Broadridge Financial Solutions, a US-headquartered fintech company, has leveraged the capabilities of Glue42's desktop integration platform to offer its customers a better user experience. Currently, the newest integration is available in the UK, but it will launch in the US and EU in the near future.
Broadridge Leverages Glue42
According to Monday's press release, Glue42 is a software provider allowing users to configure and use multi-app workflows, incorporate data and arrange the user interface. Broadridge intends to use the developer's solutions to connect multiple interfaces of its own products, including Tbricks and Ullink OMS.
"Using Glue42's technology we are providing clients with a better and more seamless user experience, creating one interface for traders to access unique functionality from multiple Broadridge solutions. This new single login provides interoperability, access to the best components from multiple solutions making the trading workflow more efficient, allowing traders to focus on execution," Ray Tierney, the President of Broadridge Trading and Connectivity Solutions, said.
Meanwhile, Glue42 will expand the number of applications running within its environment through its partnership with Broadridge. The company is headquartered in New York, London and Bulgaria and currently supports 45,000 licenses worldwide.
New Markets and New People in Broadridge
In December, the publicly-listed fintech company announced its newest partnership with IntraFi. The US banking network will help Broadridge extend its securities-based lending reach to new markets.
Meanwhile, Broadridge partnered with the Israeli-based eToro in mid-November to enable proxy voting for users who have invested in shares of companies traded on the platform. Similarly, in September, the company teamed up with Coinbase, a popular crypto exchange, to offer interoperability between Coinbase Prime and its NYFIX order-routing network.
A month ago, Broadridge appointed a new Chief Product Officer. The position was filled by Martin Koopman, the President of its Bank Broker Dealer, ICS. Koopman has over 23 years of industry experience in capital markets, institutional trading and investor communications.
Higher Revenues but Lower Operating Income
According to the company's latest financial results for the first quarter of the fiscal year 2023 (2023F), ending Sept. 30, 2022, revenues amounted to $806 million, growing by $750 million year over year (YoY). However, Operating income shrank 15% to $88 million YoY, and earnings per share (EPS) came in at $0.84, which is down 21% from $1.07 in Q1 2023F.
"Broadridge reported another strong quarter, highlighting the resilience of our business model and the positive long-term trends driving our growth. Recurring revenues grew 9% constant currency, powered by new sales, continued strength in investor participation, and the strong performance of our BTCS business," Tim Gokey, the CEO of Broadridge, commented.
Broadridge projected a 6-9% increase in recurring revenues for the full fiscal year ending June 2023 and EPS growth in the range of 7-11%. However, like many other companies in the financial sector, Broadridge was negatively affected by risk-of sentiment in 2022. Its Wall Street-listed shares lost 27% last year, breaking an 11-year streak of uninterrupted growth.
