Broadridge buys California company's assets
Broadridge Financial Solutions Inc. has purchased the assets of a California compliance reporting company, officials said Thursday.
The Lake Success-based distributor of proxy statements, annual reports and other documents to investors on behalf of public companies and mutual funds said it has acquired “certain private fund regulatory reporting capabilities” from PivotData LLC of Alamo, California, which also has a data warehouse.
"We purchased substantially all of the assets," said Broadridge spokeswoman Kaitlin Newingham, adding PivotData's three key employees have been hired by the Long Island firm.
The amount of the transaction wasn’t disclosed. It's the 28th acquisition — most have been small businesses — that Broadridge has made in the past five years to expand its product offerings.
Executives said the PivotData technology would help Broadridge assist private-fund asset managers meet regulatory reporting requirements.
“This acquisition is a natural addition to our rapidly expanding technology and services platform for asset managers,” said Eric Bernstein, head of Broadridge’s asset management solutions unit.
Kelli Brown, founder of Sol Hedge, a PivotData partner, said the acquisition will expand use of its technology because of Broadridge’s deep and extensive relationships with financial service firms across the globe. She is one of the key employees who joined Broadridge.
Broadridge reported a profit of $428 million for the year ended June 30 on revenue of $4.3 billion. It has more than 10,000 employees in 16 countries, including about 2,000 in Lake Success and Edgewood.
The announcement was made before the stock market opened Thursday. Broadridge shares closed up 3 cents at $100.83 on the New York Stock Exchange.
James T. Madore writes about Long Island business news including the economy, development, and the relationship between government and business. He previously served as Albany bureau chief.
Updated now Newsday travel writer Scott Vogel took the ferry over to Block Island for a weekend of fun.
Updated now Newsday travel writer Scott Vogel took the ferry over to Block Island for a weekend of fun.
