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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 that PKO Bank Polski has implemented its Fundamental Review of the Trading Book - Standardized Approach (FRTB-SA) solution to comply with upcoming Basel Committee regulations effective January 2023. With EUR 80 billion in assets, Poland's largest bank aims to enhance its risk management framework. The solution is set to streamline regulatory and internal risk calculations, improving efficiency and performance. SS&C's software offers rapid computation and flexibility, further solidifying its long-term partnership with PKO Bank Polski.
SS&C Technologies Holdings has announced a definitive agreement to acquire Hubwise Holdings Limited in an all-cash transaction, enhancing its presence in the U.K. B2B investment platform sector. Approved by Hubwise shareholders, the acquisition involves 58 employees and 51 customers and is expected to close in 2022, pending regulatory approvals. This strategic move aims to leverage SS&C's scale and digital services to strengthen its solutions for asset managers and wealth managers, addressing competitive pressures and boosting efficiency.
SS&C Technologies (Nasdaq: SSNC) has announced a recommended cash offer of 1,275 pence per share for Blue Prism Group plc, valuing the acquisition at approximately $1.7 billion (£1.2 billion). Blue Prism, a leader in robotics process automation, serves over 2,000 clients globally. The acquisition aims to enhance SS&C's efficiencies and drive significant growth opportunities by leveraging its Chorus intelligent automation platform alongside Blue Prism's RPA solutions. The deal awaits necessary regulatory approvals and majority shareholder consent from Blue Prism.
SS&C Technologies announced its SS&C GlobeOp Forward Redemption Indicator for November 2021 at 2.28%, a significant rise from 1.56% in October. This marks a notable decrease from 3.63% reported last year, indicating lower hedge fund redemptions. This result reflects seventeen consecutive months of declining year-over-year redemptions. The November 2021 figure is the lowest recorded since the indicator's inception in 2008, demonstrating strong hedge fund asset retention heading into year-end.
SS&C Technologies has made a preliminary approach to acquire Blue Prism Group for 1,200 pence per share, valuing Blue Prism at approximately $1.6 billion. Blue Prism, based in London, is recognized for its enterprise intelligent automation solutions. The acquisition aims to enhance SS&C's technological offerings, particularly in intelligent automation. However, the approach is contingent on due diligence and no guarantee of an offer exists. A further announcement will follow if applicable.
SS&C Technologies has announced a quarterly dividend increase to $0.20 per share, up from $0.16. The dividend will be paid on December 15, 2021, to shareholders on record by December 1, 2021. CEO Bill Stone highlighted strong operational performance, reporting $944.8 million in net cash from operating activities for the first nine months of 2021. This decision reflects the company’s commitment to a shareholder-friendly capital allocation strategy amid ongoing market challenges.
On November 16, 2021, SS&C Technologies (Nasdaq: SSNC) announced its partnership with SoFi Securities. SoFi will utilize SS&C's Risk & Compliance Intelligence Platform (RCI) to enhance its compliance and monitoring programs. The platform will assist SoFi in adhering to FINRA regulations and improving its anti-money laundering efforts. RCI's capabilities include advanced risk analysis and customizable compliance testing. This integration aims to streamline compliance reporting amidst a complex regulatory environment.
SS&C Technologies Holdings (Nasdaq: SSNC) released the Global M&A Dealmakers Report 2022, highlighting strong sentiment among dealmakers despite the pandemic. With global M&A value reaching USD 1.51 trillion in Q2 2021, nearly two-thirds of surveyed dealmakers expect M&A activity to rise in the next year, with a significant portion anticipating a sizable increase. Key trends include heightened appetite for middle-market deals, increased focus on data analytics and cybersecurity, and greater scrutiny around environmental, social, and corporate governance (ESG) factors.
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