SS&C Technologies Inc., a Windsor, Conn.-based financial management software company owned by The Carlyle Group, has acquired Evare LLC, a Burlington, Mass.-based provider of financial data acquisition, transformation and delivery. No financial terms were disclosed. Carlyle holds a 72.2% ownership position in SS&C.
SS&C Technologies, Inc. (www.ssctech.com), a global provider of financial services software and outsourcing solutions, today announced that it has acquired the assets of Evare, LLC, a provider for financial data acquisition, transformation and delivery. Terms of the acquisition were not disclosed.
The Evare acquisition directly complements SS&C’s middle- and back-office institutional outsourcing and hedge fund administration service offering. Specifically, the addition of over 50 Evare clients and approximately 40 staff advance its leadership within the data and connectivity segment. Evare’s expertise will enhance SS&C’s solutions in the areas of reconciliation (Recon), post-trade communication (SSCNet), securities data (SVC) and portfolio management.
“Financial institutions spend a considerable amount of time each day in gathering data to conduct reconciliations. This is a time-consuming and expensive process for the middle and back office, and automation of this function offers institutions a strong operational cost savings,” said Bill Stone, chairman and chief executive officer, SS&C Technologies, Inc. “We are poised to make major improvements in our data gathering and data transformation business, and Evare provides excellent technology and a strong workforce.”
“SS&C is a great fit for us,” said Joseph Souza, Chief Operating Officer, Evare, LLC. “There are few companies that understand data transformation and we are fortunate to be combining with a company that has been successful in this sector. Our customers will clearly benefit from this combination of the two businesses as we are in a position to provide enhanced scalability and coverage.”
About SS&C Technologies
SS&C delivers investment and financial management software and related services focused exclusively on the financial services industry. By leveraging expertise in common investment business functions, SS&C cost effectively serves clients in the different industry segments, including: 1) insurance entities and pension funds, 2) institutional asset management, 3) hedge funds and family offices, 4) treasury, banks and credit unions, 5) municipal finance, 6) real estate property management, 7) commercial lending and 8) financial markets. Additional information is available at www.ssctech.com.
About Evare LLC
Founded in 1996 and headquartered in Massachusetts, Evare, LLC is a managed utility service provider for financial data acquisition, enrichment, transformation and delivery. Evare serves as a data transformation hub for over 300 asset managers, broker/dealers, custodial institutions, banks, corporations and their respective clients worldwide. Evare provides services for link and data management that adapt each set of communications to the system, process, and format each client or counterparty prefers. Member / concentrator services are administered by Evare which makes moving towards internal and external STP quick, easy and cost effective. To learn more, visit www.evare.com.