Broadridge Financial Solutions has agreed to purchase Canadian wealth management technology provider RPM Technologies for nearly $300m.
The Canadian firm provides enterprise-class wealth management software solutions.
Its technology platforms currently administer over C$650bn of assets spread among 15 million customer accounts.
Broadridge is acquiring RPM from its current owners which include Bayshore Capital.
Broadridge president of global technology and operations Tom Carey said: “The addition of RPM Technologies broadens and deepens our wealth management product offering in Canada.
“We are very pleased to add RPM’s state-of-the-art platforms and blue-chip client roster. This investment underscores our commitment to bring value-added technology solutions to the industry, and it supports our longer-term strategy of building a strong North American Wealth business.”
Broadridge expects this acquisition to contribute up to $50m to its overall revenues in fiscal year 2020.
RPM Technologies president and CEO Dave Poppleton said: “With our combined technology and innovation capabilities, clients will gain deep product expansion opportunities, superior digital channel capabilities and seamless enterprise solutions.”
The closure of the deal is subject to the completion of an intercompany reorganisation by RPM Technologies.
Early this month, Broadridge acquired Rockall, which offers securities-based lending and collateral management solutions for wealth managers and commercial banks, to expand its wealth capabilities.
Few months back, it also acquired certain technology solutions from PivotData, and its partner Sol Hedge, to strengthen its business amongst private fund asset managers.
In June last year, Broadridge agreed to acquire MackayWilliams, a UK-based fund market and research firm, for an undisclosed sum.