SS&C Technologies snaps up DST 11 January 2018Connecticut Reporter: Becky Butcher
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SS&C Technologies Holdings has entered into an agreement to acquire DST.
As part of the deal, SS&C will purchase DST in an all-cash transaction for approximately $5.4 billion.
DST is a provider of specialised technology, strategic advisory, and business operations outsourcing to the financial services and healthcare industries.
The acquisition expands SS&C’s footprint into the US retirement and wealth management markets and bolsters over 110 million investors positions across DST’s client base, driving increased automation and efficiency across wealth management account servicing.
Bill Stone, chairman and CEO of SS&C, said: "The rate of change, the technology required and the requirements of integrated solutions in the investment and wealth management space are unprecedented. The combination of SS&C and DST is an exciting opportunity and will continue to deliver solutions, globally.”
“We will, together, continue to build on the relationship since we acquired DST Global Solutions in 2014. We are also excited to have the DST employees from around the world join the SS&C team and look forward to having a continued local presence in Kansas City. Further, we look forward to partnering with DST's customers.”
Steve Hooley, chairman, president and CEO of DST, added: "SS&C has a rich history of delivering best-in-class technology that complements DST's existing solutions, and, as part of SS&C, we will be able to advance our extensive, multi-year strategic transformation.”
The transaction is expected to close by Q3 this year.
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