RPM Technologies is engaged in providing enterprise wealth management software solutions and services to Canadian banks and wealth management companies.
The company’s technology platforms are said to support more than 15 million customer accounts. Broadridge said that the transaction will give important new capabilities and next-generation technology to the clients of both the companies.
RPM Technologies president and CEO Dave Poppleton said: “Broadridge is a global Fintech leader with deep commitment to the Canadian market and is the best future partner to extend RPM’s growth.
“With our combined technology and innovation capabilities, clients will gain deep product expansion opportunities, superior digital channel capabilities and seamless enterprise solutions.”
Broadridge further said that the acquisition expands the addressable market of its Canadian business by giving a solution set for the retail banking sector and adding improved capabilities in mutual fund and deposit manufacturing.
The fintech major said that RPM Technologies has proven capabilities in the Mutual Fund Dealers Association of Canada marketplace with a host of services and solutions along with a successful track record of gaining and on-boarding new clients.
The acquisition is also expected to generate additional revenues of $40m (£31m)-$50m (£39m) to Broadridge in fiscal year 2020.
Broadridge global technology and operations president said: “The addition of RPM Technologies broadens and deepens our wealth management product offering in Canada.
“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.”
The completion of the transaction will be subject to the completion of an intercompany reorganisation by RPM Technologies along with meeting of standard customary closing conditions.
Based in Lake Success in New York, Broadridge provides investor communications and technology-driven solutions to banks, broker-dealers, asset managers and corporate issuers in various parts of the world.
Earlier this month, the fintech major acquired Rockall, a provider of securities-based lending (SBL) and collateral management solutions for wealth management companies and commercial banks.
