SS&C Agrees to Acquire Advent for Approximately $2.7 Billion

SS&C Technologies has agreed to acquire Advent Software for approximately $2.7 billion in cash, and the deal is expected to close in the second quarter of this year.

By acquiring Advent, which has over 4,300 customers around the world including asset managers, hedge funds, fund administrators, prime brokers, family offices and wealth management advisory firms, SS&C says it will increase its business and geographical diversification and scale, while adding a stable and attractive revenue base, as Advent brought in just under $400 million in revenue in 2014.

SS&C also thinks the companies’ combined solutions and services will present significant cross-sell and cost savings opportunities. SS&C expects cost synergies of approximately $45 million in annual savings achieved by the end of three years, and SS&C expects even more revenue synergies to be derived over time.

The acquisition is the latest in SS&C’s continued dealmaking, having acquired GlobeOp in 2012 and DST Global Solutions in 2014.

“The acquisition of Advent is a defining moment in the investment technology, services and support industry. I am pleased to share this news, especially with Advent customers whom we are committed to serving. We look forward to speaking with all customers over the coming weeks and months. SS&C is acquiring a pre-eminent business in the financial technology industry and this is an acceleration in the progression to cloud technology,” says Bill Stone, chairman and chief executive officer of SS&C.