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.”

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

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.