SS&C, a multinational provider of investment and financial services and software for the financial services and healthcare sectors, will be acquiring Innovest Systems, a wealth management technology (Wealthtech) firm, for $120 million in cash and stock.
New York-headquartered Innovest Systems offers cloud-powered technology for trust accounting, facilitating payments, and asset servicing.
The company’s main product offering, InnoTrust, has been designed to support the accounting and reporting requirements of trust companies, private banks, large financial institutions, and retirement plan managers.
Bill Stone, CEO at SS&C, stated:
“The addition of Innovest’s innovative solutions and seasoned team will allow us to simplify wealth managers’ operations with a one-stop-shop for wealth and trust accounting and reporting.”
The agreement for the acquisition is expected to be finalized by the second quarter of this year. It will reportedly involve $100 million in cash and an additional $20 million worth of SS&C company stocks.
Glenn Schmidt, CEO at Innovest Systems, remarked:
“We [look forward to working] with SS&C Technologies to deliver critical tools and support to our customers in these changing times.”
Schmidt added:
“There is more than $90 trillion in assets in trusts and demand for reliable accounting solutions in this space has been growing. The combination of our trust accounting platform and SS&C’s investment management solutions [should] provide our clients with a … competitive offering.”
SS&C has made it on to Fortune 1000’s list of top or leading US firms in terms of revenue. SS&C is based in Windsor, Connecticut and has more than 20,000 workers in more than 90 offices in 35 different countries.
Around 18,000 financial services and healthcare organizations reportedly manage and account for their investments via SS&C’s platforms.