LAKE SUCCESS, N.Y.--(BUSINESS WIRE)--
Broadridge Financial Solutions, Inc. (NYSE:BR) today announced that it
has completed the acquisition of City Networks Ltd, a leading software
and services provider of reconciliation, multi-asset process automation
and operational risk management solutions to the global financial
services industry.
The acquisition further accelerates Broadridge's international strategic
growth, extending its growing range of solutions and competencies to its
existing bank-broker and asset management client base. The acquisition
also increases Broadridge's service reach into client domains such as FX
and money markets and OTC derivatives.
City Networks is a highly-respected solutions provider. Through its PROactiveTM
suite of solutions, it has a strong track-record for product innovation,
customer service, and over 400 clients globally. Its enterprise
reconciliation solution delivers superior rules-based capabilities and
integrated exception management from the earliest point in the trade
lifecycle through to post-settlement for any type of financial
instrument across all internal systems and external agents. Its
confirmation matching solutions automate the processing of trade
confirmations with unsurpassed match rates.
With immediate effect, City Networks will operate internationally as
Broadridge City Networks, forming part of Broadridge's Securities
Processing Solutions business. With its workforce based in New York,
London, Johannesburg, Tokyo, Hong Kong, Singapore and Sydney, its local
and regional operations will combine with existing Broadridge operations
to complement and increase Broadridge's presence in these locations.
Tom Carey, President, Securities Processing Solutions - International,
Broadridge, said, "We are delighted to welcome the associates of City
Networks, and their clients, to Broadridge. They bring an impressive
pool of domain talent and service expertise, and we look forward to
working together and demonstrating our commitment to investing in the
solutions and growing this business. The acquisition underlines
Broadridge's continued strategy of providing services on a global basis.
We particularly look to use our strong market position in both the U.S.
and Canada to accelerate Broadridge City Networks' business growth in
North America."
Richard Hill, founder and CEO of City Networks, said, "I am excited by
the prospects that this offers our clients and staff, and look forward
to the increased opportunities for City Networks with Broadridge."
Marcus Dutton, Director, City Networks, has been appointed as General
Manager of Broadridge City Networks. Commenting on the acquisition, he
said, "Broadridge is an internationally respected, premier solutions
provider across the financial services industry, with an exceptional
focus on providing enduring value to its clients, its associates and its
shareholders. City Networks has a proud record of innovating and
delivering process automation solutions, and with Broadridge's full
backing we are now exceptionally well positioned to add further momentum
to our business." Mr. Dutton reports into Tom Carey.
About Broadridge
Broadridge is a technology services company focused on global capital
markets. Broadridge is the market leader enabling secure and accurate
processing of information for communications and securities transactions
among issuers, investors and financial intermediaries. Broadridge builds
the infrastructure that underpins proxy services for over 90% of public
companies and mutual funds in North America; processes more than $3
trillion in fixed-income and equity trades per day; and saves companies
billions annually through its technology solutions. For more information
about Broadridge, please visit www.broadridge.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 2010 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, 2009 (the
"2009 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 2009 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; the failure of our outsourced data
center services provider to provide the anticipated levels of service;
any significant slowdown or failure of Broadridge's systems;
Broadridge's failure to keep pace with changes in technology and demands
of its clients; availability of skilled technical employees; the impact
of new acquisitions and divestitures; competitive conditions; and
overall market and economic conditions. Broadridge disclaims any
obligation to update any forward-looking statements, whether as a result
of new information, future events or otherwise.
Source: Broadridge Financial Solutions, Inc.