QUINCY, Mass., Feb. 3,
2014 /PRNewswire/ -- 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.
About Colbent
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.
Media Contact Information:
Ann Marie Mierzykowski
Boston Financial Data Services, Inc.
617-483-8109
SOURCE Boston Financial Data Services, Inc.