Acquisition Strengthens SS&C's Portfolio Management Suite
SS&C Technologies Holdings, Inc. (Nasdaq:SSNC), a global provider of financial services software and software-enabled services, today announced it has entered into a definitive agreement to acquire Thomson Reuters PORTIA business, an industry leading middle-to-back office investment operations platform, for $170 million. The transaction is scheduled to close in the second quarter of 2012, subject to regulatory approval and satisfaction of customary closing conditions.
PORTIA provides a broad set of middle-to-back office capabilities that allow investment managers to track and manage the day-to-day activity in their investment portfolios. Its offering will complement SS&C's existing solutions portfolio, and build upon SS&C's history of success in financial technology development. The acquisition adds over 140 staff across locations in Boston, Bangalore, London, Hong Kong, Singapore, Dubai, Tokyo and Bangkok. Christy Bremner, President, PORTIA, will continue in her current leadership role.
"Joining SS&C is a great opportunity for the long-term success of our business. The commercial synergies of the deal should drive growth and investment for our business, and deliver significant incremental value to our clients," said Christy Bremner, President, PORTIA. "We have a highly talented team, with an impressive track record, excellent product offerings, and loyal customers and as part of SS&C, we will be better positioned to deliver innovation to the global financial markets community."
"This deal significantly adds to our offerings in the portfolio management software industry," said Bill Stone, Chairman and Chief Executive Officer, SS&C Technologies Holdings, Inc." We look forward to working with Christy and her team to expand our offerings to the global financial services industry. We have a strong history of acquiring complementary businesses as part of our overall growth strategy and expect this to be accretive in 2012."