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Products November 24, 2010
Broadridge to Acquire Matrix
November 24, 2010 (PLANSPONSOR.com) – Broadridge Financial Solutions has signed an agreement to acquire Matrix Financial Solutions, Inc. for $201 million in cash.
Reported by PLANSPONSOR staff
A news release said Matrix is an independent provider of mutual fund processing solutions for the defined contribution market, and holds a position in the rapidly growing small- and medium-sized retirement plan segment. Its open architecture solutions enable customers to leverage distribution arrangements with approximately 25,000 mutual funds from nearly 500 mutual fund families.
“The acquisition of Matrix will significantly expand Broadridge’s position as a provider of data and distribution channel solutions to the mutual fund industry,” stated Richard J. Daly, Chief Executive Officer, Broadridge, in the news release.
According to the announcement, Matrix is expected to generate approximately $80 million of revenue during the year ending December 31, 2010.
The stock purchase agreement has been approved by the Boards of Directors of both companies. The transaction is expected to close prior to December 31, 2010, subject to the satisfaction of customary closing conditions, including regulatory approvals.
More information is at www.broadridge.com.