SS&C Technologies, a provider of financial services software and software-enabled services, has agreed to acquire asset servicing company Conifer Financial Services for $88.5m.
Headquartered in San Francisco, Conifer has offices in New York, Singapore and Nova Scotia. The company has 200 customers globally representing nearly $110bn of combined assets under administration (AUA).
SS&C expects the deal to bolster its market position on the West Coast and provide a range of services to a growing customer base in foundations and endowments, pensions, and outsourced CIO portfolios.
Conifer’s senior management will continue to lead the business, according to a statement.
SS&C Technologies chairman and CEO Bill Stone said: "Conifer shares SS&C's vision on delivering high quality services to solve real customer problems. We are delighted to add its talented team to our roster. We look forward to leveraging our technology and services to immediately deliver greater value to existing and new clients."
Conifer CEO Jack McDonald said: "Joining with SS&C will allow us to accelerate our growth plans and pace of innovation. SS&C's innovations in cloud and mobile technology are transforming asset servicing. We look forward to introducing this winning strategy to our customers and new markets."