Broadridge Financial Solutions Inc. has purchased a software provider that helps brokers/dealer firms to process and record transactions, officials said this week.
The investor communications company, with its headquarters in Lake Success, bought Financial Database Services Inc. for an undisclosed amount.
Financial Database is based in San Diego and has 18 employees. All of them have been offered continued employment, a Broadridge spokeswoman said Tuesday.
Financial Database sells software that helps broker/dealer firms comply with financial regulations, manage compensation and hire employees. Its products bear the brand name Caesar Technology.
The acquisition is part of a larger strategy by Broadridge to provide services to financial advisers. The company began by delivering annual reports, proxy statements and other documents to investors and processing financial transactions.
Buying Financial Database “is the latest example of Broadridge expanding our wealth capabilities and growing our client base,” said Michael Alexander, head of the company’s North American Wealth and Capital Markets Solutions division. “Compensation management and compliance are key industry areas in need of transformation, and we look forward to extending our industry-leading capabilities.”
Broadridge delivers billions of documents to shareholders each year and processes trillions of dollars in stock trades each day. It has large processing facilities in Edgewood, where about 2,300 people work.
Financial Database president David Woltman said becoming part of Broadridge would help his company “to bring innovative solutions to a greater number of clients.”