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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 (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.
SS&C Technologies (Nasdaq: SSNC) has introduced a new workforce optimization solution in collaboration with ActiveOps. This product aims to enhance productivity and support employee well-being in remote and hybrid work settings. By integrating data analytics and management tools, companies can uncover inefficiencies and improve operational performance. General Managers from both companies emphasize the importance of intelligent tools to adapt to the evolving work environment, making it crucial for businesses to leverage these insights for better decision-making.
SS&C Technologies announced that the SS&C GlobeOp Forward Redemption Indicator for October 2021 reached an all-time low of 1.56%, a decrease from 2.45% in September. This marks the lowest monthly redemption level since the Indicator's inception in 2008 and represents a significant year-over-year improvement from 2.84% recorded in October 2020. The company sees this as a positive trend for hedge fund asset growth, continuing a series of 16 months of year-over-year reductions. The next report will be published on November 16, 2021.
On Oct 20, 2021, SS&C Technologies announced that DDH Graham Limited, a fund management provider in Brisbane, will utilize its Bluedoor SaaS platform for fund administration. This partnership aims to enhance operational efficiency and reduce costs. As part of the collaboration, AMG Super will launch the Acclaim Super & Pension product on Bluedoor, improving advisor and member engagement through enhanced self-service capabilities. SS&C's Bluedoor platform supports digital operations and automates processes for a better user experience.
SS&C Technologies Holdings, Inc. (Nasdaq: SSNC) will announce its third quarter 2021 financial results on October 28, 2021, after market close. An earnings conference call will follow at 5:00 p.m. Eastern Time on the same day to discuss the results. Interested parties can access the press release through SS&C's website or via PR Newswire. The earnings call will be available for audio replay starting at 8:00 p.m. on October 28 until November 4, 2021. SS&C has a broad clientele in the financial services and healthcare sectors, providing software solutions and services.
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