August 3, 2018

SS&C posts 2Q loss; elevates Kanwar

Windsor financial-technology vendor SS&C Technologies Holdings Inc. says its second-quarter net income swung to red and it also announced reshuffling of top management.

For three months ended June 30, SS&C said Friday it posted a generally accepted accounting principles net loss of $63.7 million, or 27 cents a diluted share, vs. a net profit of $51.1 million, or 24 cents a share, in the same quarter a year ago.

Second-quarter revenues more than doubled to $895.8 million vs. $411 million a year earlier.

In its front office, SS&C said Executive Vice President Rahul Kanwar will take over as president and chief operating officer from Normand A. Boulanger, who was elevated to vice chairman and will oversee its revenue-management and technology-innovation functions.

SS&C Chairman and CEO Bill Stone credited Boulanger as a key contributor to the company's successful growth, starting in 1994 as a manager in its professional-services division.

Kanwar, previously in SS&C's New York City office, has been with the company since it bought out Kanwar's former employer, EisnerFast LLC in March 2005.

He also had a hand in SS&C's subsequent acquisitions of Northport LLC, TheNextRound Inc., and Geller Investment Partnership Services.

Pending is SS&C's $1.4 billion purchase of Boston investment software provider Eze Software from TPG Capital. Announced Thursday, that deal is still slated to close by yearend, Stone said.

Under the acquisition, SS&C will add 1,050 employees to 15 offices across five continents. The Windsor company will also add over 2,500 clients.

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