SS&C Technologies, a provider of financial services software and software-enabled services, has agreed to acquire Primatics Financial from Carlyle Group for $122m on a cash and debt free basis.
Based in Virginia, Primatics provides accounting, forecasting, regulatory reporting, reserving and stress testing solutions to financial institutions holding or acquiring loans.
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Primatics employs 384 staff and has generated annual revenues of $51m and adjusted EBITDA of $12m in 2014.
The company’s EVOLV platform is a cloud-based, integrated risk and finance solution that deals with the end-to-end process challenges impacting all loan lifecycle events facing financial institutions of all sizes.
Under the deal, SS&C will integrate EVOLV into its portfolio of accounting software solutions, creating a comprehensive solution for any financial institution, insurance company or institutional asset manager, who require integrated accounting, statutory and entity reporting.
The transaction is scheduled to close in the fourth quarter of 2015.
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By GlobalDataSS&C Technologies chairman and CEO Bill Stone said: "Primatics’ cloud-based EVOLV solution is already widely adopted among North American banks and we’re excited to further expand the opportunity to deliver complementary offerings to our customer base around the globe."
Carlyle managing director of U.S. mid-market investment team Steve Bailey said: "Under Carlyle’s ownership Primatics invested significant capital and resources to build a full-suite solution and comprehensive platform, fostering its strong growth and positioning it well to join an excellent permanent home like SS&C."
