J.P. Morgan Chase & Co. announced that it has completed the acquisition of Systems & Services Technologies, Inc. Under the terms of the transaction, SST will operate as a subsidiary of J.P. Morgan Chase & Co., within the firm’s Institutional Trust Services division. Financial terms were not disclosed. The subsidiary will report to JPMorgan Senior Vice President Joseph A. Giordano, who heads the Structured Finances Services group within the Trust division.
A leading third-party servicer, SST provides a complete line of asset services, which include active and back-up servicing, for various lending institutions, finance companies, and banks. “As a leader in structured finance services, we are excited to be able to offer our clients the advantages of SST’s expertise and the broadened scope of capabilities this acquisition has created. We have already identified several opportunities for SST to add value to our clients as either servicer or back-up servicer.” said Giordano. “Taken together with our servicing partnerships in Europe and Asia, JPMorgan now provides an unparalleled combination of servicing and back-up servicing solutions to our clients. SST’s breadth of servicing capabilities are a great addition to the global trust, agency and servicing capabilities we currently provide our clients.”
According to John J. Chappell, who will continue as SST’s President and Chief Operating Officer, “We are excited to be able to provide our clients with entre to the full scope of JPMorgan services. SST’s ability to service a wide range of asset classes is an excellent complement to JPMorgan’s broad array of structured finance services. The swift closing of this deal indicates the kind of seemless integration we will continue to deliver to clients.”
SST is headquartered in St. Joseph, MO with an additional office located in Joplin, MO, servicing customers nationally. Beginning operations in 1997, SST has a staff of more than 800 people and currently maintains an active asset servicing volume of nearly $3 billion in receivables.