Broadridge, a global provider of technology-based outsourcing
solutions to the financial services industry headquartered in
New York state, has completed its acquisition of Investigo Corporation.
The acquisition increases Broadridge's commitment to enterprise data management and compliance solutions and is seen by the company as complementing a number of its initiatives targeted to support the wealth management strategies of its customers. It believes Investigo's products and technologies can be leveraged to add value to the wealth management solutions Broadridge offers.
"Investigo's solution has proven to be readily scalable and is already making a difference for a number of large financial services firms. They are a strong addition to the Broadridge family," said Richard Daly, chief executive officer. "At the same time, the acquisition of Investigo demonstrates our commitment to buy customer-focused organisations that can deliver innovative solutions to our clients."
The Investigo Enterprise Solution provides financial services enterprise data consolidation from multiple sources, including clearing houses, custodians and back office systems, into a central repository. It aggregates client account, position and transaction data to create a single structured data repository that provides information to all applications across the enterprise. These include a number of critical applications available from Investigo as well as proprietary and third-party applications.
"Our acquisition by Broadridge will provide Investigo's customers with a globally strong business partner with over $2.0 billion in revenues and a 40-plus year track record of providing superb service to financial services organisations of all sizes. Broadridge's resources and experience will enable us to support an ambitious schedule of product development while constantly improving the quality and service levels of all of our offerings," said Scott Fergusson, co-founder of Investigo.
He will become vice president of product management and development, where he will lead the development of a number of new initiatives. These include further enhancements to the business intelligence value of the data model, automation of direct business with mutual funds and insurance carriers and broader compliance offerings.
Broadridge plans to continue to use Investigo's architecture and technology for new service offerings and will continue to support all of Investigo's current solutions. It is anticipated that there will be no technology changes or development required by Investigo's current customers.