US investment management software vendor SS&C Technologies has acquired Eisnerfast, a provider of back office accounting and administration services to hedge and private equity funds, funds of funds and investment advisors, for $25.3 million in cash.
New York-based Eisnerfast is a subsidiary of accounting firm Eisner and provides internal accounting services - including portfolio accounting, investor accounting, books and records, tax reporting and performance analysis - to over 250 funds.
Ward McGraw, SVP, hedge fund and family office, SS&C, comments: "In the last few years, SS&C has decisively grown its fund administration outsourcing business, both organically and through acquisitions.
"The acquisition of Eisnerfast gives us a larger presence in the New York market, as well as a talented and experienced staff of professionals, a solid client base and a specific expertise with private equity funds."
SS&C says the acquisition is part of "an aggressive plan" to grow its fund administration outsourcing business. The firm is currently in the process of buying Canadian investment management software firm Financial Models Company (FMC) after it out-bid a previous offer made by France's Linedata Services.