SS&C Technologies, a global provider of services and software for the financial services and healthcare industries, has entered into a definitive agreement to acquire Innovest Systems for a total consideration of $120 million.
New York-based Innovest builds systems for trust accounting, payments and unique asset servicing on modern, web-based technology.
The purchase price will consist of $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 and the date of the closing. The parties expect that the transaction will close in Q2 2020.
SS&C Technologies revealed the acquisition would see the addition of more than 150 full-time employees in New York, Sacramento, California, and Arlington, Texas.
Innovest’s InnoTrust offers solutions to support the accounting and reporting needs of trust companies, banks, private banks, retirement plan administrators, and others.
Complementary solutions in Innovest’s suite include custody, payments, unique assets, trade execution and other related solutions and managed services.
Bill Stone, chair and CEO of SS&C Technologies, said: “In today’s challenging market environment, it is our mission to deliver must-have technology and service to our clients to help them reach their target markets.”
“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.”
Glenn Schmidt, CEO of Innovest Systems, commented: “We are excited to join forces with SS&C Technologies to deliver critical tools and support to our customers in these changing times.”
“There is more than $90 trillion in assets in trusts and demand for reliable accounting solutions in this space has been growing. The combination of our trust accounting platform and SS&C’s investment management solutions will provide our clients with an unparalleled competitive offering,” Schmidt added.
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