SS&C Technologies Holdings has agreed to acquire Northeast U.S.-based fund administrator Gravity Financial, which will operate under the SS&C GlobeOp brand.
Terms of the deal were not disclosed.
The acquisition will add 40 fund services customers and ten staff to SS&C GlobeOp. Existing Gravity clients will work with the same staff but have access to SS&Cs range of software and services, the firm says.
This acquisition expands our fund services capabilities with a talented group of professionals, says Bill Stone, chairman and CEO of SS&C Technologies. The acquisition is well aligned to our overall corporate strategy and will enable us to add further value to clients in the Northeast.”
Founding partner of Gravity Financial, Kirby Richards, along with Paul Timmins, will continue to lead the firm under SS&C GlobeOp.
SS&C’s financial strength, combined with its fund services and innovative solutions, presents tremendous value to our clients,” Richards says. “We are excited about joining the exceptional team at SS&C and further building our business.
SS&C acquired rival fund administrator GlobeOp earlier this year for nearly $900 million to become one of the industry’s largest administrators.
(CG)