SS&C will pay $44.25 a share for its rival, plus the assumption of debt, according to a statement today. Advent closed at $41.39 in New York, giving the company a market value of about $2.1 billion.
Advent, which also produces software used by fund managers, called off a sale effort in early 2013, saying that it decided to remain independent after conducting a strategic review. The purchase would be the largest on record by SS&C, topping an $814 million acquisition of hedge-fund administrator GlobeOp Financial Services SA in 2012, data compiled by Bloomberg show.
Advent has more than 4,300 customers including asset managers, hedge funds and fund administrators, the statement shows.
Takeovers of financial-technology providers rose five percent in 2014 to $28.7 billion, according to research from investment bank Berkery Noyes & Co. Payments companies are consolidating as consumers show an increased preference for credit cards, while providers of financial software are striking deals to keep their technology fresh.
Bloomberg LP, the parent of Bloomberg News, competes with SS&C and Advent in providing technology and services to fund managers.
Morgan Stanley and Deutsche Bank AG acted as financial advisers to SS&C, while Qatalyst Partners acted as adviser to Advent.
To contact the reporter on this story: Matthew Campbell in London at firstname.lastname@example.org