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Screenshot of a breaking news alert e-mail from Q2 2017
LeapRate Exclusive… LeapRate has learned from SEC filings that the previously-announced acquisition of FX technology company TwoFour Systems by Broadridge Financial Solutions, Inc. (NYSE:BR) was done for cash consideration of $31.6 million.
The acquisition was announced on January 5, but at the time terms of the acquisition including amount paid by Broadridge was not disclosed.
Broadridge delivers communications and technology-driven solutions to banks and brokers.
TwoFour’s technology provides componentized front-to-back office integration with straight-through-processing for FX, exchange-traded futures and options, metals, interest rate derivatives and money market instruments. Its cash management solution provides intra-day real-time aggregation and reporting of balances and cash flows with detailed global position-views for single and multi-entity institutions.
Some more details:
- The upfront purchase price, as we stated above, was $31.6 million, paid in cash.
- In addition, Broadridge assumed TwoFour’s liabilities of $2.6 million.
- Broadridge also is to make future payments to TwoFour’s former owners over the next three years, based on the achievement by the acquired business of certain revenue and earnings targets – Broadridge estimates those payments to be in the neighborhood of $1.1 million.