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SS&C Technologies Inc. (NASDAQ: SSNC), founded in 1986, is a global provider of software products and software-enabled services that focus primarily on the financial services and healthcare sectors. Headquartered in Windsor, Connecticut, SS&C operates worldwide, offering solutions that encompass account administration, asset valuation, compliance processing, data gathering, investment accounting, performance measurement, and regulatory reporting.
The company caters to a diverse clientele, including asset managers, banks, financial advisors, insurance companies, real estate investment trusts (REITs), and alternative investment firms. SS&C's offerings are tailored to meet the specific needs of each industry, ensuring operational excellence and compliance with regulatory requirements. By leveraging state-of-the-art technology, SS&C helps its clients manage and account for investments totaling over $44 trillion.
SS&C's product suite includes SS&C GlobeOp, which provides fund administration services to alternative and traditional asset managers, and Intralinks, a leading provider of Virtual Data Room solutions. The acquisition of DST Systems in 2018 expanded SS&C's footprint into the healthcare sector, adding pharmacy health management solutions and medical claim administration services to its portfolio. More recently, in 2022, SS&C acquired Blue Prism, further enhancing its intelligent automation capabilities.
SS&C's latest strategic moves include a partnership with Regnology to deliver an integrated risk and regulatory reporting solution designed to streamline compliance and analytical insights. This collaboration aims to help financial institutions adapt swiftly to regulatory changes, enhancing their operational efficiency.
Financially, SS&C has demonstrated robust performance, with record adjusted revenue and consolidated EBITDA for the full year 2023. The company generated over $1.2 billion in operating cash flow and maintains a strong cash position with a net leverage ratio of 3.05 times consolidated EBITDA. Despite global economic uncertainties, SS&C continues to see opportunities in both the financial services and healthcare markets, driven by strategic acquisitions and partnerships.
SS&C is also enhancing its global reach, recently receiving regulatory approval to expand its fund administration services in the Abu Dhabi Global Market. This move reinforces SS&C's commitment to providing comprehensive financial technology solutions across different regions and markets.
SS&C Technologies Holdings reported Q4 2022 GAAP revenue of $1,338.3 million, a 3.4% increase year-over-year, with a net income of $207.5 million. However, diluted GAAP EPS fell 13.8% to $0.81. Adjusted revenue showed slight growth of 3.3% to $1,339.1 million, but adjusted diluted EPS declined 9.4% to $1.16. Operating cash flow decreased 20.6%, totaling $1,134.3 million for the year. The company reduced debt by $166.2 million and repurchased 1.8 million shares for $90.7 million. For Q1 2023, SS&C expects adjusted revenue between $1,332.0 million and $1,372.0 million.
SS&C Technologies (Nasdaq: SSNC) has released its Q1 2023 predictions for global M&A activity via the SS&C Intralinks Deal Flow Predictor. Despite challenges like COVID-19 and inflation, M&A volume is expected to grow by 5-10% globally compared to Q1 2022. Regional forecasts indicate that Asia Pacific may see over 10% growth, while North America is likely to remain flat compared to Q4 2022 but grow 5-10% year-over-year. Conversely, Latin America is projected to decline by over 5%. SS&C Intralinks has facilitated USD 35 trillion in financial transactions, demonstrating its pivotal role in M&A deals.
SS&C Technologies Holdings (Nasdaq: SSNC) announced on January 25, 2023, a significant partnership with Capital Group to provide transfer agency services for the new Capital Group U.K. – Global High Income Opportunities Fund. This collaboration extends their existing relationship, enabling SS&C to deliver technology solutions for the U.K. market. Capital Group, with over USD 2.1 trillion in assets under management, expressed optimism in enhancing its U.K. operations through SS&C's global expertise and technology capabilities. This partnership underscores SS&C's commitment to expanding its footprint in the European financial sector.
SS&C Technologies announced that Nippon Life India Asset Management (Singapore) has transitioned its operations to the SS&C Eze asset management platform. This strategic move aims to leverage the Eze Investment Suite for various funds, including a recently launched Fixed Income ETF. CEO Abhijit Singh emphasized the platform's scalability and robust capabilities, which can enhance investment operations across multiple asset classes. The partnership underscores SS&C's reputation in providing efficient data flow and automated reporting solutions, positioning Nippon Life India Singapore for future growth.
SS&C Technologies Holdings will release its financial results for the fourth quarter and full year 2022 on February 7, 2023, after market closure. An earnings conference call will follow at 5:00 p.m. ET to discuss the results. Investors can access the release via SS&C's website or PR Newswire. The call can be replayed until February 14, 2023. SS&C, headquartered in Windsor, Connecticut, serves over 20,000 organizations in financial services and healthcare, leveraging its software solutions since 1986.
SS&C Technologies (Nasdaq: SSNC) released the 2023 Global M&A Dealmakers Sentiment Report based on a survey of 300 global M&A professionals. Conducted in collaboration with Mergermarket, the survey indicates optimism despite challenges in the dealmaking environment. Key findings reveal that 62% anticipate an increase in M&A activity over the next year, and 72% expect more scrutiny on ESG issues in M&A processes. Additionally, 68% believe deal automation will impact M&A in the next 12 months. The report stresses the importance of strategic agendas in acquisitions and highlights challenges in securing funding as capital costs rise.
On January 17, 2023, SS&C Technologies Holdings (Nasdaq: SSNC) announced a continuation of its long-term transfer agency relationship with Quilter Investors Limited, the fund management arm of Quilter Plc. Since their partnership began in 2014, SS&C has provided distribution and investor technology solutions to support Quilter's OEIC range of funds. This extension reflects the commitment of both firms to enhance service levels and improve investment management tools. Quilter oversees approximately £96.9 billion in customer investments as of September 2022, emphasizing the importance of this collaboration for both companies.
SS&C Technologies has entered into an outsourced administration agreement with USAA Real Estate to manage fund and property accounting. Under this arrangement, around 60 employees from USAA's team will transition to SS&C GlobeOp's group in San Antonio and Dallas. This partnership aims to enhance best-in-class analysis and reporting for USAA Real Estate's assets while allowing its team to focus on core competencies. SS&C administers over 2,640 funds and is committed to supporting growth initiatives within private markets.
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