1. SS&C acquires Curo Fund Services to expand South African business. 2. Curo manages R 3 trillion in assets, enhancing SS&C's market position. 3. Seamless transition ensures no disruption for existing Curo clients. 4. Partnership aims to improve service delivery and efficiency in the region. 5. Curo's independence under SS&C provides innovative advantages for clients.
This acquisition strengthens SS&C's position in a growing market. Previous acquisitions in emerging markets typically led to share price increases.
The acquisition is significant for SS&C's growth strategy in emerging markets, likely influencing investor sentiment positively.
The acquisition's benefits, including enhanced services and market share, will materialize over time as integration progresses.
The acquisition will grow SS&C's fund administration business in South Africa
SS&C Technologies Holdings, Inc. (NASDAQ:SSNC) today announced the acquisition of Curo Fund Services, a leading South African provider of fund administration solutions, from a joint venture between Sanlam and Old Mutual. The transaction is subject to approval by the South African Competition Commission. Terms of the deal were not disclosed.
Curo Fund Services administers more than R 3 trillion (USD 170.4 billion) in assets and services Sanlam, Old Mutual and third-party institutional clients. Around 300 employees will join SS&C in Cape Town following the close of the transaction. Curo Fund Services already leverages several of SS&C's fund accounting and asset servicing technologies.
The transaction will not affect Curo's existing client administration arrangements. SS&C's global scale and expertise will enable enhanced solutions and improved service delivery. All parties are committed to ensuring a seamless transition.
"Curo brings deep client relationships and a proven service track record," said Bill Stone, Chairman and CEO, SS&C. "Together, we will deliver greater efficiency, data-driven insights, and integrated services for the region's insurers, asset managers and institutional investors."
Independently owned by SS&C, Curo will join the Global Investor & Distribution Solutions (GIDS) group led by Nick Wright. This independence provides South African clients with access to a globally scaled technology and services provider, offering enhanced neutrality, innovation, and flexibility. Coupled with SS&C's automation, data, and operational expertise, Curo is positioned to expand its fund administration offerings, grow market share, and accelerate growth across South Africa and the African continent.
"We are proud to be joining the SS&C family," said Lionel Vice, CEO of Curo Fund Services. "This partnership allows us to accelerate our innovation journey and offer a more robust and comprehensive suite of solutions to our clients while continuing to grow our business. SS&C's global expertise, commitment to service excellence, and focus on developing the local market align strongly with Curo's purpose and vision."
About Curo
Curo Fund Services is a South African-based fund administrator servicing more than R 3 trillion in assets on behalf of a wide range of financial services clients. With deep industry expertise and a strong record of operational delivery, Curo provides asset managers, investment platforms, and institutional investors with comprehensive fund accounting, investor administration, and regulatory reporting services.
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. More than 22,000 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
Sam Gentile
Tel : +1-646-818-9195
E-mail : pro-SSC@prosek.com