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Financial Software - Tuesday, December 29, 2009

Wall St. Software's SS&C Files $300M IPO

We have to say we were not familiar with SS&C Technologies until they filed their IPO. SS&C sells software and services that allow financial services companies to automate and integrate front-office functions like trading and modeling; middle-office functions like portfolio management and reporting; and back-office functions like accounting, performance measurement, reconciliation, reporting, processing and clearing.

SS&C is a twenty-three year old firm, headquartered in Windsor, CT. It employs 1100 people. The company tried to go public in June 2007 when the stock market was strong, but withdrew the public offering in October 2007 as market fell-off. William Stone founded the company in 1986 and it had been publicly traded until it was taken private in November 2005 by The Carlyle Group in a $982M deal that was a combination of cash offered and paying off company debt.

The company has been riding the success of acquiring other software firms and the expansion of its outsourcing services, which account for a growing majority of revenue. Revenue has increased steadily from $205M to $280M between 2006 and 2008.

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