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May 1, 2019

SS&C’s 1Q profits climb 58% on deal revenue

HBJ File Photo SS&C CEO and Chairman Bill Stone.
By Matt Pilon

SS&C Technologies Holdings is reaping the returns of its flurry of 2018 acquisition activity, posting record revenue and profits for its first quarter.

The Windsor-based financial software and services provider on Tuesday afternoon reported net income of $80.8 million, or 31 cents per diluted share, up 58 percent from $51.3 million, or 24 cents, in the first quarter of last year.

The higher profits came from higher revenue, which grew to $1.14 billion from $421.9 million in the year-ago quarter.

The increase was mostly driven by its recently acquired businesses, the largest of which is healthcare and technology firm DST.

While SS&C’s earnings per share beat analyst estimates, its share price opened Wednesday morning down 10 percent, at $60.82. Even so, the company’s stock is still trading near all-time highs.

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