Sunday, 26 June 2016
Last updated 1 day ago
Jun 27 2012 | 1:23pm ET
Financial services software specialist SS&C Technologies has officially acquired London-based GlobeOp Financial Services for approximately £572 million ($897 million).
GlobeOp provides independent fund services, specializing in middle and back office services and integrated risk-reporting to hedge funds, asset management firms and other sectors of the financial industry.
A full 99.95% of the holders of GlobeOp’s outstanding shares have accepted Windsor, CT-based SS&C’s offer and the purchasing firm has initiated a “squeeze-out” procedure, under Luxembourg law, to acquire the remaining shares on the same terms as the offer (£4.85 per share).
"This is an exciting day for SS&C and GlobeOp and for the clients we serve," said Bill Stone, SS&C chairman and chief executive officer. "We have already begun our integration and are coordinating on sales and marketing and we have significant synergies. Together, we are a global leader, with the capability to serve our clients—whatever their size, location or sector—with one of the most comprehensive and competitive technology and services portfolios in the investment management industry."
SS&C outbid private equity giant TPG Capital in February by more than 11% for GlobeOp.
The combined entity will provide services to over 6,700 funds with total assets under administration of $424 billion.