SS&C Technologies has announced the acquisition of accounting, forecasting, and regulatory reporting solutions provider Primatics Financial in a $122 million deal.
Based in McLean, Virginia, Primatics Financial was previously part of private equity firm and alternative asset manager The Carlyle Group. Primatics' solution includes the flagship platform, EVOLV, a cloud-based, integrated risk and finance system for loan lifecycle events, which will be integrated into the SS&C loan accounting portfolio.
SS&C's latest acquisition follows deals for investment communications technology provider Varden Technologies earlier in September, Citigroup's Alternative Investor Services business ─ including Hedge Fund Services and Private Equity Fund Services ─ for $425 million last month, and July's mammoth $2 billion purchase of Advent Software.
"SS&C is determined to build or acquire best in class technology to meet and exceed our customers' expectations," says Bill Stone, chairman and CEO of SS&C. "Primatics' cloud-based EVOLV solution is already widely adopted among North American banks and we're excited to further expand the opportunity to deliver complementary offerings to our customer base around the globe."
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