Broadridge Financial Solutions has acquired Paladyne Systems for about $76.5 million in consideration subject to adjustments.
The acquisition of Paladyne will significantly expand Broadridges position as a service provider to buy-side clients, says Richard J. Daly, CEO of Broadridge. Buy-side firms purchase nearly 40% of capital markets technology and services, and represent a segment of virtually untapped opportunity for Broadridge. Paladyne will serve as the foundation for the expansion of Broadridges buy-side offering, enabling us to bring Paladynes unique solutions to hedge funds, our existing prime brokerage clients, asset managers, hedge fund administrators and other asset servicers.
Sameer Shalaby, CEO of Paladyne Systems, adds: Broadridge has exceptional client loyalty and an outstanding reputation for service, dependability and cost effectiveness. Broadridges extensive reach in the global financial services community, and its global sales and distribution capabilities will enable Paladyne to expand significantly into new and existing market segments. Broadridges proven sell-side solutions and client-focused services in combination with Paladynes innovative buy-side technology creates one of the most comprehensive technology and services offerings within the financial services industry.
Raymond James & Associates acted as exclusive financial adviser to Broadridge in this transaction. Credit Suisse provided strategic advice to Paladyne in connection with the transaction.
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