May 2, 2018

SS&C’s 1Q profits climbs

HBJ file photo
HBJ file photo
SS&C CEO Bill Stone.

Windsor fintech SS&C Technologies Holdings Inc. said its first-quarter revenues rose by more than 6 percent after recently completing its purchase of a Missouri-based financial services and healthcare technology firm for $5.4 billion.

For three months ended March 31, SS&C posted a 6.4 percent increase in net income of $51.3 million, or 24 cents a diluted share, vs. $48.1 million, or 23 cents a diluted share, in the year-ago period.

First-quarter revenues were $421.9 million, up 3.5 percent from $407.7 million a year earlier.

SS&C reported operating income of $86.8 million, down 3.2 percent, vs. $89.7 million in 2017.

During the quarter, the fintech, which provides financial-technology services, said it raised $7.4 billion in cash from debt and an additional $1.4 billion in cash from the sale of its common stock to help fund its acquisition of Missouri's DST Systems. That deal closed April 16.

Under the acquisition, S&C is paying approximately $84 per share in cash, including assumption of debt.

The acquisition of DST, which provides specialized technology, strategic advisory and business operations outsourcing to the financial services and healthcare industries, will grow SS&C's book of business to 13,000 clients and approximately $3.9 billion in combined revenue, the companies have said.

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