Fund admin completes Advent takeover

Financial software provider SS&C Technologies has sealed its acquisition of rival Advent Software after several months of maneuvering and government scrutiny. The merger consideration is approximately $2.63 billion, including the assumption of Advent’s existing debt.

The deal, announced in February, was in some doubt earlier this spring when the US Department of Justice issued a rare second request for information as it performed a routine examination of the acquisition's structure and details, according to a report by Waters Technology. SS&C was cleared to move ahead on June 23.

Through the acquisition, SS&C will gain 4,300 clients, including asset managers, hedge funds and fund administrators.

“SS&C has a long history of successful integrations, and we are confident that Advent’s products, services, and dedicated employees will enhance SS&C’s overall offering, improving the customer experience for over 10,000 financial services organizations worldwide,” said SS&C chairman and chief executive Bill Stone in a statement.

The Advent acquisition is the latest in a string of developments at the software behemoth. Last month, SS&C reportedly expressed interest in acquiring newly public rival software vendor SunGard. In March, capitalizing on the trend of GPs merging traditionally separate investment strategies, SS&C created a new group to support fund administration, accounting and reporting for hybrid fund structures.