SS&C Buys Boutique Administrator Gravity

Oct 1 2012 | 6:40am ET

SS&C Technologies continues to grow by acquisition with a deal for hedge fund administrator Gravity Financial.

The Windsor, Conn.-based firm announced Friday that it bought the Canton, Mass.-based firm. The acquisition adds 40 customers and 10 staff members to SS&C's SS&C GlobeOp business, the result of SS&C's acquisition of GlobeOp Financial Services in May.

Terms of the Gravity deal were not disclosed.

Both of Gravity's founding partners, Kirby Richards and Paul Timmins, have joined SS&C GlobeOp and will continue to run the Gravity business.

"SS&C's financial strength, combined with its fund services and innovative solutions, presents tremendous value to our clients," Richards said. "We are excited about joining the exceptional team at SS&C and further building our business."

"This acquisition expands our fund services capabilities with a talented group of professionals," SS&C CEO Bill Stone added. "The acquisition is well-aligned to our overall corporate strategy and will enable us to add further value to clients in the Northeast."

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