SS&C Technologies has agreed to acquire technology-based information processing and servicing solutions provider DST Systems for around $5.4bn.
Under the deal, SS&C will acquire DST stock by paying $84 per share, as well as assumes its debt.
Based in Kansas City of Missouri, DST offers specialized technology, strategic advisory and business operations outsourcing to the financial services and healthcare industries.
DST provides asset management solutions, banking solutions, business process solutions, digital consumer solutions, as well as investor, advisor and fund solutions.
The acquisition will allow SS&C to expand its operations in the US retirement and wealth management markets, in addition to adding over 110 million investor positions across DST’s client base.
With around 14,400 employees across the globe, DST reported pro forma revenue of $2.3bn for the one year ended in September 2017.
SS&C chairman and CEO Bill Stone said: “The rate of change, the technology required and the requirements of integrated solutions in the investment and wealth management space are unprecedented.
“The combination of SS&C and DST is an exciting opportunity and will continue to deliver solutions, globally.”
DST chairman, president and CEO Steve Hooley said: “SS&C has a rich history of delivering best-in-class technology that complements DST’s existing solutions, and, as part of SS&C, we will be able to advance our extensive, multi-year strategic transformation.”
Subject to the approval of relevant regulatory authorities and other customary closing conditions, the deal is expected to complete by the end of third quarter this year.
SS&C offers investment and financial software-enabled services and software solutions for the global financial services industry.
Image: SS&C Technologies to acquire DST Systems. Photo: courtesy of Chaiwat / FreeDigitalPhotos.net.