Having backed away from a rumoured bid to buy Fidessa, SS&C has turned its attentions to Eze Software, offering private equity owner TPG Capital $1.45 billion in cash for the investment management software house.
Boston-based Eze Software offers order management, execution management and portfolio accounting technology to 25000 buy and sell-side client in 45 countries. In 2017, the firm recorded total revenues of $280 million and Adjusted Ebitda of $105 million.
SS%C expects $30 million of run rate savings from the deal, which will see 1,050 Eze Software employees added to its roster.
The agreement confirms an ongoing trend for back and middle-office technology houses to buy into the front office in a bid to offer a comprehensive full trade lifecycle service for capital markets firms. Just last week, State Street clinched a deal to acquire Charles River Development in an all cash transaction valued at $2.6 billion.