SS&C Technologies to acquire Advent Software in $2.7 billion deal

03 Feb, 2015

SS&C Technologies is to acquire Advent Software in a $2.7 billion deal, a transaction will enable SS&C to enhance its technology and geographical diversification. This is the latest takeover by SS&C which has sought to grow its business through acquisitions. Some of its higher profile buy-outs include that of GlobeOp in 2012, and DST Global Solutions in 2014.

“The acquisition reinforces our focus on our clients. Advent Software, combined with SS&C’s complementary offerings in SaaS, middle office services, regulatory solutions, mobile applications and FIX, is unmatched. One Advent product, Geneva, already has 2,400 SS&C personnel using it everyday. Black Diamond is a premier product in the registered investment advisor market and we look forward to continuing Black Diamond's success. Advent Portfolio Exchange, Axys, Moxy, and the entire product portfolio adds depth and breadth,” said Bill Stone, CEO at SS&C.

Cost synergies derived from this transaction are estimated to be approximately $45 million of annual savings achieved by the end of three years, and SS&C expects meaningful revenue synergies to be derived over time.

Both SS&C and Advent’s board of directors have unanimously approved the transaction, which is expected to close in the second quarter of this year, subject to Advent stockholder approval, clearances by the relevant regulatory authorities and other customary closing conditions.