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SS&C completes acquisition of DST Systems
Global financial services software provider, SS&C Technologies Holdings, has completed its acquisition of DST Systems, a significant player in the local superannuation industry.
The enterprise value of the advisory, technology and operations outsourcing company was put at $5.4 billion, including assumption of debt. SS&C expected the transaction to be immediately accretive to earnings per share before synergies though, and expected to achieve $175 million in cost savings by 2021.
The acquisition would see SS&C manage approximately 13,000 global clients, delivering pro forma 2017 revenue of approximately $3.9 billion.
SS&C chair and chief executive, Bill Stone, welcomed the opportunity to move forward as one company, saying that SS&C and DST were both “highly complementary market leaders”.
“Our clients in both the financial services and healthcare sectors are facing increasing competitive and regulatory pressures, and SS&C is now even better positioned to deliver innovative services and solutions. We are pleased to welcome DST’s clients and talented employees around the world,” he said.
As part of the agreement, DST ceased trading on the New York Stock Exchange yesterday.
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The future of superannuation policy remains uncertain, with further reforms potentially on the horizon as the Albanese government seeks to curb the use of superannuation as a bequest vehicle.
Superannuation funds will have two options for charging fees for the advice provided by the new class of adviser.
The proposed reforms have been described as a key step towards delivering better products and retirement experiences for members, with many noting financial advice remains the “urgent missing piece” of the puzzle.
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