Thomson Reuters offloads Portia to SS&C
29 February 2012 | 8314 views | 0
Thomson Reuters has agreed to sell off Portia, its middle-to-back office investment operations platform, to SS&C Technologies for $170 million.
The Portia business provides a a range of middle-to-back office capabilities that allow investment managers to track and manage the day-to-day activity in their investment portfolios.
The acquisition sees 140 staff in Boston, Bangalore, London, Hong Kong, Singapore, Dubai, Tokyo and Bangkok move to SS&C, with Portia president Christy Bremner continuing to lead the unit.
Bill Stone, CEO, SS&C, says: "This deal significantly adds to our offerings in the portfolio management software industry. We look forward to working with Christy and her team to expand our offerings to the global financial services industry."
The transaction is slated to close in the second quarter, subject to regulatory approval and satisfaction of customary closing conditions.
Earlier this month Thomson Reuters completed the sale of its trade and risk management technology business to Vista Equity Partners. The sell offs are part of a wider revamp at the company, hit hard by the global economic downturn, that has also seen the markets division broken up and CEO Tom Glocer leave.