SS&C has agreed to acquire Eze Software from TPG Capital for $1.45 billion. The deal is expected to close in the fourth quarter of this year. Morgan Stanley was financial adviser on the transaction while Ropes & Gray provided legal counsel to Eze and TPG.
BOSTON–(BUSINESS WIRE)–Eze Software, a global provider of investment technology, today announced that SS&C Technologies Holdings, Inc. (Nasdaq:SSNC), has entered into a definitive agreement to acquire the company from its previous owner, TPG Capital – the private equity platform of global alternative asset firm TPG. SS&C, a global provider of investment and financial software-enabled services and software for the global financial services and healthcare industries, will acquire Eze from TPG Capital for $1.45 billion.
Eze Software provides leading investment technology to power investment operations, maximizing efficiencies across order management, trade execution & analytics, portfolio analytics & modeling, compliance & regulatory reporting, commission management, and portfolio & investor accounting. Its award-winning Eze Investment Suite delivers a seamless investment management experience to buy-side professionals in one cohesive, integrated platform by synchronizing data throughout the trade lifecycle.
The born-in-the-cloud Eze Eclipse platform reimagines the entire investment operation in a single solution through a secure web browser interface.
Eze was acquired by TPG Capital in 2013 from ConvergEx Group. The transaction brought together the power of Eze OMS, RealTick EMS and Tradar.
“We’re proud of the work we’ve accomplished with TPG and excited for the opportunity to embark on Eze’s next chapter as part of SS&C,” said Jeffrey Shoreman, Eze Software’s CEO & President. “Over the last five years, TPG’s investment enabled Eze Software to invest continuously in R&D, which culminated in the integration of Eze Investment Suite and the creation of our new cloud platform, Eze Eclipse. Joining forces with SS&C accelerates our vision for an open, seamless, and fluid investment ecosystem by combining the power of our leading software, administration, and outsourcing services.”
“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.
“It’s been a privilege to be a part of Eze’s growth story over the last five years and partner with the company on their transformation into an integrated, market-leading provider of global investment technology solutions,” said John Flynn, Principal at TPG. “SS&C is a world class company for which we have deep respect. We look forward to seeing Eze’s next phase of growth unfold under its leadership.”
Morgan Stanley & Co. LLC acted as financial advisor on the deal, and Ropes & Gray acted as legal counsel to Eze and TPG.
This all-cash transaction is scheduled to close in Q4 2018, subject to clearances by the relevant regulatory authorities and other customary closing conditions.
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.
About Eze Software
Eze is a leading global provider of investment management software solutions designed to optimize operational and investment alpha throughout the entire investment process. Eze provides the platform for growth for the entire investment community, maximizing efficiencies across trade order management and execution, portfolio analytics and modeling, operations, compliance and regulatory reporting, commission management, and portfolio management and 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 50 countries from 14 offices worldwide.
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.