Broadridge Financial Solutions Inc. has invested an undisclosed amount in a company that facilitates the buying and selling of corporate receivables, officials said Monday.
The Lake Success-based distributor of shareholder documents and processor of transactions for banks said it has made “a strategic investment” in LiquidX Inc.
The two companies also have entered a sales and marketing agreement whereby Broadridge’s nearly 2,000 customers will have access to LiquidX’s electronic trading exchange. Broadridge provides services to large public companies and investment banks around the world.
LiquidX was founded by Jim Toffey, a New York-area financial executive who started TradeWeb in the mid-1990s.
Charlie Marchesani, Broadridge’s chief of global technology and operations, said the agreement with LiquidX “is a strategic extension of our processing capabilities to a new emerging electronic asset class marketplace.”
The announcement was made before Monday’s stock market opening. In early trading, Broadridge shares were down 24 cents, or less than 1 percent, to $57.74 on the New York Stock Exchange.