WINDSOR, CT - March 15, 2004 — SS&C Technologies, Inc. (Nasdaq: SSNC) today announced it has entered into a definitive agreement to acquire the outstanding stock of OMR Systems Corporation and OMR Systems International Limited (OMR), subsidiaries of ADP Financial Information Services, Inc. In Europe and the U.S., OMR is a leading provider of treasury processing software and outsourcing solutions to banks and offers comprehensive hedge fund administration. SS&C
will pay approximately $20 million in cash for OMR, subject to working capital adjustments at closing. The closing of the acquisition is expected within 30 days and is subject to customary closing conditions.
OMR's TradeThru™ software is a multi-bank, multi-currency and multi-entity straight-through processing system, delivering fully automated, front-to-back office functionality. OMR's Xacct™ service provides hedge funds and other alternative investment managers with a scalable, back-office solution.
"In recent years the financial services industry has been demanding integrated, global solutions," commented SS&C Chairman and CEO Bill Stone. "The acquisition of OMR is an example of how we continue to invest to support this demand. The use of $20 million of our cash reserves underscores our desire to leverage our balance sheet and management expertise to deliver value to our customers. OMR's
business is equally split between the European Union and the United States, and we look forward to further penetrating both of these markets. The purchase price is approximately one times OMR's revenue for the twelve months ended December 31, 2003. We currently expect that the OMR acquisition should be accretive to 2004 earnings."
SS&C intends to include the TradeThru business in its financial institutions business, which is headed up by SS&C's Senior Vice President, Colleen Nelsen. Nelsen observed, "SS&C's Lightning™ product is a strong U.S. fixed income system, and the addition of OMR's TradeThru product will greatly strengthen and expand our presence in Europe. With a high level of cross-border bank merger
activity, SS&C will be in a strong position to provide worldwide capital market solutions."
Ward McGraw, SS&C's Senior Vice President, Hedge Fund and Family Office, stated, "One of our goals is to be a premier provider to the global hedge fund and family office community through leading edge expertise, technology and service. We meet the exacting demands of the managers we serve by delivering a seamless operational, regulatory and accounting environment. The Xacct Service adds strong commodity pool and managed futures administration."
A conference call to discuss the OMR acquisition will be held on Monday, March 15, 2004 at 9:00 a.m. Eastern Time. Dial 706-643-7858 (US, Canada and international), and request the "SS&C OMR Acquisition Call"; conference ID #6202465. A replay of the call can be heard after 8:00 pm on March 15, 2004,
until midnight on March 26, 2004. The dial-in number is 706-645-9291 (US, Canada and international); access code #6202465. The call will also be available for replay on SS&C's website after March 16, 2004.