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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 Holdings (Nasdaq: SSNC) announced that Bradesco Securities, Brazil's brokerage arm, has chosen SS&C MarketTrader as its core order management system. MarketTrader will enhance Bradesco's multi-asset trading capabilities, facilitate compliance with CAT and MiFID II reporting, and ensure seamless broker access via SS&C FIXLink. Bradesco expressed satisfaction with the system's user-friendliness and the smooth migration process conducted by SS&C, which reinforces their partnership moving forward.
On October 4, 2021, SS&C Technologies (Nasdaq: SSNC) announced a strategic partnership with Mammoth Scientific, a venture capital firm, to administer its inaugural $100 million health science and technology fund. This collaboration aims to provide venture capital to companies moving beyond seed funding. Mammoth Scientific, seeking to democratize early-stage alternative investments, chose SS&C for its proven expertise in private markets and innovative solutions, including fund administration and technology support.
SS&C Technologies Holdings announced that 8.2% of global mergers and acquisitions (M&A) deals leaked before official announcements in 2020, down from 8.7% in 2019. The SS&C Intralinks 2020 M&A Leaks Report revealed that leaked deals were valued at $69 billion, a 50% decline from $139 billion in 2019. South Korea, India, and Hong Kong led in leaked deal activity. Leaked deals attracted more rival bids and completed faster than non-leaked deals. The report analyzed 14,288 M&A transactions conducted from January 1, 2009, to December 31, 2020.
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.
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