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May 19, 2020

SS&C completes $120M acquisition, adds 150 employees

SS&C fintech windsor Photo | SS&C's Windsor headquarters.

Windsor financial services software company SS&C Technologies has added more than 150 employees after completing its acquisition of a New York-based technology provider.

SS&C on Monday said it completed the purchase of Innovest Systems, which provides a web-based technology platform for trust accounting, payments and unique asset management services. 

Earlier this month, the Windsor company said it agreed to pay $100 million in cash and $20 million in stock to buy Innovest Systems and its other locations in Sacramento, Calif., and Arlington, Texas. 

"Many of our wealth and retirement clients need unique technology and expertise required to service trusts. This investment underscores our commitment to bring value-added technology and building out our wealth management technology offerings," SS&C CEO Bill Stone said in a statement.

The deal closes weeks after SS&C said its first-quarter earnings surged despite the ongoing COVID-19 pandemic.

Profits during the first three months of 2020 totaled $99.2 million, or 37 cents per diluted share, up almost 23% from $80.8 million, or 31 cents, in the same period of 2019.

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