U.S.-based fintech Broadridge Financial Solutions (NYSE:BR) announced on Wednesday it has completed the acquisition of Itiviti Holding AB (“Itiviti”), a provider of trading and connectivity technology to the capital markets industry. Broadridge notably purchased Itiviti from Nordic Capital in an all-cash transaction valued at €2.143 billion (approximately $2.5 billion)
As previously reported, Itiviti is described as a global capital markets technology service provider that is offering scalable solutions for financial institutions to consolidate their trading infrastructure, driving significant cost savings.
“With offices in 16 countries, Itiviti serves 24 of the top 25 global investment banks and over 2,000 leading brokers, trading firms and asset managers across 50 countries. Itiviti’s suite of Trading and Connect solutions offer comprehensive tools to support both connectivity and adaptivity to changing market dynamics and regulatory demands. The solutions and services offered provide financial institutions the flexibility and functionality to serve any trading style across asset classes.”
Itiviti notably generated recurring revenues of approximately €210 million in 2020. Through the acquisition, Itiviti will become part of Broadridge’s Global Technology and Operations segment, and its senior management team, led by CEO Rob Mackay, will remain with the company to drive future growth. Tim Gokey, Broadridge CEO, recently spoke about the acquisition by stating:
“The acquisition of Itiviti enhances Broadridge’s position as a global Fintech leader. By extending our capabilities into the front office and deepening our multi-asset class solutions, Itiviti significantly strengthens our Capital Markets franchise and better enables Broadridge to help financial institutions adapt to a rapidly evolving marketplace. Itiviti’s well-developed footprint in APAC and EMEA will increase our scale outside North America and strengthen our ability to serve our global clients.
Broadridge went on to add that Initivi’s senior management team, led by CEO Rob Mackay, will remain with the company to drive future growth.
