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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) announced a rights offering, allowing stockholders of record as of October 1, 2021, to purchase additional shares of common stock. Each stockholder will receive one transferable subscription right for each share held, enabling them to buy one new share for every three rights. The subscription price will be determined based on the higher of 97.5% of the net asset value or 95% of the market price upon expiration on November 5, 2021. Stockholders who fully exercise their rights will have the opportunity to purchase any unpurchased shares.
SS&C Technologies Holdings reported that its Forward Redemption Indicator for September 2021 stands at 2.45%, a rise from 2.24% in August. This marks a significant drop from 3.43% a year prior and represents the lowest September figure since the indicator's inception in 2008. CEO Bill Stone highlighted the fifteenth consecutive month of year-over-year decreases in redemption notices, reflecting improved investor confidence. The indicator is based on actual forward redemption notices from hedge funds administered by SS&C GlobeOp, offering insights into hedge fund liquidity.
SS&C Technologies announced enhancements to its Eze Investment Suite and Eze Eclipse platforms. Key updates include improved analytics for fixed income, automated trading features, and expanded ESG data integration. The company added 121 clients to the Eze Investment Suite in 2021, with a majority opting for cloud deployment, while Eze Eclipse has over 200 clients on its native cloud platform. These enhancements aim to support funds utilizing complex cross-asset strategies.
SS&C Technologies announced the launch of the ALPS Global Travel Beneficiaries ETF (JRNY), which aims to provide diversified exposure to the growing global travel industry. The ETF tracks the S-Network Global Travel Index and invests in various sectors including airlines, hotels, and travel-related services.
This investment opportunity comes as global travel spending is anticipated to rise with the expansion of the middle class. The ETF's strategy focuses on quality and growth factors to identify attractive investments in the travel sector.
SS&C Technologies, a leader in software for financial services and healthcare, will attend several investor conferences. Notable presentations include Rahul Kanwar, President, on Sept 9 at the D.A. Davidson Software and Internet Conference at 1:50 pm ET, and Patrick Pedonti, CFO, on Sept 14 at the Jefferies Software Conference at 3:00 pm ET. Additionally, Bill Stone, CEO, will hold one-on-one meetings at the UBS Virtual Fintech Conference on Sept 16. Webcasts will be accessible on SS&C's investor relations website.
SS&C Technologies Holdings, Inc. predicts a significant increase in mergers and acquisitions (M&A) volume for Q4 2021, forecasting a growth of over 10% compared to Q4 2020. Latin America is expected to demonstrate notable M&A activity. Regions like Asia Pacific, Europe, and North America are also projected to see growth exceeding 10%. The SS&C Intralinks Deal Flow Predictor suggests strong early-stage deal activity with an average public announcement timeline of six months. SS&C has facilitated over $34.7 trillion in financial transactions.
SS&C Technologies Holdings has appointed Jason White as the new General Counsel, succeeding Joseph Frank, who resigned on August 31, 2021. Jason, with a background as a finance partner at Shearman & Sterling LLP, will report to Bill Stone, Chairman and CEO, overseeing the legal department and serving as Corporate Secretary. Bill Stone expressed confidence in Jason's capabilities to address the challenges of the role, while thanking Joe Frank for his contributions. This leadership change aims to strengthen SS&C's legal operations.
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