Broadridge's Latest Acquisition Is Financial Database Services

The purchase "expands Broadridge's current market-leading advisor compensation management capabilities and underscores its commitment to bringing value-added technology solutions to the wealth management industry," according to Broadridge.

The acquisition represents the "latest example of Broadridge expanding our wealth capabilities and growing our client base," according to Michael Alexander, head of North American Wealth and Capital Markets Solutions for Broadridge. "Compensation management and compliance are key industry areas in need of transformation, and we look forward to extending our industry leading capabilities," he said in a statement.

The transaction, which closed Tuesday, marked the first acquisition announced by Broadridge this fiscal year, which started July 1. The company paid a combined $406.4 million for three major acquisitions that the company made in its fiscal year that ended June 30, according to a 10-K filing with the SEC.

Those acquisitions included Rockall, a provider of securities-based lending and collateral management solutions for wealth management firms and commercial banks, for $41.9 million, completed in May; RPM Technologies, a provider of enterprise wealth management software solutions and services, for $302.9 million in June; and the retirement plan custody and trust assets of TD Ameritrade Trust Co., for $61.5 million, also in June.

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