Broadridge Accelerates Hybrid Cloud Strategy with IBM Services to Drive Next-Gen Capabilities for Clients
NEW YORK, Jan. 14, 2020 /PRNewswire/ -- Broadridge Financial Solutions, Inc. [NYSE:BR], a global Fintech leader and part of the S&P 500® Index, and IBM Services [NYSE:IBM], today announced an agreement to bring new cloud-based solutions to Broadridge's clients in the financial services industry. As part of this strategic collaboration, Broadridge will create The Broadridge Private CloudTM powered by IBM and will transition a significant portion of its global infrastructure to IBM. This key milestone in its cloud strategy will enable Broadridge to better provide powerful industry solutions to leading financial institutions around the world, with improved speed to market, flexibility, and resiliency.
Accelerating its shift to a hybrid cloud model will enable Broadridge to further deliver next-generation SaaS solutions to its clients through industry leading technology infrastructure. Today's announcement marks Broadridge's move of its mission-critical workloads to the cloud with IBM, to help further transform the financial services industry. Leveraging IBM's open source capabilities allows infrastructure flexibility and will provide Broadridge new opportunities to invest in its application portfolio, adding new capabilities to its market-leading solutions. By implementing Red Hat OpenShift platform, the industry's most comprehensive Kubernetes platform, Broadridge will also be able to manage workloads across its overall hybrid cloud infrastructure.
"The Broadridge Private Cloud powered by IBM, will increase our ability to more rapidly deliver next-gen and mission-critical solutions to our clients around the world," said Mark Schlesinger, Broadridge's Chief Information Officer. "Accelerating our cloud strategy will enable clients to leverage an industry-leading, highly flexible and resilient technology platform and allow Broadridge to accelerate our product roadmap, providing our clients with faster access to new industry solutions incorporating the ABCDs of InnovationTM (AI, Blockchain, Cloud, Digital)," Mr. Schlesinger added.
"We look forward to bringing the power of IBM's hybrid cloud capabilities and financial services industry experience to Broadridge's mission-critical infrastructure that powers the global financial markets," said Rodrigo Kede Lima, General Manager, IBM Global Technology Services. "The Broadridge Private Cloud, along with the world's first financial services-ready public cloud, recently launched by IBM, showcases how IBM is working with key clients all over the world to address critical requirements of financial services institutions with regulatory compliance, security and resiliency."
The financial services industry continues to face challenges from new and existing competitors, generating the constant need for new, innovative products and services. Additionally, increased regulatory and compliance requirements are driving the need for improved security and resiliency. By engaging with IBM, Broadridge and its clients have a service provider with experience in providing hybrid cloud managed services with a keen awareness of the regulatory and compliance demands of the financial services industry globally.
IBM is bringing its deep financial services industry experience to help generate long term value to Broadridge and its clients. Over this multi-year agreement, IBM will help modernize Broadridge's infrastructure to provide automated private cloud services for its critical workloads. In addition, IBM cloud will provide new application development capabilities for Broadridge's businesses. As Broadridge continues to develop and deploy new applications in the cloud, IBM will also assist with design and migration services along with its ongoing support.
IBM and Broadridge Financial signed this transaction in IBM's fourth quarter of 2019.
Broadridge Financial Solutions, Inc. (NYSE: BR), a $4 billion global Fintech leader, is a leading provider of investor communications and technology-driven solutions to banks, broker-dealers, asset and wealth managers and corporate issuers. Broadridge's infrastructure underpins proxy voting services for over 50 percent of public companies and mutual funds globally, and processes on average more than $7 trillion in fixed income and equity securities trades per day. Broadridge is part of the S&P 500® Index and employs over 11,000 associates in 18 countries. For more information about Broadridge, please visit www.broadridge.com.
About IBM Cloud
With over $20B in annual cloud revenue, IBM has built a leading enterprise hybrid cloud business. This includes a comprehensive range of as-a-service offerings, software, hardware and professional services that enable IBM to advise, move, build and manage cloud solutions across public, private and on-premises environments. Through its global network of more than 60 cloud data centers across 19 countries and 18 availability zones across 6 regions, IBM public cloud helps enterprises in all industries to meet security, resiliency, performance, and global deployment requirements. Built on an open source, multitenant environment, clients have secured access to an enterprise-grade IaaS and a leading PaaS that provides them with the latest developer capabilities and ready-to-go innovation engines. This includes more than 190 cloud-native APIs, such as AI, blockchain, IoT, serverless and quantum computing, and consistent function all the way to the edge. Several financial institutions including BNP Paribas, Bank of America, Westpac and others are already working with IBM on their public cloud journey. BNP has strengthened its ability to subscribe to "As a Service" IT services through the IBM public cloud. For more information, visit https://www.ibm.com/cloud/public
This press release may contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Statements that are not historical in nature and which may be identified by the use of words such as "expects," "assumes," "projects," "anticipates," "estimates," "we believe," "could be" and other words of similar meaning, are forward-looking statements. These statements are based on Broadridge management's expectations and assumptions and are subject to risks and uncertainties that may cause actual results to differ materially from those expressed. Factors that could cause actual results to differ materially from those contemplated by the forward-looking statements include:
- the success of Broadridge in retaining and selling additional services to its existing clients and in obtaining new clients;
- Broadridge's reliance on a relatively small number of clients, the continued financial health of those clients, and the continued use by such clients of Broadridge's services with favorable pricing terms;
- material security breach or cybersecurity attack affecting the information of Broadridge's clients;
- changes in laws and regulations affecting Broadridge's clients or the services provided by Broadridge;
- declines in participation and activity in the securities markets;
- the failure of Broadridge's key service providers to provide the anticipated levels of service;
- a disaster or other significant slowdown or failure of Broadridge's systems or error in the performance of Broadridge's services;
- overall market and economic conditions and their impact on the securities markets;
- Broadridge's failure to keep pace with changes in technology and the demands of its clients;
- the ability to attract and retain key personnel;
- the impact of new acquisitions and divestitures; and
- competitive conditions.
There may be other factors that may cause Broadridge actual results to differ materially from the forward-looking statements. Broadridge's actual results, performance or achievements could differ materially from those expressed in, or implied by, the forward-looking statements. Broadridge can give no assurances that any of the events anticipated by the forward-looking statements will occur or, if any of them do, what impact they will have on our results of operations and financial condition. You should carefully read the factors described in the "Risk Factors" section of Broadridge's Annual Report on Form 10-K for the fiscal year ended June 30, 2019 for a description of certain risks that could, among other things, cause Broadridge's actual results to differ from these forward-looking statements.
All forward-looking statements speak only as of the date of this press release and are expressly qualified in their entirety by the cautionary statements included in this press release. Broadridge disclaims any obligation to update or revise forward-looking statements that may be made to reflect events or circumstances that arise after the date made or to reflect the occurrence of unanticipated events, other than as required by law.
W. Edings Thibault
Corporate Communications, Broadridge