Tom Carey, President of GTO, Broadridge

Broadridge Financial Solutions, Inc. has announced a purchase agreement to acquire RPM Technologies, a Canadian provider of enterprise wealth management software solutions and services, for approximately $300 million.

RPM is a Canadian-based software development company, providing wealth management solutions to banks, insurance companies, brokers/dealers, credit unions, and government financial institutions in Canada.

According to the supplier, the acquisition will enable RPM to leverage Broadridge’s Canadian Wealth Management business and will facilitate the development of new capabilities and technology offerings to their clients.

Broadridge is a global Fintech leader with a deep commitment to the Canadian market and is the best future partner to extend RPM’s growth”, said Dave Poppleton, President and CEO of RPM Technologies. “With our combined technology and innovation capabilities, clients will gain deep product expansion opportunities, superior digital channel capabilities and seamless enterprise solutions.”

Broadridge provides investor communications and technology-driven solutions for the financial services industry worldwide. It functions primarily as a service provider supplying public companies with proxy statements, annual reports and other financial documents, and shareholder communications solutions, such as virtual annual meetings

“The addition of RPM Technologies broadens and deepens our wealth management product offering in Canada,” said Tom Carey, President of Global Technology and Operations at Broadridge. “We are very pleased to add RPM’s state-of-the-art platforms and blue-chip client roster. This investment supports our longer-term strategy of building a strong North American Wealth business.”

RPM’s addition expands Broadridge Canada’s addressable market by providing a solution set for the retail banking sector and adding enhanced mutual fund and deposit manufacturing capabilities. The transaction is expected to contribute $40-50 million USD in revenues to Broadridge in the fiscal year 2020.

by Megha Bhattacharya
Market Analyst at IBS Intelligence
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