24 August 2017
Visit http://response.ncr.com

SS&C Technologies to be acquired by Carlyle Group for $982m

28 July 2005  |  11574 views  |  0 cash - piles

US investment management software vendor SS&C Technologies has signed a definitive agreement to be acquired by private equity firm The Carlyle Group in a deal worth around $982 million.

Headquartered in Connecticut and with offices throughout North America, Europe, Asia, and Australia, SS&C provides front, middle, and back office technology to the buy-side investment community. The company has been growing fast on the back of an aggressive acquisition strategy. Already this year SS&C has acquired portfolio and account management firms Financial Interactive and Eisnerfast, and Canadian investment technology group FMC.

Under the terms of the deal, Sunshine Acquisition Corporation, an affiliate of The Carlyle Group, will pay $37.25 in cash for each SS&C share.

This is a 15.7% premium over the average closing price of SS&C's stock for the last 30 trading days. SS&C stock closed at $33 on Wednesday on Nasdaq. The aggregate consideration to be paid to SS&C stockholders and option holders is approximately $941 million.

News of the deal comes as SS&C reports record results for the quarter ended 30 June, 2005. Q2 revenues were $40.7 million, an increase of 66% from the $24.5 million for Q2 2004. Net income and operating income for Q2 were $6.6 million and $10.7 million, respectively, increases of 49% and 50% from the $4.4 million and $7.2 million for the second quarter of last year.

SS&C says its board of directors and an independent committee of the board of directors of SS&C have approved the Carlyle Group transaction and recommended to shareholders that they adopt the agreement.

Chairman and chief executive of SS&C William Stone will exchange certain of his SS&C shares for about 28% of the equity of Sunshine Acquisition Corporation.

The transaction is expected to be completed during the fourth quarter of 2005 and is subject to various conditions, including approval by SS&C shareholders.

Earlier this year a private equity consortium led by San Francisco-based Silver Lake Partners bought out SunGard Data Systems in a deal worth $11.3 billion.

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

SS&C Technologies Q1 profit jumps 58%

SS&C Technologies Q1 profit jumps 58%

21 April 2005  |  4658 views  |  0 comments
Takeover costs push FMC into the red

Takeover costs push FMC into the red

14 April 2005  |  5206 views  |  0 comments
SS&C buys Eisnerfast for $25.3m

SS&C buys Eisnerfast for $25.3m

01 March 2005  |  7014 views  |  0 comments
FMC unites behind US$160 million SS&C offer

FMC unites behind US$160 million SS&C offer

28 February 2005  |  5534 views  |  0 comments
SS&C enters FMC bidding war

SS&C enters FMC bidding war

18 February 2005  |  5719 views  |  0 comments
SS&C to acquire ADP's OMR subsidiary

SS&C to acquire ADP's OMR subsidiary

15 March 2004  |  7162 views  |  0 comments
SS&C Technologies acquires trade visualisation firm NeoVision

SS&C Technologies acquires trade visualisation firm NeoVision

19 February 2004  |  4065 views  |  0 comments
SS&C Technologies acquires Investment Advisory Network

SS&C Technologies acquires Investment Advisory Network

22 January 2004  |  3709 views  |  0 comments

Related company news

 

Related blogs

Create a blog about this story (membership required)
download the paper nowvisit www.dorsum.euvisit www.worldpaymentsreport.com

Top topics

Most viewed Most shared
Rabobank constructs physical model to understand IT architectureRabobank constructs physical model to unde...
20769 views comments | 43 tweets | 86 linkedin
Barclays pairs banking data with third party apps for SmartBusiness DashboardBarclays pairs banking data with third par...
12016 views comments | 22 tweets | 35 linkedin
Australia regulates digital currenciesAustralia regulates digital currencies
11324 views comments | 21 tweets | 35 linkedin
RBS to bring Silicon Valley to EdinburghRBS to bring Silicon Valley to Edinburgh
11154 views comments | 10 tweets | 8 linkedin
hands typing furiouslyWhy Is Risk Analytics Important?
10848 views 0 | 7 tweets | 1 linkedin

Featured job

Find your next job