust assets from TD Ameritrade Trust Co. when that transaction was announced in April. That purchase was intended to “expand Broadridge’s suite of solutions for the growing qualified and non-qualified retirement plan services market and the support it provides for third-party administrators, financial advisors, record-keepers, banks, and brokers,” it said at the time.