Broadridge Financial Solutions has agreed to acquire Bonaire Software Solutions, a provider of fee calculation, billing, and revenue and expense management solutions for asset managers including institutional asset managers, wealth managers, mutual funds, bank trusts, hedge funds and capital markets firms.
The deal is expected to close in July. Terms were not disclosed. Bonaire was advised by Raymond James & Associates and Broadridge was also advised by an undisclosed firm.
Michael Liberatore, chief operating officer of Mutual Fund and Retirement Solutions Group at Broadridge, told Money Management Executive that his firm has no intentions on downsizing Bonaire’s personnel or office spaces. Instead, he said Bonaire is a complimentary business for his firm because there is a strong need for Bonaire’s services in the market in light of the hot button issue surrounding fees.
He added that there is an untapped market of sub-$10 billion asset management firms that could use the types of services and products offered by Bonnaire.
In a statement, Christopher John, chief executive officer of Bonaire, said: “Broadridge is uniquely positioned to accelerate the adoption of our fee calculation engines. Joining Broadridge will strengthen Bonaire’s client service and sales, and its global footprint will help broaden our combined breadth of product applications to new geographies and clients.”
Diana Awed, vice president, Mutual Funds & Retirement Marketing at Broadridge, said: “This is a great fit for us because we have a strategy of creating more data solutions for asset managers to operate more efficiently while minimizing risks.”
She declined to comment on whether or not Bonaire will be rebranded only offering that: “We’re working to increase the Broadridge name across markets.”
So are there more deals in the works for Broadridge? Liberatore said that the firm is always looking for deals that make sense as well as increase shareholder value.