SS&C buys British fund service provider

SS&C Technologies acquires British fund service provider GlobeOp for about $891.8 million

Associated Press

WINDSOR, Conn. (AP) -- Financial services software maker SS&C Technologies acquired GlobeOp Financial Services SA for about $891.8 million.

Under the terms of the agreement announced Wednesday, SS&C will pay 4.85 British pounds ($7.56) per share for the London company, which provides independent fund services to hedge funds, asset management firms and other parts of the financial industry.

SS&C Technologies Holdings Inc., based in Windsor, Conn., said its offer for the company closed with the holders of 99.95 percent of its outstanding shares accepting the offer. The company will acquire the remaining shares on July 9.

SS&C said that by value, the acquisition is the largest in its history. The combined companies posted $635 million in revenue for fiscal year 2011 and have 3,600 employees operating in 43 offices around the world. They service more than 6,700 funds with $424 billion in assets.

Taking into account the acquisition, SS&C said it expects to post an adjusted second-quarter profit of $25.9 million to $26.7 million on $120 million to $122.5 million in revenue.

For the full year 2012, the company said it expects an adjusted profit of $113 million to $118 million on $558.5 million to $571 million.

Analysts, on average, expect $97.2 million in revenue for the quarter and $420.5 million in revenue for the full year, according to a FactSet poll.

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