SS&C to acquire fintech data provider Intralinks for $1.5bn
SS&C Technologies will acquire data provider Intralinks Holdings from Siris Capital Group for a total consideration of $1.5 billion.
Transaction is expected to close in Q4 2018
The purchase price will consist of $1 billion in cash and $500 million in SS&C stock. Frank Baker, Siris’ co-founder and managing partner, is expected to join the SS&C board of directors.
Intralinks is a data provider for the banking, deal making and capital markets communities. The firm offers an investor communications platform for private equity and hedge fund staff.
Bill Stone, chairman and chief executive officer, SS&C Technologies, says: “Intralinks and SS&C share many of the industry’s largest customers and together we are well-positioned to meet the needs of major banks, alternative funds and other corporations seeking to automate document-centric, collaborative workflows.”
In 2017, Intralinks had total revenues of $303 million and adjusted Ebitda of $115 million. Its trailing twelve month (LTM) total revenues as of 30 June 2018 are $325 million (9% growth over the LTM period ended 30 June 2017) and its LTM adjusted Ebitda as of 30 June 2018 is $132 million, with margins of 41%. SS&C expects an additional $15 million in run-rate cost savings achieved by 2021.
For the deal, SS&C has secured up to $1 billion of financing from Deutsche Bank, Citigroup, RBC Capital Markets and Credit Suisse.
The transaction is expected to close in the fourth quarter of 2018. There are no details on any potential redundancies as a result of the acquisition.
Last month, SS&C said it will acquire DST Systems for $5.4 billion as it hunts out more market opportunities for outsourcing in financial services.
