Leading Outsourcing Firm Makes Move to Expand Corporate Action Capabilities
QUINCY, MA – February 3, 2014 - Boston Financial Data Services, Inc., a premier provider of outsourcing services to the asset management industry, today announced an agreement to acquire assets and staff of The Colbent Corporation.
Braintree-based Colbent provides transaction processing, data management, shareholder reporting, and other vital back office services to the financial services industry. Boston Financial has had a successful relationship with Colbent for the past 20 years, leveraging its technology capabilities and extensive experience in the settlement and corporate actions arenas.
“Colbent is well-known in the industry for its complex financial services data processing capabilities,” said Madeline FitzGerald, Managing Director of Boston Financial’s Event Center and Settlement Administration Solutions unit, “and we will no doubt benefit from the deep, long-standing relationships that the firm has cultivated over the years. More than that, the acquisition expands Boston Financial’s corporate actions capabilities and further diversifies our product offering.”
For over 40 years, Boston Financial has provided full-service solutions that span transfer agency, proxy administration, settlement administration, financial intermediary administration, and 529 Plan servicing. Backed by sophisticated technology, Boston Financial brings considerable industry knowledge to its product suite.
“We’re excited by the opportunity to join up with this industry leader,” said Don Beardsley, President of Colbent. “Our ongoing relationship with Boston Financial has led to a strong foundation of respect and business understanding, and we look forward to contributing to its ongoing success in the corporate actions area.”
Terms of the transaction were not disclosed. The acquisition closed at the end of January 2014.
About Boston Financial
Boston Financial Data Services is one of the industry's premier outsourcing providers servicing the mutual fund and employer retirement plans markets. Boston Financial is a joint venture between DST Systems, Inc. of Kansas City, MO., and State Street Corporation (NYSE: STT) of Boston, MA. This joint venture has enabled Boston Financial's clients to utilize DST's industry-leading software and technology while benefiting from the institutional support and global reach of State Street. For more information on Boston Financial, visit www.bostonfinancial.com.
The Colbent Corporation is a leading provider of services to transfer agents, corporate issuers, mutual funds, and insurance companies, as well as other organizations in need of superior processing of corporate actions or financial services database management projects. Founded in 1986, Colbent has been in the forefront of the industry, applying expertise, sound methods, manpower and pioneering technology to complete critical transaction processing assignments accurately, on deadline, and in full regulatory compliance.