SS&C Acquires Citi's Alternative Investor Services Unit
Holding company giant buys services arm for $425 million.
SS&C Technologies, a provider of financial services software and services, has acquired Citigroup's Alternative Investor Services business, including Hedge Fund Services and Private Equity Fund Services, for $425 million, subject to certain adjustments.
The deal comes after months of speculation that Citi was looking sell the business following its broader strategy of non-core asset divesture. Earlier this year SS&C acquired Advent Software for $2.7 billion, making the Connecticut-based company an obvious frontrunner for the Citi buy.
"This acquisition is solidly in line with SS&C's strategy of combining organic growth with select, high quality acquisitions," said Bill Stone, chairman and CEO of SS&C, in a statement. "We are excited about adding these talented employees and look forward to the ideas and passion they will bring to our organization,"
The deal is expected to close in Q1 2016. The Alternative Investor Services business currently has about 1,500 employees.
Waters will have more on this story in the coming days.
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