SS&C Enters into a Definitive Agreement to Acquire Hubwise Holdings Limited

Rhea-AI Summary

SS&C Technologies Holdings has announced a definitive agreement to acquire Hubwise Holdings Limited in an all-cash transaction, enhancing its presence in the U.K. B2B investment platform sector. Approved by Hubwise shareholders, the acquisition involves 58 employees and 51 customers and is expected to close in 2022, pending regulatory approvals. This strategic move aims to leverage SS&C's scale and digital services to strengthen its solutions for asset managers and wealth managers, addressing competitive pressures and boosting efficiency.

Positive

• Strategic acquisition strengthens SS&C's presence in the U.K. market.
• Enhances capabilities for automated multi-asset strategies.
• Addition of Hubwise complements existing services for wealth management.
• Potential for revenue growth from expanded customer base.

Negative

• None.

WINDSOR, Conn., Dec. 9, 2021 /PRNewswire/ -- SS&C Technologies Holdings, Inc. (Nasdaq: SSNC) today announced it has entered into a definitive agreement (the "Agreement") to acquire Hubwise Holdings Limited ("Hubwise"). Hubwise is a regulated U.K. B2B investment platform serving advisers, discretionary wealth managers and self-directed digital D2C propositions.

Under the terms of the Agreement, approved by the shareholders of Hubwise, SS&C will purchase Hubwise in an all-cash transaction. The acquisition adds 58 employees serving 51 customers in the U.K. The transaction is expected to close in 2022, subject to customary closing conditions, including regulatory approvals.

The acquisition enables SS&C to leverage its scale and investment in digital services to target the U.K.-advised retail market, complementing its market-leading solutions for asset managers and discretionary wealth managers. The addition of Hubwise enhances SS&C's capabilities in helping its customers to create highly automated and efficient multi-asset, multi-currency and multi-wrapper strategies.

"We are delighted to welcome the Hubwise team and customers to SS&C. This acquisition brings significant value to our customers engaged in delivering first-class investment and advisory services to their investors," said Bill Stone, Chairman and CEO. "Adding Hubwise is a natural step for our successful existing partnership. In addition, the combination of SS&C and Hubwise will create a unique solution for the adviser and distributor community to better address increasing competitive and regulatory pressures."

"We are thrilled to combine forces with SS&C because we have so many complementary strengths. We look forward to becoming a strategic component of the firm's wealth and adviser business in the region," said Angus Macdonald, Chief Executive Officer at Hubwise. "Further, the acquisition opens an exciting chapter for our employees and customers."

About Hubwise

Hubwise Securities is a ground-breaking, innovative and regulated technology business, founded in 2012 and developed by a group of highly experienced financial services professionals.

The Hubwise service is built on four core components; Technological Innovation, Multi-asset Execution, Investment Operations and Custody & Safeguarding of Assets.

Hubwise is regulated by the Financial Conduct Authority, is a member firm of the London Stock Exchange to enable control of execution across multiple asset types, is an HMRC-approved ISA plan manager and is a member of CREST.

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 value of SSNC's acquisition of Hubwise?

The acquisition of Hubwise by SS&C Technologies is an all-cash transaction, but the specific financial details have not been disclosed.

When is SSNC expected to close the Hubwise acquisition?

The acquisition is expected to close in 2022, subject to customary closing conditions and regulatory approvals.

How does the acquisition of Hubwise benefit SSNC?

The acquisition allows SS&C to leverage its scale and investment in digital services, enhancing its solutions for asset and wealth managers.

What are the core components of Hubwise's services?

Hubwise's services are based on technological innovation, multi-asset execution, investment operations, and the custody and safeguarding of assets.

Who approved the acquisition agreement between SSNC and Hubwise?

The acquisition agreement has been approved by the shareholders of Hubwise.