Financial services software provider SS&C Technologies Holdings has acquired DST Global Solutions Ltd, a subsidiary of DST Systems, Inc, for USD95 million in cash.
DST Global’s products now owned by SS&C include industry-leading investment and fund accounting platform, HiPortfolio, and investment data management and analytics platform, Anova. SS&C financed a USD75 million portion of the purchase price by drawing down on its line of credit.
With more than 155 customers throughout the Americas, EMEA, and Asia-Pacific, the DST Global products complement SS&C’s existing portfolio of technology capabilities and service offerings. The acquisition further solidifies SS&C’s position as the leading global provider of investment management software and outsourcing services.
DST Global has 390 employees operating in 12 offices including London, Melbourne, Bangkok, Hong Kong, Shanghai and Boston.
"We view EMEA and Asia Pacific as strategic geographies and this acquisition provides the talent, technology and client base to accelerate growth," says Bill Stone, Chairman and Chief Executive Officer, SS&C Technologies. “DST Global Solutions is a 390 person business with USD60 to USD65 million in annual revenues, 90% of which comes from EMEA and Asia Pacific. This USD95 million dollar investment will take integration and development but we are excited about the opportunity."
DST Global customers will also benefit from the strength and stability of partnering with SS&C, a leader in global financial services software and outsourcing services. In addition, customers will benefit from SS&C's industry expertise and world-class customer service.
“DST Global Solutions is a great business with a strong management team and we believe by combining products and services, SS&C will create a powerful differentiator in the marketplace,” says Stephen C Hooley, Chairman and CEO of DST Systems.
