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July 1, 2019

SS&C eyes $155M acquisition

HBJ File Photo SS&C CEO and Chairman Bill Stone.
By Matt Pilon

Windsor’s SS&C Technologies Holdings hopes to acquire an Australian fellow fintech for $155 million.

SS&C announced Monday that it had signed a non-binding indicative proposal to acquire all shares of GBST for a price of 3.25 Australian Dollars per share, which translates to $2.27, under current exchange rates.

GBST sells administration and transaction processing software for retail wealth management organizations and global and regional investment banks.

The company’s website lists clients such as Citigroup, Deutsche Bank, HSBC, J.P. Morgan and Mercer.

However, the Australian Financial Review reported Monday that there’s an ongoing bidding war for GBST. SS&C’s bid price beat out one suitor, Bravura, but another, FNZ has just swooped in with a 3.50-per-share offer, according to Financial Review.

SS&C said in its press release Monday that it couldn’t give assurances that the deal between it and GBST would ultimately be consummated. 

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