SS&C completes acquisition of DST 17 April 2018Connecticut Reporter: Jenna Lomax
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SS&C Technologies Holdings (SS&C) has acquired DST Systems (DST), a global strategic advisory, technology, and operations outsourcing firm.
SS&C will manage approximately 13,000 global clients and delivered pro forma 2017 revenue of approximately $3.9 billion.
According to SS&C, the addition of DST’s financial services and healthcare businesses will provide SS&C with additional scale and breadth across institutional, alternative, wealth management and healthcare segments.
As a result of the completion of the acquisition, DST is ceasing trading on the New York Stock Exchange as of 16 April 2018.
SS&C expects the transaction to be immediately accretive to earnings per share before synergies and expects to achieve $175 million in cost savings by 2021.
Bill Stone, chairman and CEO of SS&C, said: “We are pleased to move forward as one company following the combination of two highly complementary market leaders.”
He added: “Our clients in both the financial services and healthcare sectors are facing increasing competitive and regulatory pressures, and SS&C is now even better positioned to deliver innovative services and solutions. We are pleased to welcome DST’s clients and talented employees around the world.”
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