SS&C Seals Advent Acquisition

Mega-merger completed after regulatory delay.

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SS&C has completed one of the largest deals of the year by acquiring Advent Software after several months of final maneuvering and government scrutiny.

Under the terms of the merger agreement, Advent stockholders will receive per share consideration of $44.25. The merger consideration is approximately $2.63 billion, including the assumption of Advent’s existing debt.

The deal was in some doubt earlier this spring, when the US Department of Justice issued a rare second request for information as it performed a routine examination of the acquisition's structure and details. However, SS&C was cleared to move ahead on June 23.

The Windsor, Conn.-based holding company has financed the acquisition, refinancing of loans outstanding under its existing credit agreement, repayment of Advent’s existing debt and the payment of related fees and expenses with new senior secured credit facilities; net proceeds from about $900 million in new SS&C note issuance and common stock offerings; and cash.

“This is an exciting time for SS&C and Advent’s customers, employees and shareholders,” said Bill Stone, SS&C chairman and CEO, in a statement. “SS&C has a long history of successful integrations, and we are confident that Advent’s products, services, and dedicated employees will enhance SS&C’s overall offering, improving the customer experience for over 10,000 financial services organizations worldwide. In an industry where big banks dominate the market, SS&C, together with Advent, is the independent, technology-driven alternative, able to provide nimble services and complete transparency throughout the front, middle, and back office operations.”

Waters presented an in-depth look at the acquisition and its potential technology consequences shortly after its announcement in February of this year.

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