On May 13, 2024, Broadridge Financial Solutions, Inc. (NYSE) announced it would acquire Kyndryl's Securities Industry Services (SIS) wealth and capital markets technology platform. SIS offers services such as clearing and settlement, account record-keeping, tax and regulatory reporting, and integrated order management for Canadian financial services firms. Kyndryl planned to partner with Broadridge Canada to provide managed services and capabilities to SIS.

Karin Kirkwood, President of Broadridge Canada, stated that the acquisition and partnership with Kyndryl reaffirmed Broadridge's commitment to being a leading technology provider for Canadian financial services firms. She highlighted that combining SIS technology and Kyndryl's managed services with Broadridge's Wealth Platform would enhance their innovation capabilities to meet Canadian firms' complex needs.

Farhaz Thobani, President of Kyndryl Canada, noted that the collaboration was beneficial for their Canadian clients, emphasizing Broadridge's shared commitment to driving large-scale technology innovation. He believed Broadridge was the ideal acquirer for the SIS business to bring further innovation to their clients.

The transaction was not expected to significantly impact Broadridge's financial results and was anticipated to close within the coming months, subject to customary closing conditions and regulatory approvals. RBC Capital Markets served as the exclusive financial advisor to Broadridge for this transaction.