SS&C Technologies has been given the go-ahead for its acquisition of Advent Software by the US Department of Justice. The companies reached a definitive agreement on the $2.7 billion acquisition back in February and now expect the transaction to close in the third quarter of this year.
The acquisition of Advent is one of 40 acquisitions made by SS&C since it was founded in 1986. It will add 4,300 global investment management customers to SS&C’s 7,000 financial services customers, along with Advent’s product set of portfolio management and accounting systems. It will also add 1,200 employees worldwide and the Advent management team led by CEO Pete Hess. Based on Advent revenues of $397 million in the year to December 31, 2014, combined revenues are expected to reach about $1.2 billion.
Commenting on the acquisition in February, Bill Stone, chairman and CEO of SS&C, said: “SS&C is acquiring a pre-eminent business in the financial technology industry and this is an acceleration in the progression to cloud technology. Advent Software combined with SS&C’s complementary offerings in software-as-a-service, middle office services, regulatory solutions, mobile applications and FIX is unmatched. We intend to continue our combined strengths in innovation, client focus and employee opportunity.”