SS&C has agreed to acquire Innovest Systems, a technology provider which builds platforms for trust accounting, payments and asset servicing for $120 million.
The New York-based firm provides back- and middle-office services to organisations around the US and is also one of the largest providers of fiduciary unique asset accounting, management and outsourcing services in asset classes such as real estate.
Innovest’s flagship product InnoTrust offers solutions to support the accounting and reporting needs of trust companies, banks, private banks, retirement plan administrators, and others. Other solutions in Innovest’s suite also include custody, payments, unique assets, trade execution and other related solutions and managed services.
The deal is expected to close this quarter.
“In today’s challenging market environment, it is our mission to deliver must-have technology and service to our clients to help them reach their target markets,” said Bill Stone, Chairman and CEO of SS&C.
“The addition of Innovest’s innovative solutions and seasoned team will allow us to simplify wealth managers’ operations with a one-stop-shop for wealth and trust accounting and reporting.”
The global COVID-19 pandemic seems to be having little impact on SS&C’s aggressive M&A expansion strategy with three deals now signed in as many months.
In April, the organisation announced it would acquire Irish-based Capita Life and Pensions Services (CLPSI) as it looks to add to its international pensions and insurance administration services business.
The Innovest Systems deal will see more than 150 full-time employees join upw with SS&C across New York, Sacramento, California, and Arlington, Texas.
“We are excited to join forces with SS&C Technologies to deliver critical tools and support to our customers in these changing times,” said Glenn Schmidt, CEO of Innovest Systems. “There is more than $90 trillion in assets in trusts and demand for reliable accounting solutions in this space has been growing. The combination of our trust accounting platform and SS&C’s investment management solutions will provide our clients with an unparalleled competitive offering.”