Broadridge Financial Solutions Friday said it closed its aquisition of Matrix Financial Solutions, a purchase estimated at $201 million.
Matrix's back-office, trust, custody, trading and mutual fund settlement services will be integrated into Broadridge's set of data processing and distribution services for the mutual fund industry.
The Matrix trading platform works with approximately 25,000 mutual funds from nearly 500 mutual fund families.
Matrix and its subsidiaries will operate as part of Broadridge's Investor Communication Solutions business as "Matrix Financial Solutions, a Broadridge Company."
The Matrix busiinesses are expected to add about $80 million of revenue a year to Broadridge's results.
