Broadridge acquires Securities Industry Services business from Kyndryl
Broadridge Financial Solutions is set to acquire the Securities Industry Services (SIS) business of IT infrastructure services provider Kyndryl for an undisclosed sum.
Broadridge buys Kyndryl’s SIS business
The wealth and capital markets technology platform provides back-office brokerage transaction processing for the securities industry in Canada. Additionally, it supports solutions for clearing and settlement, account record keeping, tax and regulatory reporting, and order management.
Its capabilities are set to integrate with Broadridge’s wealth platform, with the pair expected to close the transaction “in the coming months”, subject to customary closing conditions.
Despite the sale, Kyndryl states that it intends to maintain an extended partnership with the SIS business, providing Broadridge’s Canadian division, which is headed by president Karin Kirkwood, with “managed services and capabilities”.
“The combination of the SIS technology business and Kyndryl managed services with our industry-leading Broadridge wealth platform will further accelerate our ability to bring innovation to Canada and meet the increasingly complex needs of Canadian firms,” comments Kirkwood.
She adds that the acquisition and subsequent partnership “further underscore Broadridge’s long-standing commitment to being a leading technology provider to Canadian financial services firms”.
The vendor, headquartered in New York, has previously undertaken a string of initiatives in North America, including its partnership with Royal Bank of Canada’s wealth management division in 2021 for its wealth platform and asset servicing system.
