Financial technology company Broadridge Financial Solutions announced on Thursday that it has acquired a set of regulatory reporting technologies from PivotData, a data warehouse company and provider of regulatory technology solutions to the investment management industry, and it’s partner, Sol Hedge.
In its statement, Broadridge said that it would be using the acquired technologies to bolster its business amongst private fund asset managers. As one might imagine, the technology will be used to meet regulatory requirements which those fund managers must adhere to.
“Our application,” said Kelli Brown, Head of Global Product Development at Sol Hedge, “was custom-built to excel at regulatory reporting and we look forward to scaling with the help of Broadridge’s deep product expertise and worldwide reach.”
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Sadly for us nosy hacks, Broadridge did not disclose the terms of the deal. So try not to stay awake at night, tossing and turning, wondering just how astronomical a sum the company paid for its newest acquisition.
PivotData’s solutions will be added to Broadridge’s existing reporting solutions. Currently, the technology company offers a range of different reporting capabilities, including the ability to calculate what information needs to be submitted and actually sending it to the correct regulatory authority.
“This acquisition is a natural addition to our rapidly expanding technology and services platform for asset managers,” said Eric Bernstein, Broadridge’s Head of Asset Management Solutions. “Regulatory reporting is a notorious struggle across the asset management industry, and PivotData and Sol Hedge’s industry expertise will help our current and prospective Broadridge clients meet their current requirements and be ready for what’s next.”