Feb. 2, 2015, 5:08 PM
- Financial software firm SS&C Technologies (NASDAQ:SSNC) is paying $2.7B ($44.25/share) in cash/assumed debt to buy money management software vendor Advent Software (NASDAQ:ADVS). The price represents a 6% premium to Advent's Monday close, and a 16% premium to where shares traded before Bloomberg reported of a potential deal last week.
- SS&C: "The combination of SS&C's expertise and technology with Advent's comprehensive offering enables SS&C to build on its mission to offer the greatest depth of expertise, software technology and services. The transaction capitalizes on a broad trend: global financial services customers' increased interest in outsourcing solutions."
- The deal is expected to close in Q2, yield $45M/year in cost synergies in three years, and be financed with "$3.0 billion of debt financing and cash on hand and approximately $400 million of equity." SS&C now expects 2016 EPS of $3.05-$3.15; the 2015 consensus is at $2.61.
- SSNC +1.7% AH to $55.48.
Mar. 18, 2013, 2:34 PM
Advent Software (ADVS -3.9%) has decided to stay independent after completing a review of strategic alternatives, the company announces. Shares are lower, but have bounced off their morning lows. They soared last week after Reuters reported Frank Quattrone had been hired to help find a buyer. (PR)| Mar. 18, 2013, 2:34 PM
Mar. 12, 2013, 4:00 PM
Advent Software (ADVS +11.4%) has hired famous tech i-banker Frank Quattrone to help find a buyer, Reuters reports. Some P-E firms have reportedly shown interest, and the bidding process is now in the second round. However, sources caution there's a "substantial price gap" between Advent and some of the interested parties. Shares have jumped to fresh 52-week highs.| Mar. 12, 2013, 4:00 PM