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September 13, 2024

SS&C Technologies to acquire CT-based settlement claims processor

Photo | Contributed SS&C Technologies CEO Bill Stone (left) being interviewed by CNBC’s Jim Cramer in 2018.
By Andrew Larson

Windsor-based SS&C Technologies Holdings Inc., a publicly traded company that sells software to the financial services and healthcare industries, is expanding with the acquisition of a Stamford company that processes settlement claims in antitrust and securities litigation.

SS&C has agreed to purchase Battea-Class Action Services LLC for about $670 million, the company announced Thursday. The sale is expected to close in 2024.

Battea provides services to more than 900 banks, asset managers, hedge funds and proprietary trading firms. 

Battea has about 100 employees based in Stamford, San Francisco and Copenhagen, Denmark. It currently monitors 700 to 800 cases in litigation and 340 settlements in payout.

SS&C said it will fund the purchase with a combination of debt and cash on hand.

SS&C said the acquisition will “augment … its capabilities with a comprehensive suite of financial recovery services.”

SS&C stock was trading at $74.55 Friday morning, up 1.15% from Thursday's close.

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