Wednesday, 4 May 2016
Last updated 9 hours ago
Mar 1 2012 | 3:58am ET
Hedge fund administrator and financial technology provider SS&C Technologies has agreed to buy Thompson Reuters' middle-and-back-office business.
Windsor, Conn.-based SS&C will pay $170 million for Portia, one of several businesses that Thomson announced last year it planned to sell. The deal is expected to close in the second quarter.
SS&C said that it would retain Christy Bremner as head of Portia.
"Joining SS&C is a great opportunity for the long-term success of our business. The commercial synergies of the deal should drive growth and investment for our business, and deliver significant incremental value to our clients," Bremner said. "We have a highly talented team, with an impressive track record, excellent product offerings, and loyal customers and as part of SS&C, we will be better positioned to deliver innovation to the global financial markets community."
Portia has more than 140 employees in eight cities across the U.S., Europe, the Middle East and Asia.
It is unclear how, if at all, the purchase of Portia will affect SS&C's potential pursuit of hedge fund administrator GlobeOp Financial Services. The firm last month urged GlobeOp shareholders to reserve a decision on TPG Capital's bid for the firm as it mulled a bid of its own.