SS&C to acquire ADP's OMR subsidiary

SS&C to acquire ADP's OMR subsidiary

SS&C Technologies is to acquire the outstanding stock of ADP subsidiary OMR for $20 million cash.

OMR's TradeThru software is a multi-bank, multi-currency and multi-entity treasury system offering front-to-back office functionality. OMR's Xacct service provides back office processing to hedge funds and other alternative investment managers.

SS&C intends to include the TradeThru business in its financial institutions business, headed by SVP Colleen Nelsen.

"SS&C's Lightning product is a strong US fixed income system, and the addition of OMR's TradeThru product will greatly strengthen and expand our presence in Europe," she says. "With a high level of cross-border bank merger activity, SS&C will be in a strong position to provide worldwide capital market solutions."

Ward McGraw, SS&C's SVP for hedge funds says the Xacct service will add commodity pool and managed futures administration capabilities to the firm's offering.

SS&C Chairman and CEO Bill Stone, states: "OMR's business is equally split between the European Union and the United States, and we look forward to further penetrating both of these markets. The purchase price is approximately one times OMR's revenue for the twelve months ended December 31, 2003. We currently expect that the OMR acquisition should be accretive to 2004 earnings."

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