Wednesday, June 26, 2013
Reported by Tommy Fernandez
Financial systems developer Broadridge Financial Solutions
is broadening its offerings to mutual fund clients and others by acquiring Bonaire Software Solutions
Broadridge provides mutual funds, banks and other firms a variety of systems related to compiling and communicating financial data. For example, one of its subsidiaries Access Data
helps provide distribution data
to fund firms that sell on Schwab's One Source
Meanwhile, Bonaire offers a number of programs dedicated to fee calculation, billing, and revenue and expense management solutions for asset managers.
The acquisition of Bonaire will expand Broadridge’s offering for fee and expense management.
Here is the press release:
Company Press Release
BROADRIDGE TO ACQUIRE BONAIRE
Combination Will Extend Broadridge’s Leadership in Mutual Fund and Asset Management Solutions
LAKE SUCCESS, N.Y., June 26, 2013 – Broadridge Financial Solutions, Inc. (NYSE:BR) today announced the signing of an agreement to acquire Bonaire Software Solutions, LLC – a leading provider of fee calculation, billing, and revenue and expense management solutions for asset managers including institutional asset managers,wealth managers, mutual funds, bank trusts, hedge funds and capital markets firms. The addition of Bonaire is another step in Broadridge’s strategy to build a leading suite of data-driven solutions for mutual fund, retirement, and asset management firms to help them grow their businesses, operate efficiently and minimize risk.
“Bonaire is a great strategic fit for Broadridge. 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,” stated Richard J. Daly, Chief Executive Officer, Broadridge Financial Solutions, Inc. “Broadridge will help Bonaire enhance its strong track record of growth by leveraging our client relationships and technology solutions in the U.S. and globally.”
“After careful review, we concluded that Broadridge is simply the best possible fit for Bonaire,” said Christopher John, Chief Executive Officer, Bonaire Software Solutions, LLC. “We enjoy complementary market and client linkages, with aligned products that build off each other’s strengths. Broadridge is uniquely positioned to accelerate the adoption of our fee calculation engines. Joining Broadridge will strengthen Bonaire’s client service and sales, and its global footprint will help broaden our combined breadth of product applications to new geographies and clients.”
Gerald Scavelli, Broadridge’s President of Mutual Funds and Retirement Solutions Group, commented, “This acquisition addresses a growing global market need for innovative solutions to meet increased regulatory and compliance demands at a critical time when scrutiny of fees is rising. Regulations are evolving and there is a heightened level of risk for firms that are using manual processes or combining point solutions from multiple vendors to process today’s complex fee arrangements. Our solutions help to create the transparency firms need for accurate forecasting, ROI analysis and defined processes for managing and auditing fee arrangements.”
The acquisition of Bonaire will expand Broadridge’s industry-leading offering for fee and expense management. “We will be uniting complementary businesses, cultures and product suites. Combining the Bonaire team’s years of experience understanding the needs of and developing solutions for the market with the broad reach of Broadridge’s integrated sales teams will accelerate Bonaire’s growth potential. More importantly, it is a combination that delivers strong added value for clients,” added Mr. Scavelli.
Bonaire offers three broad, enterprise grade solutions for its clients. REVPORT is a multi-asset, revenue management platform that performs fee billing calculations based on asset performance. PAYPORT is a comprehensive accounts receivables and collections solution designed specifically for the asset management industry. EMPOWER BI is a business intelligence and management information platform that equips CFOs and Controllers to develop critical revenue management reports and dashboard metrics. These capabilities will be complementary fits with Broadridge’s Access Data, Paladyne and PROactive™ solutions.
The transaction is expected to close in July, subject to the satisfaction of customary closing conditions.
Terms were not disclosed.
Bonaire was advised by Raymond James & Associates.
Broadridge Financial Solutions, Inc. (NYSE:BR) is the leading provider of investor communications and technology-driven solutions for broker-dealers, banks, mutual funds and corporate issuers globally. Broadridge’s investor communications, securities processing and operations outsourcing solutions help clients reduce their capital investments in operations infrastructure, allowing them to increase their focus on core business activities. With 50 years of experience, Broadridge’s infrastructure underpins proxy voting services for over 90% of public companies and mutual funds in North America, and processes more than $4.5 trillion in fixed income and equity trades per day. Broadridge employs approximately 6,200 full-time associates in 13 countries. For more information about Broadridge, please visit broadridge.com.
About Bonaire Software Solutions, LLC
Bonaire Software Solutions, LLC., based in Boston, MA, and London, UK, is a privately held company founded in 1999. Bonaire is focused on providing Revenue and Expense Management software and services solutions to investment managers, mutual funds, wealth managers, banks/trusts and capital markets firms. Bonaire’s principal product lines are REVPORT – a revenue and expense management platform that performs fee billing and expense calculations, PAYPORT – for receivables management and collections with payment matching, and EMPOWER BI – a business intelligence & management information platform. For more information about Bonaire Software Solutions, visit bonairesoft.com.
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