SS&C Technologies Holdings, (Nasdaq:SSNC), a global provider of investment and financial software-enabled services and software, today announced it has entered into a definitive agreement to acquire BDO Simpson Xavier Fund Administration Services Limited, a division of BDO.
The change of ownership was approved by the Central Bank of Ireland on the 12th of August 2011. The new division of SS&C will be known as SS&C Fund Services Ireland Limited. The transaction is subject to customary closing conditions and is expected to close before the end of August 2011.
The addition of the regulated, fully staffed and operational office in Dublin provides SS&C entry into the strategically important European regulated funds market, providing support for additional fund structures, including UCITS and QIF funds.
"The BDO business is highly complementary to our existing business. We have been evaluating the Dublin market for over a year and we found a quality organization with excellent clients," said David Reid, Senior Vice-President and Managing Director, SS&C International. "We will be bringing our advanced portal and mobile technologies and believe we will create the most technologically advanced administrator in Ireland."
"We are pleased SS&C, a world-class fund administrator with 223 billion in assets under administration, is acquiring this business," said Derry Gray, Managing Partner, BDO. "SS&C invests heavily in people, process and technology, and all of our partners here at BDO feel very comfortable in having our former clients and staff in SS&C's hands."