SS&C Acquires Millennium Consulting Services and Millennium Seminar Services

Rhea-AI Summary

SS&C Technologies has announced the acquisition of Millennium Consulting Services and Millennium Seminar Services, based in Raleigh, North Carolina. The acquisition aims to enhance SS&C's consulting and training services for the insurance sector. Although the transaction value was not disclosed, the deal will add 13 employees and is expected to create synergies between Millennium's expertise and SS&C's technology offerings. This move is positioned to bolster SS&C's market presence and service delivery in a competitive landscape.

Positive

• Acquisition enhances SS&C's consulting and training services for the insurance sector.
• Addition of 13 new employees to strengthen operational capacity.
• Synergies expected from combining Millennium's expertise with SS&C's technology offerings.

Negative

• None.

WINDSOR, Conn., Dec. 16, 2020 /PRNewswire/ -- SS&C Technologies Holdings, Inc. (Nasdaq: SSNC) today announced it has entered into a definitive agreement to acquire Millennium Consulting Services and Millennium Seminar Services. Raleigh, North Carolina-based Millennium Consulting Services and Millennium Seminar Services provide a broad array of consulting and training services to insurance companies and insurance regulators. The purchase price for the two entities was not disclosed.

The acquisition of Millennium Consulting Services augments SS&C's offerings for statutory outsourcing, investment outsourcing, quality control reviews and advisory services. Millennium Seminar Services further enhances SS&C's insurance offerings with experienced staff, client regulatory and insurance accounting training.

"Today's competitive insurance market requires robust advisory services, specialist training and technology," said Bill Stone, Chairman and CEO of SS&C Technologies. "The Millennium companies have extensive experience working with more than 70 U.S. health, property and casualty, life insurance, risk retention groups and captive clients of all shapes and sizes. We are also adding some outstanding insurance talent to our roster. The combination of Millennium's expertise and SS&C's next-generation investment analytics, operations and accounting technology brings unparalleled value to the insurance market."

The acquisition will add 13 employees across the U.S. The founders of the Millennium companies, Bruce Cromartie and Colleen Gingrich, will lead the business and report to Kyle Fields, V.P. and Head of SS&C Singularity. Bruce and Colleen will assist with a seamless integration and be an integral part in expanding SS&C's insurance consulting, training and seminar services.

"SS&C Technologies is a leader in powering investment operations for the insurance sector," said Bruce Cromartie, President and CEO of Millennium. "We are very excited to join the SS&C team and believe there are strong synergies between SS&C's next-generation technology and our service offerings to extend our value proposition to both Millennium and SS&C insurance clients."

About Millennium Consulting Services
Millennium Consulting Services, LLC was founded in 2003 by Bruce Cromartie and Colleen Gingrich. Millennium Consulting Services provides regulatory consulting and administrative services to insurance companies, insurance regulators, and other insurance related entities.

Millennium Consulting's portfolio of services provides a variety of solutions to meet the demanding obligations of statutory accounting and reporting regulations. Headquartered in Raleigh, North Carolina, Millennium Consulting serves insurance clients throughout the United States, the Virgin Islands and Puerto Rico.

About Millennium Seminar Services
Millennium Seminar Services, LLC (MSS) was founded in 2003 by Bruce Cromartie and Colleen Gingrich as part of Millennium Consulting Services.  Millennium Seminar Services, now its own stand-alone entity, provides educational training to insurance companies, insurance regulators, and other insurance related entities. Also headquartered in Raleigh, North Carolina, Millennium Seminar Services serves insurance clients throughout the United States and U.S. Territories.

About SS&C Technologies
SS&C is a global provider of services and software for the financial services and healthcare industries. Founded in 1986, SS&C is headquartered in Windsor, Connecticut, and has offices around the world. Some 18,000 financial services and healthcare organizations, from the world's largest companies to small and mid-market firms, rely on SS&C for expertise, scale, and technology.

Additional information about
SS&C (Nasdaq:SSNC) is available at www.ssctech.com.
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SOURCE SS&C

FAQ

What is the purpose of SSNC's acquisition of Millennium Consulting Services?

The acquisition aims to strengthen SS&C's consulting and training services in the insurance sector.

When was the acquisition of Millennium Consulting Services announced?

The acquisition was announced on December 16, 2020.

How many employees is SSNC gaining from the Millennium acquisition?

SS&C Technologies will add 13 employees from the acquisition.

What services does Millennium Consulting Services provide?

Millennium Consulting Services offers regulatory consulting and training for insurance companies.

What is expected to be the impact of the acquisition on SSNC's market presence?

The acquisition is expected to enhance SS&C's market presence and service delivery in the insurance sector.