SS&C Technologies Holdings Inc 8-K, filed Sep 12, 2024
SS&C Technologies Holdings Inc (SSNC)
About this 8-K
SS&C Technologies Holdings Inc filed this 8-K on September 12, 2024.
Items reported
- Item 8.01: Other events
- Item 9.01: Financial statements and exhibits
UNITED STATES
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CURRENT REPORT
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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 |
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104 |
The cover page from this Current Report on Form 8-K, formatted in Inline XBRL |
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
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SS&C TECHNOLOGIES HOLDINGS, INC. |
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By: |
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/s/ Brian N. Schell |
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Brian N. Schell |
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Executive Vice President and Chief Financial Officer |
Exhibit 99.1
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.
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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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