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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) has been appointed as the fund administrator for Maverix Private Equity's inaugural growth equity fund. Maverix will leverage SS&C GlobeOp's comprehensive private capital fund services, including accounting and reporting. The fund aims for a hard cap of USD$500M and targets investments in North American companies with high growth potential. SS&C's expertise in the finance sector positions it well to support Maverix's ambition to build a leading private equity platform in Canada.
SS&C Technologies (Nasdaq: SSNC) announced a conditional Scheme Implementation Deed to acquire Mainstream Group Holdings (ASX: MAI) for A$2.00 per share, valuing the transaction at approximately A$296 million (US$225 million). Mainstream offers investment administration and fund accounting services across various locations, including Australia and the US. The deal is subject to approvals and may close in Q3 2021. SS&C aims to enhance its service offerings and revenue growth potential through this acquisition.
SS&C Technologies Holdings (Nasdaq: SSNC) will announce its Q1 2021 financial results on April 26, 2021, after market close. An earnings conference call is scheduled for 5:00 p.m. ET on the same day. Investors can access the press release on SS&C's website following its distribution. The earnings call will be available for replay shortly after and can also be accessed on the company's website. SS&C, headquartered in Windsor, Connecticut, provides software and services for financial services and healthcare, serving approximately 18,000 organizations globally.
SS&C Technologies Holdings (Nasdaq: SSNC) reported a Forward Redemption Indicator of 2.49% for March 2021, an increase from 2.37% in February and lower than 3.11% for March 2020. This marks the ninth consecutive month of improved year-over-year comparisons, demonstrating strong hedge fund asset retention. The indicator reflects the percentage of redemptions received from investors in hedge funds, indicating stable investor confidence. SS&C GlobeOp's assets under administration represent approximately 10% of the hedge fund sector.
On March 18, 2021, SS&C Technologies Holdings announced that a consortium of top retirement firms has chosen SS&C Retirement Solutions to facilitate their in-plan guaranteed income product, "Income America™ 5ForLife." This solution ensures retirement participants receive guaranteed monthly income. The consortium includes American Century Investments, Lincoln Financial Group, Nationwide, and others. SS&C’s Retirement Income Clearing & Calculation Platform will streamline the product distribution across various record-keeping platforms.
SS&C Technologies Holdings (NASDAQ: SSNC) has launched Algorithmics Scenarios-as-a-Service (ScaaS), a subscription-based service for financial risk simulation. This innovative service utilizes machine learning and comprehensive financial risk modeling to offer stress-testing scenarios, particularly addressing the impacts of pandemics like COVID-19. ScaaS provides specialized stress tests over various periods to enable organizations to make informed decisions in volatile markets. Subscribers gain access to a library of current and historical scenarios delivered through a flexible API.
SS&C Technologies Holdings, Inc. (Nasdaq: SSNC) announced the appointment of Gautam Moorjani as the head of its newly formed Intelligent Automation Solutions Group. Reporting to Mike Sleightholme, senior vice president and general manager, Moorjani brings extensive experience from PriceWaterhouseCoopers and WorkFusion. The new group aims to enhance digital transformation for clients through technologies like workflow management and machine learning. Moorjani emphasized SS&C's financial strength and global presence, positioning the company to lead in business process management.
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