Broadridge Financial Solutions announced on Monday that it has completed its acquisition of RPM Technologies, a Toronto-based provider of enterprise wealth management software solutions and services.
The financial services giant first announced the deal last month, and it seems that it has already gone through.
Broadridge is going to pay $300 million to acquire RPM Technologies. Though there were several sellers, Bayshore Capital – a Canadian real estate, financial services, and technology private equity firm – was RPM Technologies’ biggest shareholder.
When justifying its latest acquisition’s hefty price tag, Broadridge’s management cited a desire to expand its set of products and its North American service offering.
“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, when the acquisition was announced.
“We are very pleased to add RPM’s state-of-the-art platforms and blue-chip client roster. This investment underscores our commitment to bring value-added technology solutions to the industry, and it supports our longer-term strategy of building a strong North American wealth business.”
A lot of clients and a lot of cash
The “client roster” that Carey referenced helps support approximately 15 million customer accounts for firms across the globe. Those people are retail banking clients for major Canadian banks, as well as some wealth management firms.
According to a statement released by RPM Technologies last month, the firm’s services currently control around 650 billion Canadian dollars ($490 billion) in assets.