SS&C Technologies is to acquire San Francisco-based supplier of CRM and fund profiling software Financial Interactive for 495,000 common shares and warrants to purchase an additional 50,000 shares.
Financial Interactive's FundRunner product provides reporting, compliance and account management services to alternative fund managers and fund administrators.
SS&C chairman and CEO Bill Stone comments: "FundRunner responds to a fundamental need of fund managers - investor communications. With this acquisition, we will add to our comprehensive portfolio of product and services we can offer to the hedge fund market."
The value of the deal is subject to adjustment based on the SS&C stock price in the ten days prior to closing. SS&C shares fell 36 cents to $26.89 ahead of the announcement at market close.
This latest acquisition follows SS&C's $25.3 million purchase of fund accounting firm Eisnerfast in March this year. SS&C also recently completed on a $159 million deal to acquire investment management software firm Financial Models Company.