U.S.-based fintech Broadridge Financial announced on Tuesday it is set to acquire Canadian wealth management technology provider, RPM Technologies for approximately $300 million. Broadridge reported that RPM’s technology platforms support more than 15 million customer accounts. Broadridge revealed:
While sharing more details about the acquisition, Tom Carey, President of Global Technology and Operations at Broadridge, stated:
“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.”
Dave Poppleton, President and CEO of RPM Technologies, also commented:
“Broadridge is a global Fintech leader with deep commitment to the Canadian market and is the best future partner to extend RPM’s growth. With our combined technology and innovation capabilities, clients will gain deep product expansion opportunities, superior digital channel capabilities and seamless enterprise solutions.”
Broadridge added it is purchasing RPM from its current owners, which include Bayshore Capital Inc. The closing of the transaction is subject to the completion of an intercompany reorganization by RPM Technologies and standard customary closing conditions.