New York (HedgeCo.net) – Global capital markets technology services company Broadridge Financial Solutions has acquired hedge fund solutions provider Paladyne Systems for approximately $76.5 million.
“The acquisition of Paladyne will significantly expand Broadridge’s position as a service provider to buy-side clients,” Richard J. Daly, Chief Executive Officer at Broadridge, said. “Buy-side firms purchase nearly 40% of capital markets technology and services and represent a segment of virtually untapped opportunity for Broadridge. Paladyne will serve as the foundation for the expansion of Broadridge’s buy-side offering, enabling us to bring Paladyne’s unique solutions to hedge funds, our existing prime brokerage clients, asset managers, hedge fund administrators and other asset servicers.”
“We believe that Broadridge is uniquely positioned to offer technology and outsourcing services to the hedge fund, asset management, fund administration, prime brokerage and custodial industry segments.” Charlie Marchesani, President at Broadridge, said. “Paladyne Systems will operate as a core business within Broadridge’s Securities Processing Solutions division.”
Raymond James & Associates acted as exclusive financial advisor to Broadridge in this transaction. Credit Suisse provided strategic advice to Paladyne in connection with the transaction.
Broadridge builds the infrastructure that underpins proxy services for over 90% of public companies and mutual funds in North America; processes more than $4 trillion in fixed income and equity trades per day; and saves companies billions annually through its technology solutions.
Paladyne’s platform includes multi-asset class order and portfolio management tools; reference data, pricing and valuation management applications; and data warehousing for firm-wide data aggregation and reporting. Paladyne combines its technology with a fully-hosted, managed IT platform. Paladyne was established in 2005 and now serves over 150 clients worldwide. The firm has approximately 160 employees, and is headquartered in New York, with regional offices in New Jersey, London, Russia and Hong Kong.
Alex Akesson
Editor for HedgeCo.net
alex@hedgeco.net
HedgeCo.Net is a premier hedge fund database and community for qualified and accredited investors only. Membership in HedgeCo.net is FREE and EASY. We also offer FREE LISTINGS for Hedge Funds!
