SS&C Technologies Holdings has concluded its previously announced acquisition of the UK-based B2B investment platform Hubwise.
The all-cash transaction, whose financial terms were not disclosed, was first announced in December last year.
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Founded in 2012, Hubwise caters to discretionary wealth managers, advisers, and self-directed digital D2C propositions.
The deal expands SS&C’s workforce with the addition of 58 employees serving 51 customers in the UK.
It is also expected to scale up SS&C’s footprint in the UK as an adviser in the retail market and complement the firm’s existing solutions for asset managers and discretionary wealth managers.
SS&C chairman and CEO Bill Stone said: “We are pleased to announce the completion of this strategic acquisition for SS&C.
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By GlobalData“The partnership demonstrates our commitment to the global wealth marketplace across the full spectrum of self-serve and adviser-driven propositions.”
Hubwise will continue to be led by Angus MacDonald, who will report to SS&C Global Investor and Distribution Solutions head Nick Wright.
Macdonald said: “We are all excited that the change of control is complete. Now, Hubwise can focus on delivering service excellence to our customers while adding more strategic value for our customers to leverage through the broader SS&C partnership.”
SS&C, established in 1986, provides services and software for the financial services and healthcare industries.
The firm, headquartered in Windsor, Connecticut, is said to service more than 55 million investors, as well as 18,000 financial services and healthcare companies.
Earlier this month, SS&C entered into a long-term partnership with Australian wealth manager AMP to offer technology services to AMP’s North investment platform.
