The stock purchase agreement has been approved by the Boards of Directors of both companies.
Matrix is expected to generate approximately $80m of revenue during the year ending 31 December 2010.
Broadridge said that it anticipates the Matrix acquisition to be neutral to its GAAP net earnings for the remainder of Broadridge’s fiscal year ending 30 June 2011.
The transaction is expected to close prior to 31 December 2010, subject to the satisfaction of customary closing conditions, including regulatory approvals.
Broadridge CEO Richard Daly said that the acquisition of Matrix will significantly expand Broadridge’s position as a provider of data and distribution channel solutions to the mutual fund industry.
"It will enable Broadridge to bring Matrix’s unique turnkey retirement solutions to Broadridge’s broker-dealer client base, increase Broadridge’s product offering to the bank trust and third party administrator markets, and will deepen Broadridge’s relationship with nearly 500 mutual fund complexes," Daly said.
