SS&C Technologies buys Open Information Systems for $24m
01 November 2005 | 1472 views | 0
Source: SS&C Technologies
SS&C Technologies, Inc. (NASDAQ: SSNC) today announced the purchase of all of the outstanding capital stock of Open Information Systems, Inc. (OIS) for $24.0 million.
OIS, located in Sandy Hook, Connecticut, provides web-based solutions that support critical applications for global financial institutions. Money Market Manager (M3) is used by banks and broker/dealers for money market issuance services, specifically; M3 provides issuing and paying agent functionality. Information Manager is a comprehensive tool for financial institutions, allowing banks to web-enable core business applications for Internet transaction entry, scheduling, reporting, work flow management and third-party interfaces.
SS&C Chairman and CEO Bill Stone commented, "We are excited about this acquisition. OIS' products add a powerful dimension to our existing suite of solutions to global financial institutions. OIS' suite of products gives us the ability to penetrate deeper into the money market, custody, and security lending areas of these global financial institutions. We are particularly excited about the talent and capability of Tom McMackin and his team, and the synergies we see with our other global banking systems."
Tom McMackin, who will join SS&C as Senior Vice Present and General Manager of this business unit said, "Our clients include leading global banks, and our products meet their critical needs for fast delivery, high performance and security. We are excited about the avenue of possibilities SS&C opens for us. We are confident affiliating with SS&C will allow us to expand our product line into bond processing, as well as give us opportunities to grow our market."