WINDSOR,
Conn., Sept. 12, 2024 /PRNewswire/ -- SS&C
Technologies Holdings, Inc. (Nasdaq: SSNC) today
announced a definitive agreement to acquire Battea-Class
Action Services, LLC, a market-leading provider of
securities class action claims management and settlement recovery
services. The purchase price is approximately
$670 million, subject to
certain adjustments. Battea helps more than 900 banks,
asset managers hedge funds and proprietary trading
firms receive the maximum distribution of entitled
settlements. The acquisition is expected to close this year.
SS&C expects the transaction to be accretive over the next 12
months and plans to fund the purchase with a combination of debt
and cash on hand.
The Battea Claims Engine™ currently monitors 700-800 cases in
litigation and 340 settlements in payout. The Battea research
library contains more than 8,000 historical cases for back testing.
Battea's more than 100 employees, based in
Stamford, Conn., San Francisco &
Copenhagen, will join SS&C GlobeOp.
The acquisition will augment SS&C's capabilities with
a comprehensive suite of financial
recovery services, including:
- Litigation research and case tracking
- Data collection, processing, and analysis
- Claims filing across all types of cases and financial
instruments
- Results audit and remedial actions
- Award processing and distribution.
"We are delighted to welcome the Battea team and their
customers," said Bill Stone,
Chairman and CEO of SS&C Technologies. "Securities class
action settlement recovery is an ongoing concern, with
hundreds of cases
filed yearly. SS&C's multi-asset trade data
aggregation capabilities complement
Battea's sophisticated analysis and extensive
expertise. We look forward to further empowering our clients."
"As a global technology enabled financial services
leader, SS&C is an ideal home," said Michael McCreesh, CEO of Battea. "Both companies
believe in supporting financial institutions with laser-focused
expertise, cutting-edge technology and talent. We are
confident SS&C's global organizational
footprint strengthens Battea's ability to deliver institutions
the highest service levels."
SS&C was advised by Davis
Polk & Wardwell LLP. Keefe, Bruyette & Woods, Inc.
served as exclusive financial advisor to Battea and Sidley Austin
LLP served as legal advisor to Battea in connection with the
transaction.
About Battea-Class Action Services
Battea-Class Action Services is a global leader and expert in
all stages of filing and processing settlement claims in connection
with antitrust and securities litigation. The company has been the
global leader in the space for more than 20 years, serving over 900
institutions around the world, including many of the world's
largest banks, hedge funds, asset managers and buy-side investors.
Battea is optimally positioned to help clients navigate the
increasingly complex process of obtaining trustworthy information
about litigation settlements that impacts their investments and
businesses.
About SS&C Technologies
SS&C is a global provider of services and software for the
financial services and healthcare industries. Founded in 1986,
SS&C is headquartered in Windsor,
Connecticut, and has offices around the world. Some 20,000
financial services and healthcare organizations, from the world's
largest companies to small and mid-market firms, rely on SS&C
for expertise, scale, and technology.
Additional information about
SS&C (Nasdaq:SSNC) is available at www.ssctech.com.
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SOURCE SS&C