SS&C Technologies Holdings has announced it has completed its acquisition of Advent Software, Inc. (“Advent”), a leading provider of software and services for the global investment management industry.
Advent has more than 4,300 customers including asset managers, hedge funds, fund administrators, prime brokers, family offices and wealth management advisory firms, located across more than 50 countries worldwide. With more than 1,200 employees worldwide, Advent generated revenues of $397 million for the 12 months ended December 31, 2014.
Under the terms of the merger agreement, Advent stockholders will receive per share consideration of $44.25. The merger consideration is approximately $2.63 billion (including the assumption of Advent’s existing debt). SS&C financed the acquisition, the refinancing of loans outstanding under our existing credit agreement, repayment of Advent’s existing debt and the payment of related fees and expenses with:
· commitments and borrowings under new senior secured credit facilities in an aggregate principal amount of $2.63 billion, including syndicated term loans and revolving credit facilities provided by a syndicate of lenders, with Deutsche Bank AG New York Branch acting as administrative agent;
· approximately $500 million of the net proceeds from the issuance of $600 million aggregate principal amount of SS&C’s 5.875% notes due 2023;
· approximately $400 million of net proceeds from the offering of 12,075,000 shares of SS&C common stock; and cash balances.
“This is an exciting time for SS&C and Advent’s customers, employees and shareholders,” said Bill Stone, SS&C Chairman and Chief Executive Officer. “SS&C has a long history of successful integrations, and we are confident that Advent’s products, services, and dedicated employees will enhance SS&C’s overall offering, improving the customer experience for over 10,000 financial services organizations worldwide. In an industry where big banks dominate the market, SS&C, together with Advent, is the independent, technology-driven alternative, able to provide nimble services and complete transparency throughout the front, middle, and back office operations.”
Morgan Stanley and Deutsche Bank acted as financial advisors and Davis Polk & Wardwell acted as legal advisor to SS&C.
Qatalyst Partners acted as financial advisor and Wilson Sonsini Goodrich & Rosati acted as legal advisor to Advent.
