Broadridge Financial to acquire digital investor data firm NewRiver
19 Aug 2010
Broadridge Financial Solutions, Inc. a technology-based solutions provider to the financial services industry, yesterday acquired electronic investor disclosure provider NewRiver, Inc, for approximately $77 million.
NewRiver, founded in 1995 and based in Massachusetts, pioneered the first electronic prospectus. Its regulatory disclosure communication solutions allow customers to reduce their compliance risk and lower their costs.
Its clients include some of the industry's leading mutual funds, variable annuity insurers, retirement plan administrators and brokerage firms. NewRiver helps clients transit from paper to electronic disclosure through its FundPOINT compliance and productivity tool and has been an important supplier to Broadridge for nearly 10 years.
New Jersey-based Broadridge is a outsourcing provider to the global financial industry. Its systems and services include investor communication solutions, and securities processing and operations outsourcing solutions.
It serves a diverse client base in the financial services industry, including retail and institutional brokerage firms, global banks, mutual funds, annuity companies, institutional investors, specialty trading firms, and clearing firms.
For 2009, the company reported revenues of $2.2 billion and net profit of $190 million.
