SS&C Technologies, a provider of financial services software and software-enabled services, has closed its acquisition of Primatics Financial.
In September 2015, SS&C Technologies agreed to buy Primatics Financial from Carlyle Group for $122m on a cash and debt free basis.
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The transaction is expected to broaden SS&C’s portfolio in the banking space as Virginia-based Primatics offers accounting, forecasting, regulatory reporting, reserving and stress testing solutions to financial institutions holding or acquiring loans.
As a part of the acquisition, SS&C has acquired Primatics’ world-wide workforce of 384 employees.
SS&C Technologies chairman and CEO Bill Stone said: "Today SS&C has added significant value to its integrated solution portfolio and deepened our loan expertise. Originating, buying, servicing, securitizing, reserving, selling and reporting throughout the loan lifecycle creates tremendous value.
"Primatics’ cloud-based EVOLV solution is already widely adopted among North American banks and we’re excited to leverage Primatics intellectual property."
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By GlobalDataPrimatics co-founder and EVP Jeff Sant said: "Joining with SS&C will enable us to accelerate our plans and innovation and introduce our solution to new markets. Together we form a powerful combination, share a common passion for customer-driven innovation, and are well positioned to enable our customers to operate more efficiently."
