NEW YORK, New York -- April 2, 2007 -- Broadridge Financial Solutions, Inc. (NYSE: BR) CEO Rich Daly and COO John Hogan will greet members of the New York Stock Exchange this morning to begin the first trading day of Broadridge as an independent, public company focused on providing services to the financial services industry. Broadridge Financial Solutions, Inc. was officially spun off from Automatic Data Processing, Inc. (NYSE: ADP) on Friday, March 30th. The newly independent company begins trading as a member of the S&P MidCap 400 Index.
"This is a very exciting milestone for Broadridge that exemplifies our commitment to pursue continued growth and build value for our shareholders and clients," said Broadridge CEO, Rich Daly. "As an independent company focused on providing solutions to the financial services industry, we believe Broadridge is well positioned to execute strategic initiatives specific to our business needs, provide expanded solutions for our clients and increase opportunities for our associates."
Broadridge is an industry leader with nearly $2 billion in revenue. The company specializes in three areas of services to the financial services industry: investor communications, securities processing, and clearing and outsourcing. Broadridge distributes over 1 billion investor communications each year, and components of its securities processing solutions are used by 7 of the top 10 U.S. broker-dealers. Additionally, its fixed income business processes trades with an aggregate settlement value of over $2 trillion each day.
As a result of the spin off, ADP shareholders received one share of Broadridge Financial Solutions, Inc. stock for every four shares of stock they held in ADP on March 23, 2007. Approximately 138.5 million shares of Broadridge stock were distributed on Friday March 30th to ADP shareholders.
About Broadridge
Broadridge Financial Solutions, Inc. (NYSE:BR) is the leading provider of investor communications and technology-driven solutions for broker-dealers, banks, mutual funds and other corporations. Broadridge’s investor and customer communications, securities processing and managed services solutions help clients reduce their capital investments in operations infrastructure, allowing them to increase their focus on core business activities. With over 50 years of experience, Broadridge's infrastructure underpins proxy voting services for over 90% of public companies and mutual funds in North America and processes on average $5 trillion in equity and fixed income trades per day. Broadridge employs approximately 10,000 associates in 14 countries.
For more information about Broadridge, please visit www.broadridge.com.