A Connecticut company on Monday announced the purchase of the investment management software subsidiary of DST Systems Inc. for $95 million.
SS&C Technologies Holdings Inc., based in Windsor, acquired DST Global Solutions, which has 390 employees in 12 offices, including Bangkok, Hong Kong, Shanghai, Melbourne and Boston. The firm is headquartered in London.
Kansas City-based DST said the subsidiary, which has more than 150 clients, generated revenues of about $70 million in 2013, and about $50 million through the first nine months of 2014.
DST, which provides an array of financial services and data record-keeping, said the sale of Global Solutions will reduce diluted earnings per share by about 16 cents to 20 cents in 2015.
SS&C provides financial services software and other services to more than 6,900 financial services organizations. The company said the cash acquisition “further solidifies SS&C’s position as the leading global provider of investment management software and outsourcing services.”
Peter Heckmann, a research analyst with Avondale Partners LLC, said in a report Monday that he views the sale “positively” because the DST subsidiary was “generating little growth.”
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