Broadridge Acquires City Networks
Broadridge Financial Solutions has completed the acquisition of City Networks, a 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 foreign exchange (FX) and money markets and over-the-counter (OTC) derivatives.
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 US and Canada to accelerate Broadridge City Networks’ business growth in North America.”