SS&C buys financial data hub Evare

SS&C buys financial data hub Evare

Connecticut-based fintech vendor SS&C Technologies has acquired Evare, a managed service provider for financial data acquisition, transformation and delivery. Financial terms of the deal were not disclosed.

Founded in 1996 and headquartered in Massachusetts, Evare employs around 40 staff and has over 50 clients. The firm serves as a data transformation hub for over 300 asset managers, broker-dealers, custodial institutions, banks, corporations and their respective clients worldwide.

SS&C says the deal will directly complement its middle and back-office institutional outsourcing and hedge fund administration service offering and enhance its reconciliation, post-trade communication, securities data and portfolio management systems.

"Financial institutions spend a considerable amount of time each day in gathering data to conduct reconciliations. This is a time-consuming and expensive process for the middle and back office, and automation of this function offers institutions a strong operational cost savings," says Bill Stone, chairman and CEO, SS&C.

"We are poised to make major improvements in our data gathering and data transformation business, and Evare provides excellent technology and a strong workforce," he adds.

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