SS&C Technologies Holdings has agreed to acquire independent asset servicing provider Conifer Financial Services for $ 88.5 million, subject to customary adjustments.
Conifer has 200 clients worldwide with $110 billion of combined assets under management. The firm will continue to be led by its current senior management team.
According to SS&C, the acquisition is intended to improve its position on the West Coast of the US. Headquartered in San Francisco, Conifer also has offices in New York, Singapore and Nova Scotia.
It will also accelerate Conifer’s growth plans and allow it to increase its speed of innovation.
Bill Stone, chairman and CEO of SS&C Technologies, said: "Conifer shares SS&C’s vision on delivering high quality services to solve real customer problems. We are delighted to add its talented team to our roster.”
He added: “We look forward to leveraging our technology and services to immediately deliver greater value to existing and new clients."
Jack McDonald, CEO of Conifer, added: “SS&C’s innovations in cloud and mobile technology are transforming asset servicing. We look forward to introducing this winning strategy to our customers and new markets.”
