Software and outsourcing solution vendor SS&C Technologies has acquired the assets of Evare, a provider for financial data acquisition, transformation and delivery solutions. Terms of the acquisition were not disclosed but SS&C has indicated that it believes the acquisition will enhance its offering in the areas of reconciliations, post-trade communication, securities data and portfolio management.
SS&C’s offering is focused on middle and back office institutional outsourcing and hedge fund administration and Evare’s portfolio of products will be added to this, including Recon, SSCNet and SVC. Bill Stone, chairman and CEO of SS&C Technologies, explains that the move is part of the vendor’s drive to improve its data management capabilities.
“We are poised to make major improvements in our data gathering and data transformation business, and Evare provides excellent technology and a strong workforce,” says Stone. The vendor brings to the table around 40 staff and more than 50 clients to add to SS&C’s user base.
Joseph Souza, chief operating officer of Evare, thinks SS&C is a good fit for its offering due to its focus on “data transformation”. He adds: “Our customers will clearly benefit from this combination of the two businesses as we are in a position to provide enhanced scalability and coverage.”
This acquisition is indicative of the wider trend within the data management vendor community towards mergers, purchases and partnerships that are springing up in order to strengthen these market participants’ capabilities in such a tough economic climate.