UPDATED: SS&C to Buy Advent Software in $2.7 Billion Deal

Major buy-side vendors agree acquisition deal is 'defining moment' for the space

Bill Stone, SS&C Technologies chairman and CEO

The deal increases SS&C’s business and geographical diversification, including Advent's 4,300 customers of asset managers, hedge funds, fund administrators, prime brokers, family offices and wealth management advisory firms. In addition to scale, Advent also adds a stable and attractive revenue base, as demonstrated by its 90 percent recurring revenue rates over the last five years.

SS&C chairman and CEO Bill Stone tells Buy-Side Technology the deal began coming together last year after high-lev

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