June 14, 2017

Report: SS&C in early talks seeking buyout

HBJ file photo
HBJ file photo
SS&C Chairman and CEO Bill Stone.

Windsor financial software provider SS&C Technologies Holdings Inc. has reached out to private equity firms to explore a possible buyout, according to a report Wednesday by Bloomberg.

Citing people familiar with the matter, the news outlet indicated the talks are preliminary and that a possible holdup is the company's high valuation.

First quarter revenue and profits surged this year. The firm netted $48.1 million, up nearly seven-fold from the $7 million it recorded in the year-ago period, while revenue climbed 26 percent to $407.7 million.

Led by founder and CEO William Stone, SS&C is trading near an all-time high of $38.48, which would give it a market value of about $7.8 billion, Bloomberg said.

Company spokespersons Randi Haney and Jennifer Molgano did not immediately return calls or emails seeking comment or confirmation of the report.

This past March, SS&C celebrated 30 years working with fund administration, insurance and pension funds, and asset and wealth management accounting and reporting technology. As a financial software and services provider today it serves more than 10,000 organizations worldwide, according to its website.

The company had about 8,000 employees at the end of 2016, a year in which it recorded $1.5 billion in revenues, according to its annual report.

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