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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.
RiverNorth Opportunities Fund (NYSE: RIV) has successfully completed its transferable rights offering, issuing 4,373,407 new common shares. The offering, which closed on November 5, 2021, priced shares at $16.81 each, based on 97.5% of the Fund's net asset value, generating gross proceeds of approximately $73.5 million. The offering was oversubscribed, with excess requests allocated pro-rata among participating shareholders. As of September 30, 2021, the Fund reported $221 million in net assets and 13.1 million shares outstanding.
SS&C Technologies (Nasdaq: SSNC) has announced the release of product updates across its SS&C Advent solutions, reflecting a commitment to technological growth. Key updates include enhancements to Advent Portfolio Exchange, Advent Outsourcing Services, and Geneva, aimed at streamlining operations and improving user experience. Features such as new APIs, improved task management, and enhanced user interfaces were introduced. The updates cater to clients scaling operations globally, demonstrating SS&C's ongoing investment in innovation.
SS&C Technologies (Nasdaq: SSNC) announced that Trustees Executors Limited has selected its SS&C Aloha investment operations platform for its new joint venture, Flint Wealth. This platform offers comprehensive asset class support, enabling a digital backbone for enhanced investment services powered by advanced technologies including Machine Learning and Predictive Analytics. The system's single database and API services aim to consolidate client investments and improve user experience. Additionally, SS&C will support back-office services for existing products.
SS&C Technologies Holdings announced that American Equity Investment Life Holding Company will migrate its $5.4 billion mortgage loan portfolio to SS&C's Precision LM solution. This partnership aims to enhance loan management operations, automate servicing, and improve regulatory reporting. The system will handle over 800 commercial and 2,000 residential loans, optimizing document management and collaboration. Both companies expect the integration to streamline operations and support American Equity's growth.
SS&C Technologies Holdings (Nasdaq: SSNC) has been selected by SeaFort Capital, a Halifax-based private equity firm, for its fund administration services. SeaFort's new growth-focused buyout fund, SeaFort Capital Fund II, aims for a target size of $160 million with $110 million already committed. SS&C will provide comprehensive fund administration, reporting, and investor services. SeaFort's fund has notable investments from prominent Canadian families and established investors, marking a significant milestone for SS&C, which administers $100 billion in assets in Canada.
RiverNorth Opportunities Fund (RIV) announced updates on its November 2021 monthly distribution, with an Ex Date set for November 15 and a Record Date for November 16. Shareholders will receive $0.17 per share, amounting to an annualized distribution rate of approximately 12.05%, based on a current NAV of $16.93. Shareholders who participated in the 2021 rights offering are eligible for this distribution. The next payment date is November 30, 2021. Investments in the Fund carry risks, including potential loss of capital and variable distribution rates.
On October 28, 2021, SS&C Technologies Holdings reported a strong financial performance for Q3 2021. Revenue increased by 9.7% to $1,264.4 million, while operating income rose 32.3%, leading to a diluted EPS of $0.69, up 15%. Adjusted revenue showed a similar growth trajectory, with adjusted operating income up 16.8%. The company's EBITDA reached a record $538.9 million. SS&C also successfully repurchased shares and paid down significant debt, improving financial leverage. For Q4 2021, SS&C forecasts adjusted revenue between $1,225 million and $1,275 million.
SS&C Technologies (Nasdaq: SSNC) announced an extension of its partnership with the Australian Catholic Superannuation and Retirement Fund (ACSRF). The agreement includes the implementation of a new mobile app designed to enhance member accessibility. SS&C Bluedoor's digital solutions leverage mobile technology to provide real-time information for super and pension members. ACSRF manages over $9 billion for 88,000 members, catering to the Catholic education and healthcare sectors.
SS&C Technologies (Nasdaq: SSNC) has announced an expansion of its partnership with Gordian Capital, a prominent fund management platform in Asia managing USD 7 billion in assets under management (AUM). This extension, effective in Singapore and Japan, will see Gordian Capital integrate the Eze Investment Suite to enhance its trading, portfolio, and risk management capabilities. Gordian Capital aims to provide regulatory-compliant infrastructure for fund managers, leveraging SS&C's advanced technology to meet evolving investor demands.
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