Broadridge Acquires NewRiver in $77 Million Deal
Broadridge Financial Solutions Inc. announced it acquired NewRiver Inc., a firm which specializes in electronic investor disclosure platforms, for about $77 million in a deal that’s expected to close later this month.
NewRiver, which was founded in 1995, made its name by creating the first electronic prospectus. The company, whose client base includes variable annuity insurers, brokerage firms, and retirement plan administrators, had traditionally focused on helping customers transition from paper to electronic disclosure. The firm has also been a key supplier to Broadridge for nearly a decade, the companies said in a release.
Broadridge said the acquisition will bolster its compliance communication capabilities.
“Combining the best-of-breed compliance communication tools and technology of our two organizations will enable us to provide a broader and deeper set of compliance communication solutions for our brokerage, mutual fund, and annuity and retirement plan administrator clients,” Broadridge executive Robert Schifellite said in the release.
“At the same time, NewRiver’s capabilities will enable us to help our clients continue the transition toward electronic document delivery and access a richer set of electronic solutions.”
As the Senior Editor of Advanced Trading, Justin Grant plays a key role in steering the magazine's coverage of the latest issues affecting the buy-side trading community. Since joining Advanced Trading in 2010, Grant's news analysis has touched on everything from the latest ... View Full Bio