Acquisition Strengthens Portfolio Management Suite
SS&C Technologies Holdings, Inc. (Nasdaq:SSNC), a global provider of financial services software and software-enabled services, today announced the completion of its acquisition of the assets of Thomson Reuters' PORTIA® business, including an industry leading middle-to-back office investment operations platform, pursuant to the terms of its definitive asset purchase agreement with Thomson Reuters. The asset purchase agreement was previously announced on February 29, 2012.
SS&C's acquisition of the PORTIA business adds a comprehensive platform of middle-to-back office capabilities allowing investment managers to track and manage day-to-day portfolio activity. PORTIA will complement SS&C's existing solutions. The acquisition adds 140 staff in Boston, Bangalore, London, Hong Kong, Singapore, Tokyo and Bangkok. SS&C expects that, for the remainder of 2012, the PORTIA acquisition will increase SS&C's revenue by $24.5 to $25.5 million and that the Adjusted Consolidated EBITDA attributable to PORTIA will be 44 percent to 46 percent of its revenues.