Broadridge Financial Solutions Inc. (NYSE: BR) acquired Direxxis LLC, underscoring the trend towards acquiring cloud-based technology.
Direxxis, headquartered in Needham, Massachusetts, provides cloud-based marketing services to wealth and asset managers. The software aims to give wealth managers a tool to manage and implement marketing activities across offices and branch locations. Terms of the acquisition, announced March 3, weren't disclosed.
The deal helps Broadridge build up its services for financial advisers. "Financial advisors are moving from a mass marketing approach to data-driven strategies in which timely content can be tailored and distributed through both traditional and emerging channels," says Richard Daly, CEO of Broadridge.
Lake Success, New York-based Broadridge provides investor communications and technology services to broker-dealers, banks, mutual funds and corporate issuers.
Oppenheimer & Co. advised Direxxis on the deal.
There have been several acquisitions for cloud-based software recently. In February, Clearlake Capital acquired software company FrontRange to combine with Lumension, in order to form a service-management software business. Earlier in February, Vector Capital agreed to take cloud-based software developer Saba Software private for $390 million.