SS&C Technologies Holdings, Inc. (Nasdaq: SSNC), a global provider of financial services software and software-enabled services, today announced it has entered into a definitive agreement wherein SS&C will acquire Eze Software (Eze Software) from TPG Capital. Eze Software is a leading global provider of investment management solutions designed to optimize operational and investment alpha throughout the entire investment process. The transaction represents a continuation of SS&C's proven strategy of adding talented people and technology through acquisitions. Under the terms of the agreement, SS&C will purchase Eze Software in an all-cash transaction of $1.45 billion.
"Our clients are focused on reinventing their organizations. The addition of Eze Software aligns with our strategy to transform today's investment operations," said Bill Stone, Chairman and Chief Executive Officer, SS&C Technologies.
Headquartered in Boston, Eze Software serves asset managers, including a mix of hedge fund, long-only asset manager, multi-manager and asset owner clients. At the core of Eze Software's offering is its award-winning, flagship Eze Investment Suite platform. Eze Investment Suite offers order management, execution management and portfolio accounting to streamline front-to-back-office workflows. The acquisition will add 1,050 employees in 15 offices and more than 2,500 clients across five continents. SS&C will leverage its global footprint to help Eze Software expand its geographic reach.
"I am very pleased for Eze to join SS&C, as we share the same vision for the future of investment operations," said Jeffrey Shoreman, Eze Software's CEO and President. "We look forward to extending our ideas and offering and believe this is a game-changing moment for our clients and our team. SS&C's award-winning outsourcing services, combined with our technology platform, will enable us to further distance ourselves from the competition."
In 2017, Eze Software had total revenues of $280 million and Adjusted EBITDA of $105 million. SS&C expects $30 million of run-rate costs savings, achieved by 2021. SS&C plans to fund the acquisition with a combination of cash and term loan debt. The transaction is expected to be immediately accretive to adjusted earnings per share.
The transaction is expected to close by the fourth quarter of 2018 and is subject to clearances by the relevant regulatory authorities and other customary closing conditions.
About Eze Software
Eze Software is a global leading provider of investment management software solutions designed to optimize operational and investment alpha throughout the entire investment process. Eze Software provides the platform for growth for the entire investment management community, maximizing efficiencies across order management, trade execution & analytics, portfolio analytics & modeling, compliance & regulatory reporting, commission management, and portfolio & investor accounting. For more than 20 years Boston-based Eze Software has been driving innovation in financial technology. Today, Eze Software partners with more than 2,500 buy- and sell-side institutions in 45 countries from their 15 offices worldwide. For more information, visit www.ezesoft.com.
About TPG
TPG is a leading global alternative asset firm founded in 1992 with approximately $84 billion of assets under management and offices in Austin, Beijing, Boston, Dallas, Fort Worth, Hong Kong, Houston, London, Luxembourg, Melbourne, Moscow, Mumbai, New York, San Francisco, Seoul, and Singapore. TPG's investment platforms are across a wide range of asset classes, including private equity, growth venture, real estate, credit, and public equity. TPG aims to build dynamic products and options for its investors while also instituting discipline and operational excellence across the investment strategy and performance of its portfolio. For more information, visit www.tpg.com.
About SS&C Technologies
SS&C is a global provider of investment and financial software-enabled services and software for the global financial services and healthcare industries. Founded in 1986, SS&C is headquartered in Windsor, Connecticut and has offices around the world. Some 13,000 financial services and healthcare organizations, from the world's largest institutions to local firms, manage and account for their investments using SS&C's products and services.
