Broadridge Financial Solutions (NYSE:BR) has completed the acquisition of the trading and connectivity technology provider, Itiviti, the fintech company announced on Wednesday.
Itiviti is headquartered in Stockholm and has a wide presence in the international trading markets. It is known for its NYFIX network that offers OMS services to both buy-side and sell-side trading clients.
According to the announcement, 24 out of the top 25 investment banks are Itiviti’s clients. Additionally, the technology provider is well-known in the brokerage industry with more than 2,000 brokers across 50 countries.
“Itiviti’s solutions and services provide financial institutions with comprehensive tools for connectivity and flexible, cross-asset trading solutions that cover the full trade lifecycle,” the announcement elaborated.
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New York-listed Broadridge first announced its plans for this acquisition earlier in March. It paid €2.143 billion (around $2.5 billion) for the deal to Nordic Capital, the previous owner of Itiviti.
Paving the Way for Global Expansion
At the closure of the acquisition deal, Broadridge is now aiming to tap the global financial technology market. The company specified that Itiviti’s presence in the APAC and EMEA region will help to scale its business outside of North America.
Broadridge will put Itiviti’s operations under its global technology and operations division. Additionally, the management team of Itiviti, including CEO Rob Mackay, will join the new parent.
“The acquisition enhances Broadridge’s position as a global Fintech leader and significantly strengthens Broadridge’s Capital Markets franchise,” the official notification added. “It extends Broadridge’s market-leading back-office capabilities into the front office and deepens its multi-asset class solutions, better enabling the company to help financial institutions adapt to a rapidly evolving marketplace.”