SSNC SS and C Technologies Holdings Inc

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): September 12, 2024

SS&C TECHNOLOGIES HOLDINGS, INC.

(Exact name of Registrant as Specified in Its Charter)

 

Delaware	001-34675	71-0987913
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(IRS Employer Identification No.)

80 Lamberton Road, Windsor, CT	06095
(Address of Principal Executive Offices)	(Zip Code)

Registrant’s telephone number, including area code: (860) 298-4500

Not Applicable

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

☐	Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol	Name of each exchange on which registered
Common stock, par value $0.01 per share	SSNC	The Nasdaq Global Select Market

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Item 8.01. Other Events

 

On September 12, 2024, SS&C Technologies Holdings, Inc. (the “Company”) issued a press release announcing the execution of a definitive agreement by SS&C Technologies, Inc. (“SS&C”), a direct, wholly-owned subsidiary of the Company, to acquire Battea – Class Action Services, LLC (the “Acquisition”). The Company intends for SS&C to borrow, subject to market and other conditions, up to $650 million in aggregate principal amount of incremental term A loans (the “Loans”) under its existing amended and restated credit agreement, dated April 16, 2018 (as amended, restated, amended and restated, supplemented or otherwise modified from time to time), by and among the Company, SS&C, the other loan parties from time to time party thereto and the financial institutions from time to time party thereto as agents, lenders or issuing banks. The Company has engaged one or more financial institutions to arrange the Loans on an uncommitted basis. The Company intends to use the net proceeds of the Loans, together with cash on hand, to pay for the Acquisition and fees, costs and expenses related thereto and to the incurrence of the Loans. A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated by reference into this Item 8.01.

 

Item 9.01. Financial Statements and Exhibits

 

(d) Exhibits

 

99.1	Press Release, issued by the Company on September 12, 2024.
104	The cover page from this Current Report on Form 8-K, formatted in Inline XBRL

 

 

 

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SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

Date: September 12, 2024

SS&C TECHNOLOGIES HOLDINGS, INC.
By:		/s/ Brian N. Schell
		Brian N. Schell
		Executive Vice President and Chief Financial Officer

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SS&C Technologies to Acquire Battea-Class Action Services, Expanding Securities Class Action Claims Management Offerings

 

 

WINDSOR, CT, September 12, 2024 (PR NEWSWIRE) – 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:

“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.

 

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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.

Follow SS&C on Twitter, Linkedin and Facebook.

 

For more information

Brian Schell | Chief

Financial Officer, SS&C

Technologies

Tel: +1-816-642-0915 | E-mail:

InvestorRelations@sscinc.com

 

Justine Stone | Investor

Relations, SS&C Technologies

Tel: +1- 212-367-4705 | E-mail:

InvestorRelations@sscinc.com

 

Media Contacts

Emma Lowrey

PAN Communications

Tel: (617) 502-4300
E-mail: ssc@pancomm.com

 

 

SOURCE: SS&C

 

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Document And Entity Information	Sep. 12, 2024
Cover [Abstract]
Document Type	8-K
Amendment Flag	false
Document Period End Date	Sep. 12, 2024
Entity Registrant Name	SS&C TECHNOLOGIES HOLDINGS, INC.
Entity Central Index Key	0001402436
Entity Emerging Growth Company	false
Securities Act File Number	001-34675
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	71-0987913
Entity Address, Address Line One	80 Lamberton Road
Entity Address, City or Town	Windsor
Entity Address, State or Province	CT
Entity Address, Postal Zip Code	06095
City Area Code	860
Local Phone Number	298-4500
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Title of 12(b) Security	Common stock, par value $0.01 per share
Trading Symbol	SSNC
Security Exchange Name	NASDAQ

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