SS&C Technologies, a Connecticut-based financial technology services provider, has closed the takeover of DST Systems, a Missouri-based based technology provider for asset management, brokerage, and retirement firms, for around $5.4bn, including the assumption of debt.
The deal was first announced in January 2018 and secured shareholder nod last month. The merged group has nearly 13,000 clients and around $3.9bn in revenue.
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Through the deal, SS&C expects to save $175m by 2021. The firm also expects the deal to be immediately accretive to its earnings per share before synergies.
Commenting on the transaction, SS&C chairman and CEO Bill Stone said: “We are pleased to move forward as one company following the combination of two highly complementary market leaders.
“Our clients in both the financial services and healthcare sectors are facing increasing competitive and regulatory pressures, and SS&C is now even better positioned to deliver innovative services and solutions. We are pleased to welcome DST’s clients and talented employees around the world.”
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