SS&C's $2.3B Merger With Advent Software Cleared by DOJ

Jun 18 2015 | 12:31pm ET

SS&C Technologies has gotten the green light from the U.S. Department of Justice to merge with financial software provider Advent.

The merger, initially announced in February, was on hold pending examination and compliance of anti-trust statutes, according to SS&C. The clearance follows the issuance of a second request by the Justice Department on April 23, which had the effect of extending the waiting period dictated by the Hart-Scott-Rodino Antitrust Improvements Act of 1976.

Subject to the satisfaction of other customary closing conditions, SS&C expects the deal to close in the third quarter of 2015, according to the statement. 

SS&C agreed to buy Advent Software for $44.25 per share in cash. The $2.3 billion deal includes assumption of debt.

SS&C has been a prolific acquirer of businesses complementary to its financial industry SAAS product lines, snapping up dozens of firms in the last several years, including GlobeOp in 2012 and DST Global Solutions in 2014. 

SS&C is a global provider of investment and financial software-enabled services and software focused exclusively on the global financial services industry. Founded in 1986, SS&C has its headquarters in Windsor, Connecticut and offices around the world. 

The company’s products and services are used by more than 7,000 financial services organizations to manage and account for their investments, according to the company. In aggregate, SS&C’s clients manage $26 trillion in assets.

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