Acquisition increases SS&C's global fund administration footprint
SS&C Technologies Holdings, Inc. ("SS&C") (Nasdaq: SSNC), a leading global provider of financial services software and software-enabled services, today announced the acquisition of Citigroup's Alternative Investor Services business, which includes Hedge Fund Services and Private Equity Fund Services, for $425 million, subject to certain adjustments.
"This acquisition is solidly in line with SS&C's strategy of combining organic growth with select, high quality acquisitions. Citi Alternative Investor Services clients can be assured of SS&C's commitment to continue to serve them with world class people, process and technology. We are excited about adding these talented employees and look forward to the ideas and passion they will bring to our organization," commented Bill Stone, Chairman and Chief Executive Officer, SS&C Technologies.
SS&C is one of the leading fund administrators for both onshore and offshore hedge funds, fund of funds and private equity funds. SS&C leverages its proprietary technology and expertise to assist funds in meeting their growth objectives.
The transaction is subject to approvals by relevant regulatory authorities and other customary closing conditions. The transaction is expected to close in the first quarter of 2016.