WINDSOR, Conn., Dec. 1, 2014 (GLOBE NEWSWIRE) -- SS&C Technologies Holdings, Inc. (Nasdaq:SSNC), a global provider of financial services software and software-enabled services, today announced that it has acquired DST Global Solutions Ltd., a subsidiary of DST Systems, Inc., for $95 million in cash. DST Global's products now owned by SS&C include industry-leading investment and fund accounting platform, HiPortfolio®, and investment data management and analytics platform, Anova. SS&C financed a $75 million portion of the purchase price by drawing down on its line of credit.
With more than 155 customers throughout the Americas, EMEA, and Asia-Pacific, the DST Global products complement SS&C's existing portfolio of technology capabilities and service offerings. The acquisition further solidifies SS&C's position as the leading global provider of investment management software and outsourcing services.
DST Global has 390 employees operating in 12 offices including London, Melbourne, Bangkok, Hong Kong, Shanghai and Boston.
"We view EMEA and Asia Pacific as strategic geographies and this acquisition provides the talent, technology and client base to accelerate growth," says Bill Stone, Chairman and Chief Executive Officer, SS&C Technologies. "DST Global Solutions is a 390 person business with $60 to $65 million in annual revenues, 90% of which comes from EMEA and Asia Pacific. This $95 million dollar investment will take integration and development but we are excited about the opportunity."
DST Global customers will also benefit from the strength and stability of partnering with SS&C, a leader in global financial services software and outsourcing services. In addition, customers will benefit from SS&C's industry expertise and world-class customer service.
"DST Global Solutions is a great business with a strong management team and we believe by combining products and services, SS&C will create a powerful differentiator in the marketplace," said Stephen C. Hooley, Chairman and CEO of DST Systems.
Conference Call
SS&C will host a conference call and webcast with the financial community Tuesday, December 2 at 10:00 a.m. Eastern Time. Dial (877) 312-8798 (US and Canada) or 253-237-1193 (International), and request the "SS&C Acquisition of DST Global Solutions" call; conference ID# 44845245. Alternatively a live audio webcast can be accessed via http://investor.ssctech.com. A replay of the conference call will be available one hour after the conference call, for 48 hours. The dial-in number is 855-859-2056 (US and Canada) or (404) 537-3406 (International), access code# 44845245.
About DST
DST Systems, Inc. is a leading provider of sophisticated information processing and servicing solutions to companies around the world. Through its global enterprise, DST delivers strategically unified data management, business processing and customer communications solutions to the asset management, brokerage, retirement, and healthcare markets. Headquartered in Kansas City, MO., DST is a publicly-traded company on the New York Stock Exchange. For more information, visit www.dstsystems.com.
Forward Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements relating to the effects of the acquisition. These forward-looking statements are not guarantees of future performance or results and involve risks and uncertainties, and actual results, developments and events may differ materially from those in the forward-looking statements as a result of various factors, including those described under "Risk Factors" in our 2013 Form 10-K.
About SS&C Technologies
SS&C is a global provider of investment and financial software-enabled services and software focused exclusively on the global financial services industry. Founded in 1986, SS&C has its headquarters in Windsor, Connecticut and offices around the world. Some 6,900 financial services organizations, from the world's largest institutions to local firms, manage and account for their investments using SS&C's products and services. These clients in the aggregate manage over $26 trillion in assets.
Additional information about SS&C (Nasdaq:SSNC) is available at www.ssctech.com.
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