Contact Information: Public Relations Firm of Record Contact: Jennifer Connelly JCPR, Inc. 973-732-3521 Broadridge Investor Relations Contact: Marvin Sims Broadridge Financial Solutions, Inc. 516-472-5477 Broadridge Media Contact: Arlene Driscoll Broadridge Financial Solutions, Inc. 212-981-1347
Broadridge Acquires Access Data Corp.
Acquisition Expands Broadridge's Solutions for Mutual Fund Industry
| Source: Broadridge Financial Solutions, Inc.
LAKE SUCCESS, NY--(Marketwire - May 21, 2009) - Broadridge Financial Solutions, Inc.
(NYSE : BR ), a leading global provider of technology solutions to the
financial services industry, today announced the acquisition of Access Data
Corp. ("Access Data").
The acquisition is a strategic expansion of Broadridge's role as an
investor communications hub, and its data aggregation and data management
solutions for the mutual fund industry. The combination of Access Data's
proprietary applications and Broadridge's unique data aggregation
capabilities will provide significant value to mutual funds and financial
intermediaries.
Access Data's solutions provide enterprise-wide reporting and data
management services to asset management firms and financial intermediaries
using its technology platform, SalesVision®. The only offering of its
kind, SalesVision will assist Broadridge's clients by providing actionable
information relating to distribution results, administering wholesaler
compensation and distribution payments, and managing shareholder compliance
-- all from a single platform.
The mutual fund and financial intermediary servicing markets are sizeable,
and the combined platforms will enable Broadridge to grow market share in
those markets. Broadridge will leverage its unique processing
capabilities, data repositories and existing Investor Communication
Solutions relationships with mutual funds, banks and broker-dealer firms to
offer data solutions to the approximately 700 mutual fund complexes and
over 5,400 intermediaries in the U.S. These solutions will assist in
making activity related to assets within the estimated $9.2 trillion mutual
fund industry more transparent.
"Access Data's unique technology adds a new dimension to our servicing
capabilities and is the foundation of our strategy of offering innovative
and comprehensive data solutions to the global financial services
industry," stated Gerard Scavelli, President, Mutual Fund Solutions,
Broadridge. "Efficiently increasing assets under management and
diminishing risk are paramount for firms to remain competitive in today's
marketplace. Our acquisition of Access Data enables Broadridge to offer
our clients the superior data quality, transparency and oversight that is
integral to their ongoing growth strategies," Mr. Scavelli added.
"This represents the type of strategic acquisition we have been looking to
execute. The addition of Access Data's solutions will enable us to
leverage our industry position and offer a more complete solution for
critical processing services between funds and broker-dealers. Access Data
gives us a clear path to grow quickly and service this exciting mutual fund
market," said Richard J. Daly, Chief Executive Officer, Broadridge. "I am
delighted to welcome the highly skilled Access Data associates to
Broadridge. They pioneered mission-critical solutions that provide
transparency of comprehensive mutual fund sales and asset data. Together
under the Broadridge umbrella, we can grow to achieve the same pinnacle of
industry leadership as we have with our core communications solutions," Mr.
Daly added.
"Broadridge and Access Data share a common business model and focus. We
eliminate the need for our clients to manage complex technology utilizing
our Software as a Service (SaaS) delivery model. This allows them to focus
on running their businesses using our groundbreaking solutions and
investment industry data," commented Daniel Cwenar, President, Access Data.
"As part of Broadridge, our clients will gain access to the expansive
solution set, industry expertise, and resources of a strong, global service
provider that has successfully served the financial services industry for
over four decades," he added.
About Broadridge
Broadridge Financial Solutions, Inc., with over $2.2 billion in revenues in
fiscal year 2008 and more than 40 years of experience, is a leading global
provider of technology-based outsourcing solutions to the financial
services industry. Our systems and services include investor communication,
securities processing, and clearing and outsourcing solutions. We offer
advanced, integrated systems and services that are dependable, scalable and
cost-efficient. Our systems help reduce the need for clients to make
significant capital investments in operations infrastructure, thereby
allowing them to increase their focus on core business activities. For more
information about Broadridge, please visit www.broadridge.com.
About Access Data
Access Data Corp. is a Pittsburgh based leading provider of enterprise
reporting and data management services for asset management firms and
financial intermediaries. Today Access Data's proprietary data management
technology and services aggregate over $1 trillion in assets for 40 leading
financial services firms to provide critical sales information from all
distribution sources. Access Data's flagship product, Access Data
SalesVision® delivers comprehensive storage, analysis and web-based
reporting solutions for distribution, compensation management and
shareholder compliance. Access Data's Software as a Service (SaaS)
delivery model, along with their full-service business approach, enables
clients to easily implement solutions with minimal resource commitment. For
more information about Access Data, please visit www.accessdc.com.
Forward-Looking Statements
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 2009 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, 2008 (the "2008 Annual Report"), as they may be updated
in any future reports filed with the Securities and Exchange Commission
(the "SEC"). Any forward-looking statements are qualified in their
entirety by reference to the factors discussed in the 2008 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
affecting the investor communication services provided by Broadridge;
changes in laws regulating registered securities clearing firms and
broker-dealers; declines in trading volume, market prices, or the liquidity
of the securities markets; any material breach of Broadridge security
affecting its clients' customer information; Broadridge's ability to
continue to obtain data center services from its former parent company,
Automatic Data Processing, Inc. ("ADP"); any significant slowdown or
failure of Broadridge's systems; changes in technology; availability of
skilled technical employees; the impact of new acquisitions and
divestitures; competitive conditions; overall market and economic
conditions; and any adverse consequences from Broadridge's spin-off from
ADP.
Broadridge disclaims any obligation to update any forward-looking
statements, whether as a result of new information, future events or
otherwise.