LAKE SUCCESS, New York and ARMONK, New York-- April 1, 2010 -- Broadridge Financial Solutions, Inc. (NYSE: BR) and IBM (NYSE: IBM) today announced an information technology (IT) services agreement whereby IBM will provide Broadridge data center and information processing services. In addition to the IT services agreement, Broadridge and IBM have signed a business alliance agreement.
Under the 10-year IT services agreement, IBM will provide all infrastructure services to Broadridge including data center, IT operations and network support. From enhanced information security controls to advanced replication and redundancy technology, IBM will manage the sophisticated IT requirements for Broadridge's range of financial markets clients, better positioning Broadridge for long term growth. Broadridge expects the migration of its data center processing to IBM to take approximately 18-24 months to complete.
As a result of the business alliance agreement, Broadridge's clients in the U.S. and globally will immediately be able to leverage IBM's extensive suite of solutions which includesdata center support, business and technology consulting services, application development, as well as managed business processing, migration and integration services. The collaboration of Broadridge and IBM will enable clients to focus their resources on revenue-generating activities to compete more effectively in the marketplace, rather than supporting in-house transaction processing and technology infrastructures.
"We are very excited to team with IBM, the premier data center services provider, to offer these strategic capabilities. We firmly believe that this agreement will empower Broadridge's clients with the ability to enhance their operations infrastructure and business models," said Richard J. Daly, Chief Executive Officer, Broadridge."The technological expertise and global footprint of both firms associated with our single-source solution is unrivaled in the marketplace today and will enable our clients to be competitive for years to come," Mr. Daly added.
"This is a very exciting time to be working with a leading technology services provider in the financial markets industry," said Patrick Kerin, General Manager, IBM Global Technology Services. "The IT services we are providing Broadridge will help their clients to accelerate operations and focus on growth by providing them with a reliable IT infrastructure. The alliance brings together the strengths of both parties with Broadridge's deep industry knowledge and assets, and IBM's deep technical skills and advanced products."
Both contracts were signed on March 31, 2010.
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.
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.
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Broadridge Financial Solutions, Inc.