[Editor's Note: SS&C has since bought DST Systems. To read about what the 2018 acquisition means for the industry, click here.]
SS&C Technologies, a financial services technology provider based in Windsor, Conn., announced it has acquired DST Global Solutions, a subsidiary of DST Systems, for $95 million in cash.
HiPortfolio, an investment and fund accounting platform, and Anova, an investment data management and analytics platform, are among the DST Global products SS&C now owns with the acquisition.
"We expect a very close working relationship between our two organizations; we know and admire HiPortfolio and we are learning and are excited about Anova," SS&C Technologies chairman and CEO Bill Stone tells Buy-Side Technology. "We expect to cross-sell and upsell DST products and services in to SS&C's client base and cross-sell and upsell our products and services into DST Global's client base."
DST Global's foothold in several geographic markets, in addition to its clients and customers, is a major benefit of the acquisition, according to Stone. Currently, DST Global serves its 155 customers with 390 employees in 12 offices.
"We view Europe, the Middle East, Africa and Asia Pacific as strategic geographies, and this acquisition provides the talent, technology and client base to accelerate growth," Stone also said in a statement. "DST Global Solutions is a 390 person business with $60 to $65 million in annual revenues, 90 percent of which comes from Europe, the Middle East, Africa and Asia Pacific. This $95 million investment will take integration and development, but we are excited about the opportunity."
The buy is the most significant for SS&C since making waves throughout the industry with its $170 million purchase of Portia, a middle- and back-office operations platform, from Thomson Reuters in 2012.
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