SS&C ACQUIRES EVARE

Posted March 24, 2009

WINDSOR, Conn. -- Financial services software and outsourcing solutions provider SS&C Technologies Inc. has acquired financial data acquisition, transformation and delivery provider Evare LLC. Terms of the deal were not disclosed.

“Financial institutions spend a considerable amount of time each day in gathering data to conduct reconciliations,” says Bill Stone, Chairman and Chief Executive Officer, SS&C Technologies. “This is a time-consuming and expensive process for the middle- and back office, and automation of this function offers institutions a strong operational cost savings. We are poised to make major improvements in our data gathering and data transformation business, and Evare provides excellent technology and a strong workforce.”

The Evare acquisition complements SS&C’s middle- and back-office institutional outsourcing and hedge fund administration service offering, particularly in reconciliation, post-trade communication, securities data and portfolio management.

“There are few companies that understand data transformation and we are fortunate to be combining with a company that has been successful in this sector,” says Joseph Souza, Chief Operating Officer, Evare. “Our customers will clearly benefit from this combination of the two businesses as we are in a position to provide enhanced scalability and coverage.”