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SS&C agrees $120m Innovest Systems takeover

SS&C agrees $120m Innovest Systems takeover

SS&C has struck a deal to buy wealth management technology outfit Innovest Systems for $120 million in cash and stock.

New York-based Innovest provides cloud-based technology for trust accounting, payments and unique asset servicing.

The firm's flagship product InnoTrust supports the accounting and reporting needs of trust companies, banks, private banks, retirement plan administrators, and others.

Bill Stone, CEO, SS&C, says: “The addition of Innovest’s innovative solutions and seasoned team will allow us to simplify wealth managers’ operations with a one-stop-shop for wealth and trust accounting and reporting.”

The deal, slated to close in Q2, will consist of $100 million in cash and $20 million in SS&C stock.

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