SS&C Technologies Holdings agreed to acquire Advent Software for $2.7 billion in cash, the two financial service software companies announced late Monday.
The merger will expand SS&C’s software offerings to money managers, said William Stone, chairman and CEO of SS&C. Advent’s software and technology services are used by 4,300 money managers, hedge funds, fund administrators and prime brokers. Separately, SS&C products are used by 6,900, financial services organizations.
The boards of both SS&C and Advent unanimously approved the deal, which is expected to close in the second quarter pending Advent stockholder and regulatory approvals.
Peter Hess, Advent CEO, will be the top executive at the what is likely to be rebranded SS&C Advent, said Mr. Stone in an e-mailed response to questions. “We have not settled on his exact title,” Mr. Stone said, nor have any decisions been made on other personnel moves from Advent.
The acquisition is the latest software-related purchase for SS&C, which bought software provider DST Global Solutions last year; it also has acquired fund administrators, including hedge fund administrator GlobeOp in 2012.
Morgan Stanley and Deutsche Bank were financial advisers on the deal for SS&C, and law firm Davis Polk & Wardwell was legal adviser. Qatalyst Partners was Advent’s financial adviser, and Wilson Sonsini Goodrich & Rosati was its legal adviser.
