Fintech firm SS&C Technologies has agreed to purchase Innovest Systems, a provider of technology-driven services for trust and wealth management firms, in a cash-stock deal worth $120m.
The consideration includes a cash payment of $100m along with $20m in SS&C stock.
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InnoTrust, the flagship offering of Innovest, provides solutions for the accounting and reporting requirements of trust companies, private banks, and retirement plan administrators who need to control and report on assets held in trust, wealth, and retirement accounts.
Innovest CEO Glenn Schmidt said: “There is more than $90trn 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 will provide our clients with an unparalleled competitive offering.”
The acquisition will increase SS&C’s staff headcount by over 150 in New York, Sacramento, California, and Arlington, Texas.
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By GlobalDataDeal closure is anticipated in the second quarter of this year.
SS&C chairman and CEO Bill Stone said: “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 latest deal continues SS&C’s recent series of consolidation activities.
Last year, the firm agreed to acquire the Investrack business from Dubai-based digital customer engagement solutions provider Globacom Technologies.
In 2018, it snapped up DST Systems – a Missouri-based based technology provider for asset management, brokerage, and retirement firms for around $5.4bn, including the assumption of debt.
