With thanks and a tip o' the tinfoil hat to granny:
In the latest of a string of buyouts of capital markets technology providers and processors, SS&C Technologies is selling itself for $941 million to Sunshine Acquisition Corp., an affiliate of private equity powerhouse Carlyle Group...
SS&C sells its software, which ranges from order management to portfolio accounting, to insurance companies, banks and other commercial lenders, hedge funds, asset managers and pension funds. The company has been especially focused on the fast-growing hedge fund sector.
"Financial Interactive's FundRunner product provides the hedge fund market with a powerful relationship management system and fund-profiling infrastructure," said William Stone, SS&C's CEO, referring to an SS&C subsidiary in a conference call late last week.
"We get to see an awful lot of things as far as the reporting requirements for master feeder funds and incentive fee calculations and different partnership processes," added Stone. "We are one of the only firms that do both aggregation and layering. Most of our competitors state that they only want to do aggregation, but generally it's because it's easier and they don't have the software to process it."
Stone, who started SS&C in 1986, has engineered a series of acquisitions, the largest of which was a $159 million March purchase of Canadian software firm Financial Models Co. Two months later, SS&C announced a deal to buy Financial Interactive for about $13 million. In February of this year, SS&C bought the membership interests in Eisnerfast, which offers back-office accounting and administration services to hedge funds and private equity funds. Financial Models, in turn, brought a complementary client base in traditional equity funds.
SS&C also has built a substantial presence in the derivatives arena with Debt & Derivatives, a product it inherited with the acquisition of the Savid Group in April 1998, and TradeThru, which it acquired in the takeover of OMR Systems last year...
What are the Carlyle Kids doing with the hundreds of billions they're making on Bu$hCo's War on Terra?
Why, betting on the market with it, of course, and trying to develop better software to make their betting better.
What other way to make large sums of money disappear from view?
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