Broadridge Financial Solutions, which is an S&P 500 constituent, has acquired ClearStructure Financial Technology for an undisclosed amount, citing growing interest in private markets as a key driver of the deal.
Adding ClearStructure will enable Broadridge to offer solutions targeting private debt markets. Currently, Broadridge supplies software as a service to some 550 traditional and alternative investment managers and fund administrators. It says its infrastructure makes possible proxy voting services for more than half of public companies and mutual funds globally, and processes more than $7trn in fixed income and equity securities trades daily.
"As private markets continue to grow and present opportunities for asset managers to find alpha and differentiate themselves, the addition of ClearStructure's private debt capabilities will create a differentiated solution in the market and enable Broadridge to serve new clients," the company said in a statement.
ClearStructure is known for its Sentry product, which enables front to back office functions on a single platform across asset classes.
This marks the latest in a number of acquisitions made by Broadridge. Earlier in November, it completed the acquisition of Fi360, which provides software, data and analytics to financial intermediaries, particularly in the US.
In July it completed the acquisition of TD Ameritrade Trust Company, boosting its presence in the area of retirement planning.
It has also been adding capabilities this autumn through deals or collaboration with the likes of Sisense (analytics) and FundsLibrary (regtech solutions).