SS&C Technologies expands with FPS Trust acquisition

WINDSOR, Conn. - SS&C Technologies Holdings, Inc. (NASDAQ:SSNC), a global provider of financial services software and software-enabled services, has acquired FPS Trust Company from IPX Retirement, enhancing its benefit payment solutions for institutional clients. FPS Trust, a non-depository trust company based in Centennial, Colorado, specializes in high-volume beneficiary distributions, paying agent services, and tax processing solutions.

The acquisition, announced today, will see FPS Trust integrated into SS&C Innovest, a division within SS&C that previously collaborated with FPS Trust to deliver paying agent services through the SS&C InnoPay platform. This move is expected to strengthen the partnership and improve the managed services offered to institutional customers.

Glenn Schmidt, General Manager of SS&C Innovest, expressed enthusiasm about the acquisition, citing the potential for enhanced services as a unified organization. Bill Mueller, CEO of IPX Retirement, also commented on the acquisition, noting SS&C’s strengthened position to expand its service range, particularly for wealth managers and institutional trustees.

SS&C Technologies, founded in 1986 and headquartered in Windsor, Connecticut, serves over 20,000 financial services and healthcare organizations worldwide. The company is known for its expertise, scale, and technological solutions in the financial services and healthcare industries.

The financial terms of the acquisition were not disclosed. This strategic move is in line with SS&C’s commitment to providing scalable solutions and optimizing custodial offerings to its institutional clients. The information regarding the acquisition is based on a press release statement.

In other recent news, Jefferies analyst Surinder Thind upgraded SS&C Technologies Holdings, Inc. from Hold to Buy, raising the price target from $70.00 to $94.00. This upgrade is based on a positive outlook on SS&C’s future performance, backed by several key factors. SS&C Technologies reported a record adjusted revenue of $1,466.8 million in its third-quarter earnings call, a 7.3% increase from the previous year. The company also saw a 10.3% rise in adjusted diluted earnings per share to $1.29, and a notable 39% increase in operating cash flow, amounting to $336.6 million for the quarter.

SS&C has also recently unveiled software-as-a-service (SaaS) updates aimed at improving efficiency in credit, derivatives, and investor accounting management for alternative investment managers. SS&C has renewed its contract with Omnis Investments Limited, a U.K. asset manager overseeing more than GBP10 billion. This continued relationship will support Omnis’s suite of mutual funds. RBC Capital Markets has identified SS&C Technologies as one of its top five investment ideas for fiscal year 2025, alongside Fiserv (NYSE:FI), FIS, PayPal (NASDAQ:PYPL), and Block. These are recent developments in the company’s trajectory.

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