Further expands its portfolio of technology and services for loan accounting and reporting
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 Primatics Financial for approximately $122 million on a cash and debt free basis from The Carlyle Group. The acquisition is expected to close in the fourth quarter of 2015. Primatics has 384 employees, 2014 annual revenues of $51 million and adjusted EBITDA of $12 million.
Headquartered in McLean, Virginia, Primatics is a leader in accounting, forecasting, regulatory reporting, reserving and stress testing solutions to financial institutions holding or acquiring loans. The Primatics EVOLV platform is a cloud-based, integrated risk and finance solution designed to tackle the end-to-end process challenges impacting all loan lifecycle events facing financial institutions of all sizes.
"SS&C has seen a marked increase in the use of all loan asset classes. We are leaders in complex loan accounting, compliance and reporting. The Primatics acquisition furthers our commitment. SS&C is determined to build or acquire best in class technology to meet and exceed our customers' expectations," commented Bill Stone, Chairman and Chief Executive Officer, SS&C Technologies. "Primatics' cloud-based EVOLV solution is already widely adopted among North American banks and we're excited to further expand the opportunity to deliver complementary offerings to our customer base around the globe."
SS&C will integrate EVOLV with its portfolio of accounting software solutions - creating a comprehensive solution for any financial institution, insurance company or institutional asset manager that requires integrated accounting, statutory and entity reporting. The solution is able to cut across a financial institution's legacy systems to provide up-to-date accounting and risk management for loan portfolios. Customers will be able to leverage the solution from SS&C through component outsourcing, full outsourcing or choose to deploy the services on a licensed basis.
"We are delighted to join the SS&C family. We look forward to further expanding the reach of our EVOLV platform and delivering its benefits to our current customers and a wider group of financial institutions with the strength of SS&C behind us," said Jeff Sant, Co-Founder and EVP, Primatics.
"Under Carlyle's ownership Primatics invested significant capital and resources to build a full-suite solution and comprehensive platform, fostering its strong growth and positioning it well to join an excellent permanent home like SS&C," said Steve Bailey, Managing Director on Carlyle's U.S. mid-market investment tea