SS&C to acquire wealthtech Eze Software for $1.45bn
SS&C Technologies will acquire investment management solutions provider Eze Software from TPG Capital for an all-cash transaction of $1.45 billion.
Headquartered in Boston, Eze’s solutions are designed for asset managers, including a mix of hedge fund, long-only asset manager, multi-manager and asset owner clients.
At its core is the Eze Investment Suite platform. This offers order management, execution management and portfolio accounting for front-to-back-office workflows.
The acquisition will add 1,050 employees in 15 offices and more than 2,500 clients across five continents.
“Our clients are focused on reinventing their organisations. The addition of Eze Software aligns with our strategy to transform today’s investment operations,” says Bill Stone, chairman and CEO, SS&C Technologies.
In 2017, Eze had total revenues of $280 million and adjusted EBITDA of $105 million. SS&C expects $30 million of run-rate costs savings, achieved by 2021.
SS&C plans to fund the acquisition with a combination of cash and term loan debt. The transaction is expected to be “immediately accretive” to adjusted earnings per share.
The transaction is expected to close by the fourth quarter of 2018 and is subject to clearances by the relevant regulatory authorities and other customary closing conditions.
This latest acquisition follows plenty of other action by SS&C.
In January, SS&C said it will acquire DST Systems for $5.4 billion as it hunts out more market opportunities for outsourcing in financial services.
While back in the mists of time, aka 2016, SS&C acquired customer relationship management (CRM) software provider Salentica; and Wells Fargo’s Global Fund Services (GFS) business.
