Financial technology acquisition expands Broadridge’s wealth and advisor solutions suite
LAKE SUCCESS, N.Y., March 3, 2015 – Broadridge Financial Solutions, Inc. (NYSE:BR) today acquired Direxxis LLC, a provider of cloud-based marketing solutions and services, to expand its suite of solutions for wealth and asset managers. Financial terms were not disclosed.
Direxxis’ marketing management and automation platform enables wealth and asset management companies and insurers to manage and implement marketing activities efficiently across field offices and branch locations using consistent standards. The platform provides unique analytic capabilities designed to increase marketing and sales effectiveness, and has advanced social media tools and a modular architecture. The addition of Direxxis is the latest step in Broadridge’s strategy to build market-leading solutions for financial advisors.
“Financial advisors are moving from a mass marketing approach to data-driven strategies in which timely content can be tailored and distributed through both traditional and emerging channels,” said Richard J. Daly, president and chief executive officer, Broadridge. “Direxxis is on the front line of that evolution and is a proven leader in its class. Its technology is highly complementary to our industry leading suite of advisor solutions, and is an important new addition under our tuck-in acquisition strategy.”
Broadridge will integrate Direxxis into its wealth and advisor solutions suite, which includes marketing communications, client on-boarding, retirement plan solutions, performance reporting, and data aggregation solutions. Founded in 2003, Direxxis has one of the largest financial services industry client bases among major digital-marketing platforms.
“Direxxis’ capabilities are a strong complement to Broadridge’s advisor marketing offering,” said Steve Scruton, Direxxis founder. “As part of Broadridge we will provide a powerful cross-channel marketing platform to help advisors more strategically target new business. We are very proud to be part of the Broadridge family and look forward to a new era for development and innovation in serving this growing market.”
“This is the right time to further invest in solutions for the advisor market,” said Robert Schifellite, president, Investor Communication Solutions, Broadridge. “The industry is seeing growing demand for financial advisory services in a marketplace that is rapidly going digital. We are privileged to welcome Direxxis’ experienced and highly skilled team to our organization.”
Oppenheimer & Co. Inc. acted as exclusive financial advisor to Direxxis on this transaction.
Broadridge Financial Solutions, Inc. (NYSE:BR) is the leading provider of investor communications and technology-driven solutions for broker-dealers, banks, mutual funds and other corporations. Broadridge’s investor and customer communications, securities processing and managed services solutions help clients reduce their capital investments in operations infrastructure, allowing them to increase their focus on core business activities. With over 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 on average $5 trillion in equity and fixed income trades per day. Broadridge employs approximately 10,000 associates in 16 countries.
For more information about Broadridge, please visit www.broadridge.com.
Direxxis is a leading provider of integrated enterprise marketing solutions. Direxxis solutions represent the marketing strategy, process automation and technologies required to integrate people, processes and technologies across the marketing ecosystem. Organizations rely on Direxxis to deliver a better customer experience through targeted marketing communications and continuous learning. Direxxis delivers the power and flexibility required to deliver relevant, consistent and timely sales and marketing communications across all channels, including digital media, email, social media, text messages, telephone, mail and traditional print and display advertising mediums. More information is available at www.direxxismarketing.com.
This press release and other written or oral statements made from time to time by representatives of Broadridge may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Statements that are not historical in nature, such as our fiscal year 2011 financial guidance, and which may be identified by the use of words like “expects,” “assumes,” “projects,” “anticipates,” “estimates,” “we believe,” “could be” and other words of similar meaning, are forward-looking statements. These statements are based on management’s expectations and assumptions and are subject to risks and uncertainties that may cause actual results to differ materially from those expressed. These risks and uncertainties include those risk factors discussed in Part I, “Item 1A. Risk Factors” of our Annual Report on Form 10-K for the fiscal year ended June 30, 2010 (the “2010 Annual Report”), as they may be updated in any future reports filed with the Securities and Exchange Commission. Any forward-looking statements are qualified in their entirety by reference to the factors discussed in the 2010 Annual Report. These risks include: the success of Broadridge in retaining and selling additional services to its existing clients and in obtaining new clients; the pricing of Broadridge’s products and services; changes in laws and regulations affecting the investor communication services provided by Broadridge; declines in participation and activity in the securities markets; overall market and economic conditions and their impact on the securities markets; any material breach of Broadridge security affecting its clients’ customer information; the failure of Broadridge’s outsourced data center services provider to provide the anticipated levels of service; any significant slowdown or failure of Broadridge’s systems or error in the performance of Broadridge’s services; Broadridge’s failure to keep pace with changes in technology and demands of its clients; Broadridge’s ability to attract and retain key personnel; the impact of new acquisitions and divestitures; and competitive conditions. Broadridge disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.
Broadridge Financial Solutions, Inc
Jenna J. Focarino
The Torrenzano Group
+1-212 -681-1700 ext.115