Broadridge Financial Solutions Inc. (NYSE: BR) has purchased Emerald Connect LLC for $60 million.
Emerald provides websites and communications services to financial advisers. Broadridge plans to integrate Emerald’s website and communications services into Forefield, which provides sales, education and client communications services. The buyer picked up Forefield in 2010 for $19.5 million.
Broadridge expects the deal to help it provide more services to financial advisers. The Lake Success, N.Y.-based company provides investor communications and other services to broker-dealers, banks, mutual funds and corporate issuers. In July, the company bought Bonaire Software Solutions LLC, which provides expense management services.
StoneRiver Group LP, a company that provides outsourcing services to the insurance industry, sold the company. StoneRiver is owned by private equity fund Stone Point Capital, which invests in financial services companies, and Fiserv Inc., a financial technology company.
For more on the financial services sector, see "Financial Services Sector is Teeming with Targets."