Broadridge acquires firm that handles 1 in every 3 SEC filings

Broadridge Financial Solutions Inc. has purchased a Manhattan company that prints shareholder documents and files them with federal regulators on behalf of public companies, executives said Monday.

Lake Success-based Broadridge bought Summit Financial Disclosure LLC for an undisclosed amount.

Summit, started in 2013, helps public companies, investment banks and others to produce documents for stock offerings, mergers and acquisitions, and other transactions. Summit prints documents, files them with the Securities and Exchange Commission and helps with their dissemination.

One of every three filings to the SEC uses Summit’s EDGARfilings service, according to the company’s website.

Executives said Monday the Summit acquisition complements Broadridge’s core business of distributing proxy statements, annual reports and other documents from public companies to shareholders.

“This previously unavailable, efficient, single-source model will better serve our clients by streamlining the disclosure and communications process, eliminating redundancies, increasing speed and reducing costs for corporations,” said Robert Schifellite, president of Broadridge’s investor communication solutions division.

Summit co-founder Kenneth McClure said being acquired by Broadridge would help to further Summit’s commitment “to changing antiquated practices in our industry.”

Summit has more than 120 employees and satellite offices in Houston and India.

Broadridge shares rose 28 cents, or less than 1 percent, to close at $81.10 on Monday on the New York Stock Exchange. The stock is up about 20 percent in the past 12 months.