SS&C Acquires Primatics Financial, Loan Accounting Platform
$122 million acquisition includes loan accounting platform EVOLV.
Based in McLean, Virginia, Primatics Financial was previously part of private equity firm and alternative asset manager The Carlyle Group. Primatics' solution includes the flagship platform, EVOLV, a cloud-based, integrated risk and finance system for loan lifecycle events, which will be integrated into the SS&C loan accounting portfolio.
SS&C's latest acquisition follows deals for investment communications technology provider Varden Technologies earlier in September, Citigroup's Alternative Investor Services business ─ including Hedge Fund Services and Private Equity Fund Services ─ for $425 million last month, and July's mammoth $2 billion purchase of Advent Software.
"SS&C is determined to build or acquire best in class technology to meet and exceed our customers' expectations," says Bill Stone, chairman and CEO of SS&C. "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."
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