Broadridge Financial Acquires NewRiver for US$77m
Broadridge Financial Solutions has signed an agreement to acquire NewRiver, a provider of electronic investor disclosure solutions, for approximately US$77m. The transaction is expected to close in August subject to customary closing conditions.
NewRiver, founded in 1995, pioneered the first electronic prospectus. Its regulatory disclosure communication solutions allow customers to reduce their compliance risk and lower their costs. Its clients include some of the industry’s leading mutual funds, variable annuity insurers, retirement plan administrators and brokerage firms. NewRiver is a leader in helping clients transition from paper to electronic disclosure and has been an important supplier to Broadridge for nearly 10 years.
The acquisition accelerates Broadridge’s overall e-strategy while strengthening its compliance communication capabilities. “Combining the best-of-breed compliance communication tools and technology of our two organisations will enable us to provide a broader and deeper set of compliance communication solutions for our brokerage, mutual fund, and annuity and retirement plan administrator clients,” said Robert Schifellite, president, investor communication solutions, Broadridge. “At the same time, NewRiver’s capabilities will enable us to help our clients continue the transition toward electronic document delivery and access a richer set of electronic solutions.”