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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 has announced a quarterly dividend of $0.20 per share, reaffirming its commitment to shareholder returns. This dividend is in line with the company’s established quarterly policy and will be paid on September 15, 2022, to stockholders on record as of September 1, 2022. The company continues to serve around 20,000 organizations in the financial services and healthcare sectors globally.
SS&C Technologies has announced a $1 billion stock repurchase program, reinforcing its commitment to maximizing shareholder value. The repurchase may occur through various means, depending on market conditions. Management aims to leverage free cash flow for share buybacks while maintaining flexibility for acquisitions. CEO Bill Stone expressed confidence in the company’s financial strength, highlighting that the current share price does not reflect the firm’s prospects. The program underscores a strategic initiative to enhance shareholder returns.
On July 27, 2022, shareholders of RiverNorth Opportunities Fund (NYSE: RIV) approved a new investment advisory agreement with RiverNorth Capital Management, effective around October 1, 2022. This transition will not modify the Fund's name, investment objective, or strategy. As of June 30, 2022, the Fund had $242 million in net assets and 18.2 million shares outstanding. RiverNorth Capital Management will continue its role without significant changes in day-to-day investment decisions.
SS&C Technologies Holdings (NASDAQ: SSNC) reported Q2 2022 GAAP revenue of $1,328.7 million, a 5.5% increase year-over-year, while diluted earnings per share dropped 40.8% to $0.42. Adjusted revenue also rose 5.5% to $1,330.0 million, but adjusted diluted EPS fell 11.3% to $1.10. The company achieved $264 million in net cash from operations and paid down $234.7 million in debt. For Q3 2022, SS&C anticipates adjusted revenue between $1,324.0 million and $1,364.0 million. Despite challenges, the firm remains optimistic about future growth and intelligent automation adaptations.
SS&C Technologies Holdings, Inc. (Nasdaq: SSNC) forecasts a neutral to negative outlook for Q3 2022 M&A activity. Despite a downward trend, M&A volume is projected to exceed Q3 2020 and Q3 2019 by over 20%. Regional forecasts include a moderate decline in Asia Pacific, flat performance in Europe and the Middle East, double-digit underperformance in Latin America, and a decline of less than -5% in North America. SS&C Intralinks has facilitated $35 trillion in transactions, underscoring its role in M&A, capital raising, and investor reporting.
SS&C GlobeOp has released its Forward Redemption Indicator for July 2022, registering at 1.82%, a decrease from 2.42% in June. This figure is nearly identical to the 1.81% recorded a year prior and significantly below the historic July averages. Bill Stone, SS&C's CEO, noted a positive trend in hedge fund asset retention, indicating increased investor confidence amid a volatile market. The next report will be available on August 19, 2022.
RiverNorth Opportunities Fund has declared a preferred dividend of $0.3750 per share for its 6.00% Series A Perpetual Preferred Stock (symbol: RIVPRA) for Q3 2022. Key dates include the Ex Date on August 1, 2022, Record Date on August 2, 2022, and Payable Date on August 15, 2022. This distribution is governed by the Fund's liquidation preference of $25.00 per share, though it carries inherent risks, including variability in net asset value and market conditions affecting returns.
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