US software firm SS&C Technologies Holdings has acquired Calastone, a UK-based fund service and technology solutions provider, from private equity giant Carlyle Group for £766 million (US$1.03 billion).
The acquisition was financed with cash and debt, including a $1.05 billion loan facility, SS&C says in a statement on October 14, adding that it expects the deal to enhance profitability within the next 12 months.
According to the firm, Calastone’s technology solutions will complement its offerings in fund administration, transfer agency, artificial intelligence and intelligent automation.
Calastone’s 250 employees will join SS&C’s global investor and distribution solutions division, reporting to Nick Wright, the company’s general manager.
“The combined team will deliver a unified, real-time operating platform to reduce cost, complexity and operational risk for fund industry participants worldwide,” SS&C says.
The Connecticut-based firm provides financial and healthcare software to more than 22,000 organisations.
