Broadridge Financial Solutions Inc. has purchased a small software business that helps banks manage property or other assets used to secure loans, executives said Wednesday.
The Lake Success-based provider of investor communications for public companies and mutual funds announced the acquisition of Rockall Technologies for an undisclosed amount.
Rockall employs about 70 people at its Dublin headquarters and an office in Charlotte, North Carolina. It was started in 2000 and takes its name from a rocky island off the northwest coast of Ireland.
The company helps banks such as Wells Fargo, US Bank, Barclays and the Bank of Ireland manage more than $3 trillion worth of property or collateral used to secure loans daily.
“Securities-based lending and collateral management are key industry areas in need of innovation, and we look forward to leveraging next-generation technology to provide proven solutions to clients,” said Michael Alexander, head of Broadridge’s wealth and capital solutions business in North America.
Richard Bryce, CEO of Rockall, said becoming part of a larger company “accelerates our ability to meet the increasing demand from [financial] advisers and investors.” Broadridge has more than 10,000 employees around the globe, including 2,300 on Long Island, primarily in Edgewood.
Rockall employees, including Bryce, are being retained by Broadridge, a company spokeswoman said.
The Rockall purchase is the latest “tuck-in” acquisition by Broadridge that adds technologies and services from small businesses. Broadridge has bought more than 18 businesses in the past five years.
The announcement came before the stock market opened. At the market's close Wednesday afternoon, Broadridge shares were down $1.07, or 0.91 percent, to $117.06 on the New York Stock Exchange.