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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 reported a rise in its GlobeOp Forward Redemption Indicator for June 2021, at 2.68%, up from 2.46% in May. For July, the indicator is at 1.81%, the lowest July figure since 2008 and down from 2.64% in the same month last year. This decline indicates strengthened confidence among hedge fund investors, as evidenced by significantly lower redemptions since a peak of 19.27% in November 2008. The next report is scheduled for August 20, 2021.
SS&C Technologies (Nasdaq: SSNC) announced a joint venture named DomaniRx to develop a cloud-native, API-driven claims adjudication platform. This initiative aims to enhance Pharmacy Benefit Management (PBM) by improving the user experience for both payers and providers. The platform promises affordable and transparent solutions utilizing open-source technology and advanced analytics. Humana will be the first customer, indicating strong industry interest. The collaboration underscores SS&C's commitment to innovation and leveraging its technology capabilities in the healthcare sector.
SS&C Technologies announced the launch of its ALPS | Hillman Active Value ETF (HVAL), an actively managed large-cap value ETF. This fund aims to deliver long-term returns through a strategy focused on identifying undervalued businesses with sustainable competitive advantages. The investment process includes rigorous fundamental analysis and daily disclosure of holdings. The ETF is designed to be tax-efficient and low-cost, making it accessible for a wider range of investors. The firm has $18.5 billion under management as of June 30, 2021.
SS&C Technologies announced a significant upgrade to its SS&C Chorus intelligent automation platform with the release of Chorus BPM 21.1. The upgrade aims to enhance straight-through processing and operational efficiency across financial services and healthcare sectors.
Key features include low-code design capabilities, new data automation functions, improved user experience, and advanced Quality Check AI to enhance accuracy and reduce errors. This upgrade reflects SS&C's ongoing investment in Intelligent Automation, allowing for quick deployment and efficiency gains for its global client base.
SS&C Technologies Holdings (Nasdaq: SSNC) has been selected by Eurizon SLJ Capital to provide global transfer agency and shareholder services for two new funds. The funds, the Eurizon SLJ Bond Aggregate RMB Fund and the Eurizon SLJ Local Emerging Markets Debt Fund, have a combined launch capital of €61 million. These funds give U.K. investors access to markets in China through GBP and Euro currencies. SS&C's Global Investor & Distribution Solutions will facilitate the services, leveraging advanced operational insights and automation to enhance client servicing.
SS&C Technologies Holdings, Inc. (NASDAQ: SSNC) is set to announce its second quarter financial results on July 28, 2021, after market close. An earnings conference call will occur at 5:00 p.m. Eastern Time on the same day to discuss the results. Investors can access the release via PR Newswire or SS&C's website, with an option for immediate email alerts. A replay of the earnings call will be available from 8:00 p.m. on July 28 until midnight on August 4, 2021, providing further insights into the company's performance.
SS&C Technologies (Nasdaq: SSNC) announced that CoreVest, a Redwood Trust Company, will implement SS&C's Precision LM™ loan management software. This move aims to enhance automation, operational efficiency, and data accessibility while reducing risks associated with loan management. Precision LM supports various complex loan types and automates the entire loan lifecycle. Christopher Hoeffel, CoreVest's President, emphasized the importance of technology investment for scaling their business. The partnership signifies a strategic focus on mortgage REITs and non-bank lenders.
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