Broadridge has acquired Paladyne Systems, a provider of front-, middle- and back-office trading platforms for multiple asset classes, for $76.5 million. Paladyne also provides portfolio management tools, pricing and valuation applications, data warehousing and data aggregation and reporting.
The acquisition significantly strengthens Broadridge’s offerings to buy-side firms, said Charlie Marchesani, president of securities processing solutions at Broadridge. With the acquisition, Marchesani said, “we believe that Broadridge is uniquely positioned to offer technology and outsourcing services to the hedge fund, asset management, fund administration, prime brokerage and custodial industry segments.
Buy-side firms buy nearly 40% of the technology that the capital markets industry uses, according to Richard J. Daly, chief executive officer of Broadridge. “Paladyne will serve as the foundation for the expansion of Broadridge’s buy-side offering, enabling us to bring Paladyne’s unique solutions to hedge funds, our existing prime brokerage clients, asset managers, hedge fund administrators and other asset sericers,” Daly said.
Raymond James & Associates advised Broadridge and Credit Suisse represented Paladyne on the deal.