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Broadridge Financial acquires Boston company

Richard Daly, chief executive of Broadridge Financial Solutions

Richard Daly, chief executive of Broadridge Financial Solutions Inc., of Lake Success. Photo Credit: Bloomberg News, 2009

Broadridge Financial Solutions Inc., which provides investor communications and securities processing, said Wednesday it has acquired Bonaire Software Solutions, a Boston company that develops revenue and expense management software for financial firms.

Terms of the deal, including the purchase price, were not disclosed. The acquisition is expected to close in July.

Broadridge, which is based in Lake Success, said the purchase would aid the expansion of its services to mutual funds and asset management firms.

"Bonaire is a great strategic fit for Broadridge," chief executive Richard Daly said. "Its market-leading suite of solutions will extend Broadridge's offerings for asset managers, wealth managers and mutual funds, while strengthening our platform for the future."

Broadridge's stock, which initially jumped on the news in early morning trading, is now relatively unchanged $25.92 per share.

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