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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 (Nasdaq: SSNC) announced a collaboration with Trumid, a financial technology company, to enhance access to corporate bond liquidity for Eze OMS clients. This integration allows users to source liquidity from over 650 institutions while benefiting from flexible trading protocols and integrated market data. With this collaboration, SS&C expands its fixed income trading platforms to six, with additional integrations planned. Both companies aim to improve trading experiences and connectivity in the financial services sector.
SS&C Technologies Holdings announces the appointment of Bhagesh Malde to lead its newly combined global fund administration and servicing business under the SS&C GlobeOp brand. This consolidation will enhance hedge fund administration and private markets services, driven by the anticipated growth in the alternatives industry, expected to reach $23.21 trillion by 2026. Malde previously led SS&C GlobeOp Private Markets and has extensive experience from State Street and J.P. Morgan. The move is seen as a strategic response to increasing demand for innovative technology solutions in the evolving investment landscape.
ISPT, a leading Australian property fund manager, has selected SS&C Sylvan for its investment performance measurement needs. This decision comes as ISPT looks to improve its analytics capabilities and replace its existing system. SS&C Sylvan's features include automated financial data ingestion and advanced return calculation methods, making it a strong fit for ISPT's objectives. With over A$22 billion in assets under management, ISPT aims to enhance its return analysis across various property investment sectors.
SS&C Technologies Holdings (Nasdaq: SSNC), a leader in software and services for the financial and healthcare sectors, announced its participation in key investor conferences. Bill Stone, CEO, will engage in 1:1 meetings at Morgan Stanley's Hybrid Non-Deal Roadshow on September 13, 2022, in New York City. Additionally, Rahul Kanwar, President, is set to participate in the UBS FinTech One-on-One Conference on September 15, 2022. SS&C, founded in 1986 and headquartered in Windsor, Connecticut, serves over 20,000 organizations worldwide.
D.A. Davidson served as the exclusive advisor to Wavecrest Growth Partners-led Tier1 CRM in its sale to SS&C Technologies (NASDAQ: SSNC). Tier1 CRM specializes in deal management and compliance solutions, enhancing productivity for clients in equity research and investment banking. D.A. Davidson previously advised Tier1 CRM during its recapitalization in December 2017. This marks D.A. Davidson's fourth successful transaction with SS&C, showcasing their expertise in the capital markets technology sector, with nearly 80 advisory transactions valued over $20 billion since January 2021.
SS&C Technologies (Nasdaq: SSNC) announced the acquisition of Tier1 CRM from Tier1 Financial Solutions in an all-cash deal. This strategic acquisition is set to enhance SS&C's Customer Relationship Management offerings, particularly targeting capital markets and investment banks. With this deal, SS&C adds over 30 enterprise clients across the U.S., Canada, and the U.K., and integrates Tier1’s 60+ employees. SS&C aims to leverage Tier1 CRM's capabilities to optimize customer engagement and operational efficiency in its services.
SS&C Technologies (Nasdaq: SSNC) announced that Fairlight Asset Management, based in Sydney, Australia, has adopted Eze Eclipse as its investment management platform. This latest addition brings the total to over 50 asset managers in the APAC region utilizing Eze Eclipse. Fairlight's Senior Portfolio Manager highlighted how this all-in-one solution will enhance operations and compliance management. Eze Eclipse includes features such as 60 compliance rule templates and daily reconciliation capabilities, emphasizing SS&C's commitment to support emerging managers in the region.
SS&C Technologies (Nasdaq: SSNC) reported a Forward Redemption Indicator of 2.35% for August 2022, up from 1.82% in July. This figure indicates a slight increase in hedge fund redemptions, remaining above the record low of 2.24% from August 2021. The data reflects strong asset retention among hedge funds, though it continues to trend near historical lows since the onset of COVID-19. The next report is scheduled for September 22, 2022.
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