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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 reported Q3 2022 revenue of $1,321.0 million, a 4.5% increase from the previous year. However, fully diluted GAAP EPS fell 11.6% to $0.61. Adjusted revenue grew 4.4% to $1,322.0 million, with adjusted diluted EPS dropping 12.9% to $1.15. The company generated $317.1 million in operating cash flow. SS&C faced challenges from market conditions and rising interest rates, but managed to increase adjusted EBITDA margins by 260 basis points compared to Q2 2022. Strong client engagement was noted amid these pressures.
SS&C Technologies (Nasdaq: SSNC) announced its support for A10 Capital's $2.4 billion loan servicing portfolio, primarily focused on real estate loans. A10 Capital, a commercial real estate lender, has adopted SS&C's Precision LM for enhanced loan servicing and borrower experience. The implementation process aims to streamline operations while maintaining day-to-day business flows. SS&C's Precision LM provides a comprehensive loan management platform that integrates origination, servicing, and asset management functionalities.
SS&C Technologies Holdings (Nasdaq: SSNC) has been appointed by Carrara Capital as the fund administrator for its newly launched Carrara Global Opportunities Fund. This multi-strategy fund aims to achieve consistent risk-adjusted returns through investments in currencies, fixed income, global equities, credit, and private opportunities. SS&C will provide a comprehensive suite of hedge fund services, including fund administration and investor services tailored to Australia. The collaboration underscores SS&C's commitment to supporting Australia's alternative asset managers.
On October 25, 2022, SS&C Technologies Holdings, Inc. (Nasdaq: SSNC) announced a partnership with Janney Montgomery Scott LLC, enhancing the latter's investment performance and reporting capabilities. Janney will utilize SS&C's technology, including SS&C Sylvan and Vision FI, for client reporting and analytics. This collaboration aims to streamline data validation and performance calculations, providing faster and more efficient service to Janney's clients. Senior executives from both companies highlighted the benefits of this scalable and cost-effective solution.
SS&C GlobeOp Forward Redemption Indicator for October 2022 shows a rate of 2.35%, down from 2.67% in September. This figure remains above the record low of 1.56% from a year ago and is better than the long-term average for October redemptions. The indicator reflects investor confidence, measured as the percentage of forward redemption notices from hedge fund investors relative to assets under administration. Notably, recent trends indicate a shift away from the historically low redemption levels seen during the COVID-19 pandemic. The next update will be on November 21, 2022.
SS&C Technologies (Nasdaq: SSNC) successfully hosted its annual client conference, SS&C Deliver 2022, reuniting over 1,300 financial services and healthcare professionals. The conference featured 250 speakers across 120 sessions, emphasizing innovation in technology for these sectors. Key discussions included adapting to hybrid environments, direct-to-consumer strategies, and addressing regulatory challenges. The event concluded with a keynote from investor Kevin O'Leary, and plans for the 2023 conference are already underway for October 22-24 in Austin, Texas.
SS&C Technologies Holdings, Inc. (Nasdaq: SSNC) will announce its third quarter financial results on October 27, 2022, after market close. The earnings conference call is set for 5:00 p.m. Eastern Time the same day. Investors can access the earnings report via PR Newswire or SS&C's website. An audio replay will be available following the call and can be accessed until November 3, 2022. Established in 1986 and headquartered in Windsor, Connecticut, SS&C serves over 20,000 financial and healthcare organizations globally.
SS&C Technologies Holdings (Nasdaq: SSNC) has partnered with Sanlam Life Insurance Limited, a leading financial services group in Africa, to provide integrated investment management solutions. The collaboration aims to streamline operations for Glacier Financial Solutions, a subsidiary of Sanlam, which manages over R400 billion in assets. This partnership focuses on enhancing client outcomes through advanced investment administration capabilities, aligning with Sanlam's growth goals and digital transformation strategy.
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