SS&C Technologies to raise $200m in IPO

SS&C Technologies to raise $200m in IPO

Connecticut-based fintech vendor SS&C Technologies has filed for a $200 million initial public offering (IPO) with the US Securities and Exchange Commission (SEC).

The firm has applied to list its common stock on the Nasdaq Global Market under the trading symbol "SSNC". However the filing did not disclose how many shares will be offered in the IPO or the expected price of the stock.

Morgan Stanley, Credit Suisse, JP Morgan, Jefferies and Wachovia Capital Markets are listed as underwriters.

SS&C, which provides front, middle, and back office technology to the buy-side investment community, was acquired by private equity firm The Carlyle Group in 2005 in a deal worth around $982 million.

In 2006, the vendor reported a full-year profit of $1.1 million on revenue of $205.5 million.

The company has grown rapidly over the past three years on the back of an aggressive acquisition strategy, which has continued after the Carlyle buy out with the acquisitions of Cogent, a New York provider of fund management services to hedge funds, in 2006 and the buy out of fund administration firm Northport in 2007.

SS&C says it exepcts to use some of the funds raised in the IPO for working capital and other general corporate purposes, including further acquisitions.

The vendor will also use the funds to redeem up to $71.75 million of outstanding senior subordinated notes due 2013, at a redemption price of 111.75% of the principal amount plus accrued and unpaid interest.

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