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.
Apr. 29, 2014, 9:48 AM
- Chegg (CHGG +6.7%) has been upgraded to Buy by BofA/Merrill ahead of Thursday's Q1 report.
- AudioCodes (AUDC +2.5%) has been started at Outperform by William Blair ahead of tomorrow's Q1 report.
- IT hardware distributors Tech Data (TECD +2%) and Ingram Micro (IM +2%) have been upgraded to Outperform by Raymond James.
- IPO underwriters have assigned four bullish ratings, and one neutral rating, to GrubHub (GRUB -0.1%), and six bullish ratings to Five9 (FIVN +6.4%).
- Advent Software (ADVS +3.8%) has been upgraded to Buy by Sandler O'Neill after posting Q1 results yesterday afternoon. Advent guided for Q2 revenue of $96M-$98M (below a $99.2M consensus), and full-year revenue of $395M-$403M (in-line with a $400.2M consensus). The company also announced a $0.13/share quarterly dividend (1.9% yield).
Jul. 10, 2013, 12:45 PM
Jun. 13, 2013, 8:56 AMAdvent Software (ADVS) declares special dividend of $9.00/share quarterly dividend, totaling approx. $470M. The special dividend will be financed with cash on hand and proceeds from $425M senior credit facility. For shareholders of record July 01. Payable June 12. Ex-div date June 27. Shares +10.1% premarket. (PR) | Jun. 13, 2013, 8:56 AM
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
Oct. 25, 2011, 12:10 PM
Shares of Advent Software (ADVS), up 8.1%, march forward after the firm records a profit and revenue beat with its Q3 report. The software company expects Q4 revenue of $84M-$86M, boosting full-year revenue to $324M-$326M - topping the consensus estimate of analysts of $322M.| Oct. 25, 2011, 12:10 PM