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Komfie Manalo, Opalesque Asia:

Global financial services software provider S&C Technologies Holdings announced it has entered into a definitive agreement with Advent Software. Under the terms of the agreement, SS&C will purchase Advent for an enterprise value of approximately $2.7bn in cash, equating to $44.25 per share plus assumption of debt.

"The acquisition of Advent is a defining moment in the investment technology, services and support industry. I am pleased to share this news, especially with Advent customers whom we are committed to serving. We look forward to speaking with all customers over the coming weeks and months. SS&C is acquiring a pre-eminent business in the financial technology industry and this is an acceleration in the progression to cloud technology," said Bill Stone, chairman and chief executive officer of SS&C.

The combination of SS&C’s expertise and technology with Advent’s comprehensive offering aims to capitalizes on global financial services customers’ increased interest in outsourcing solutions. A press release pointed out that Advent increases SS&C’s business and geographical diversification and scale and would be adding a stable and attractive revenue base, as 90% of Advent's income are recurring revenues.

To date, SS&C has completed 40 acquisitions, including fund administrator GlobeOp in 2012 and DST Global......................

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