SS&C Technologies acquires Innovest Systems in $120m deal
SS&C Technologies has announced a definitive agreement on the acquisition of wealthtech firm Innovest Systems in a $120 million deal.
Expected to close in Q2 2020, the purchase price of the acquisition is $100 million in cash and $20 million in SS&C stock, with the value of the stock portion based on the trading price between 20 April 2020.
The acquisition adds more than 150 full-time employees in New York, Sacramento, California, and Arlington, Texas.
Bill Stone, chairman and CEO of SS&C, says that it is his firm’s mission to deliver “must-have technology” to its clients.
“The addition of Innovest’s innovative solutions and seasoned team will allow us to simplify wealth managers’ operations with a one-stop-shop for wealth and trust accounting and reporting.”
Innovest’s flagship product InnoTrust offers solutions to support the accounting and reporting needs of trust companies, banks, private banks, and retirement plan administrators.
Complementary solutions in Innovest’s suite include custody, payments, unique assets, trade execution and other related solutions and managed services.
Glenn Schmidt, CEO of Innovest Systems, says there is “more than $90 trillion in assets in trusts and demand for reliable accounting solutions in this space has been growing.”
He adds: “The combination of our trust accounting platform and SS&C’s investment management solutions will provide our clients with an unparalleled competitive offering.”
SS&C Technologies operates a robust acquisitive strategy. In 2018 alone it bought up fintech data provider Intralinks, wealthtech firm Eze Software, and servicing solutions company DST Systems for a combines outlay for more than $9 billion.