Investor communications provider Broadridge Financial Solutions Inc. (NYSE: BR) is buying privately-held investment software company QED Financial Systems Inc. Financial terms were not disclosed.
QED, based Marlton, New Jersey, dvelops software that help companies manage financial data and other accounting services. The target works with investment advisers, family offices and asset managers. The acquisition will complement Broadridge’s portfolio management, data and analytics businesses. Broadridge provides investor communication and financial technology services to banks, mutual funds and other financial advisers. The company is led by CEO Richard Daly.
“We’re excited to be joining Broadridge, where we’ll have access to greater resources, deep expertise in hosting and managed services and extensive distribution capabilities,” says QED founder Joe Potesta.
Earlier in 2015, Lake Success, New York-based Broadridge acquired Direxxis LLC, which provides cloud-based marketing services to wealth and asset managers. Daly indicated at the time of the Direxxis purchase that financial advisers are relying more on financial data in which they can receive information more quickly.
In other recent financial software deals, Doxim is buying Roler Data; Fidelity National Information Services Inc. (NYSE: FIS) is purchasing SunGard Data Systems Inc.; and SS&C Technologies Holdings Inc. (Nasdaq: SSNC) is adding Carlyle Group-backed (Nasdaq: CG) Primatics Financial.
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