Financial software and services vendor SS&C Technologies has acquired Primatics Financial for approximately $122 million on a cash and debt-free basis from private equity giant The Carlyle Group to lay the groundwork for a solution that integrates accounting, statutory and entity reporting, officials say.
SS&C officials say the acquisition is slated to close during the fourth quarter of this year. Primatics reports that it has 384 employees, 2014 annual revenues of $51 million and adjusted EBITDA of $12 million.
Headquartered in McLean, Va., Primatics offers accounting, forecasting, regulatory reporting, reserving and stress testing solutions to financial institutions holding or acquiring loans. The Primatics Evolv platform is “a cloud-based, integrated risk and finance solution” targeted at loan lifecycle events facing financial institutions of all sizes, officials say.
Bill Stone, chairman and CEO, SS&C Technologies
“SS&C has seen a marked increase in the use of all loan asset classes,” says Bill Stone, chairman and CEO of SS&C Technologies, in a prepared statement. “SS&C is determined to build or acquire best in class technology to meet and exceed our customers’ expectations. 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,” Stone adds.
SS&C will integrate Evolv with its portfolio of accounting software solutions to offer “any financial institution, insurance company or institutional asset manager” an integrated accounting, statutory and entity reporting system, SS&C officials say.
SS&C recently acquired Varden Technologies, a provider of client and advisor communication solutions for investment firms — in a bid for the leadership position in cloud-based enterprise reporting.
SS&C also completed its acquisition of Advent Software.
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