SS&C Technologies has agreed to acquire DST Systems, a technology provider for asset management, brokerage, and retirement firms, in an all-cash deal worth around $5.4bn, including the assumption of debt.

Missouri-based DST reported $2.3bn in revenue for the year ended September 2017. The firm employs over 14,400 staff across the globe.

Through this acquisition, SS&C aims to expand its footprint in the US retirement and wealth management markets. The merged group will have around $3.9bn in revenue and 13,000 clients.

“The combination leverages SS&C’s market leading software platform for institutional and alternative asset managers to drive increased automation and efficiency across wealth management account servicing,” SS&C noted.

SS&C expects to save $150m annually by 2020 from the takeover. It also anticipates the deal to be immediately accretive to its adjusted earnings per share before synergies.

The deal has secured the nod from boards of both the companies and is expected to be completed in the third quarter of 2018, subject to shareholder and regulatory approvals.

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SS&C chairman and CEO Bill Stone said: “The rate of change, the technology required and the requirements of integrated solutions in the investment and wealth management space are unprecedented. The combination of SS&C and DST is an exciting opportunity and will continue to deliver solutions, globally. We will, together, continue to build on the relationship since we acquired DST Global Solutions in 2014.

“We are also excited to have the DST employees from around the world join the SS&C team and look forward to having a continued local presence in Kansas City.”