Acquisition to expand SS&C’s risk analytics and regulatory solutions
SS&C Technologies Holdings, Inc. announced it has entered into a definitive agreement to acquire certain Algorithmics and related assets from IBM. Algorithmics provides leading risk analytic products and services for the financial services industry worldwide. The addition of Algorithmics will extend SS&C’s risk analytics and regulatory offering. The acquisition is expected to be completed in the fourth quarter, pending the completion of customary closing conditions.
The acquisition adds over 200 clients, 350 employees and offices in 25 countries. Client types include banks, broker dealers, asset managers, hedge and private equity funds and service providers. Algorithmics’ solutions deliver the risk analytics clients need to address the impact of business and regulatory changes; including X-Value Adjustment (xVA), Fundamental Review of the Trading Book (FRTB), Standardized Approach for Counterparty Credit Risk (SA-CCR), Current Expected Credit Losses (CECL) and Targeted Review of Internal Models (TRIM). Algorithmics’ cloud-based technology will integrate within SS&C’s platform and add micro-services.
“The companies we serve face a rapid pace of regulatory change and increasing need for integrated real-time and predictive analytics,” said Bill Stone, Chairman and Chief Executive Officer, SS&C Technologies. “The addition of Algorithmics enables us to empower clients in the global financial services industry with innovative, cloud-based solutions and premium services to help them navigate enterprise risk successfully.”
Supported by a global team of risk experts based in all major financial centers, Algorithmics’ solutions and technology address market, credit and liquidity risk, as well as capital management.
“We are excited to join the SS&C team. SS&C’s commitment to monitoring and delivering solutions for industry regulations in support of clients mirrors Algorithmics’ commitment to do the same,” said Mina Wallace, who, upon close of the acquisition, will become Senior Vice President and General Manager, SS&C Algorithmics. “Together with SS&C, we will be able to accelerate delivery of all solutions on the cloud and provide thought leadership in risk management.”