SS&C Technologies Holdings, Inc. ("SS&C") (Nasdaq: SSNC), a leading global provider of financial services software and software-enabled services, today announced the completion of the acquisition of DST Systems, Inc. ("DST") (NYSE: DST), a leading global strategic advisory, technology, and operations outsourcing company.
The addition of DST's financial services and healthcare businesses provides SS&C with additional scale and breadth across institutional, alternative, wealth management and healthcare segments. SS&C will manage approximately 13,000 global clients and delivered pro forma 2017 revenue of approximately $3.9 billion.
"We are pleased to move forward as one company following the combination of two highly complementary market leaders," said Bill Stone, Chairman and Chief Executive Officer of SS&C. "Our clients in both the financial services and healthcare sectors are facing increasing competitive and regulatory pressures, and SS&C is now even better positioned to deliver innovative services and solutions. We are pleased to welcome DST's clients and talented employees around the world."
Under the terms of the agreement, as announced on January 11, 2018, an enterprise value of DST is approximately $5.4 billion, including assumption of debt. As previously announced, SS&C expects the transaction to be immediately accretive to earnings per share before synergies and expects to achieve $175 million in cost savings by 2021.
As a result of the completion of the acquisition, DST is ceasing trading on the New York Stock Exchange as of April 16, 2018.
Credit Suisse and Morgan Stanley acted as financial advisors and Davis Polk & Wardwell acted as legal advisor to SS&C. BofA Merrill Lynch acted as financial advisor and Skadden, Arps, Slate, Meagher & Flom acted as legal advisor to DST.
SS&C Technologies (Nasdaq: SSNC), a global provider of financial services software and software-enabled services, today announced that Bill S...View article
Client footprint expands at record pace, experiencing over 40 percent growth and advising over $850 billion in assets. SS&C Technologies Holdings,...View article
SS&C Technologies Holdings, Inc. (the "Company" or "SS&C") (NASDAQ: SSNC) today announced the pricing of its previously announced public offer...View article