SS&C at RBC Conference: Strategic Growth and AI Focus

On Tuesday, 10 June 2025, SS&C Technologies Holdings Inc. (NASDAQ:SSNC) presented at the RBC Capital Markets 2025 Financial Technology Conference. The company outlined its strategic initiatives, focusing on organic growth, AI deployment, and a disciplined M&A strategy. While SS&C expressed optimism about demand and margin expansion, it acknowledged challenges in certain segments like Intralinks.

Key Takeaways

• SS&C anticipates strong organic growth in the latter half of 2025, bolstered by the Bateia acquisition.
• The company is leveraging AI and Blue Prism for margin improvements, expecting a 50 basis point increase this year.
• SS&C’s healthcare division is poised for potential growth, driven by the new DomaneRx platform.
• An accelerated stock buyback program reflects confidence in the company’s valuation.
• While open to M&A, SS&C remains cautious about valuations, seeking growth-accretive opportunities.

Financial Results

• First Quarter Performance: SS&C reported a 5.1% overall organic growth, with a stronger 5.9% growth excluding healthcare.
• Second Quarter Guidance: The company projects a 2.5% organic growth at the midpoint.
• Full Year 2025 Outlook: SS&C aims for a 4.5% organic growth at the midpoint, with strength expected in the latter half of the year.

Operational Updates

• Sticky Products and Services: SS&C’s offerings, including fund administration and regulatory reporting, are deemed mission-critical, ensuring demand stability.
• Private Market Growth: The company sees over 10% growth in private markets, capitalizing on less than 50% penetration and a tech advantage.
• Australia Expansion: SS&C is enhancing its presence through a lift-out deal, adding 1,400 personnel, and expects material impact in Q3 and Q4.

Future Outlook

• Healthcare Business: SS&C anticipates flattish to slightly positive growth for its healthcare division, with the DomaneRx platform processing over 200 million claims.
• Margin Expansion: The internal deployment of Blue Prism has saved approximately 2,500 jobs, contributing to a 50 basis point margin improvement.
• AI and Automation: AI deployment is enhancing client processes without reducing pricing, leveraging SS&C’s extensive data and processing capabilities.

Q&A Highlights

• M&A Strategy: SS&C remains selective, focusing on acquisitions that are growth-accretive and fairly valued, avoiding high multiples like 30x EBITDA.
• Competitive Landscape: The company differentiates itself by innovating faster than heavily regulated competitors and offers a wide range of services at scale.

Readers are encouraged to refer to the full transcript for a detailed understanding of SS&C’s strategic initiatives and performance insights.

Full transcript - RBC Capital Markets 2025 Financial Technology Conference:

Matt Roswell, Part of Payment processing and IT services team, RBC: you all. My name is Matt Roswell. I’m part of the Payment processing and IT services team here at RBC. And it’s my pleasure to welcome Raul Conmore, who’s President and COO of SS and C and Justine Stone, who is I’m sorry, Justine. I always forget new titles.

Justine Stone, Head of IR, SS and C: Head of IR.

Matt Roswell, Part of Payment processing and IT services team, RBC: Nothing. Nice and simple. I guess we’re asking everybody this question, and that’s a lot of macro volatility out there. What does demand look like? And as part of that, could you kind of go through each of the business lines?

Raul Conmore, President and COO, SS and C: Sure. Thanks for having us. We really appreciate it. I think the thing that we would highlight about our business is we tend to have really sticky products and services that are, for the most part, mission critical. So we have the world’s biggest fund administration business.

Those funds need their NAVs almost regardless of macro climate. We’ve got a big transfer agency business, very similar kind of thing. We’re doing portfolio accounting, tax reporting, regulatory reporting, essential. So for us, where we primarily see some of the macroeconomic effects are, it may be a little bit in our some of our more transaction oriented businesses. So we have an order management system and depending on how much volatility there is in the market and are there more transactions or less transactions.

We’ve got a business called Intralinks, which is the leading provider of virtual data rooms for the M and A and due diligence process. There we’ll see some impact depending on what’s going on in the M and A. But for the most part, our business has been really healthy. While our customers are clearly concerned about what’s going on with political environments and world markets and things like that, it doesn’t really have that corresponding effect on our

Matt Roswell, Part of Payment processing and IT services team, RBC: Can you remind me what percentage of revenue is tied directly to asset levels?

Raul Conmore, President and COO, SS and C: It’s sort of one of those numbers that’s hard to get at. And the reason it’s hard to get at is, even in customers that are directly tied to AUA or have an AUA component, they still have minimum fees and transaction fees and fees for specific services and generally floors and things like that. So, we have some impact of AUA, primarily in our fund administration business and in some of our software businesses where we’re charging based on AUA, but it’s pretty small. And is volatility just in general, is it

Matt Roswell, Part of Payment processing and IT services team, RBC: a positive or negative in terms of demand?

Raul Conmore, President and COO, SS and C: It is, in general, it’s positive for some of our businesses.

Matt Roswell, Part of Payment processing and IT services team, RBC: Okay.

Raul Conmore, President and COO, SS and C: And so it’s positive for, you know, our as order management system business as as one example. And for the most part, it’s relatively neutral. Okay.

Matt Roswell, Part of Payment processing and IT services team, RBC: What are you seeing in terms of like the sales cycle and the implementation cycle?

Raul Conmore, President and COO, SS and C: Healthy demand. We’ve gotten in most of the markets that we’re in and most of the types of things that we’re doing. We’re the world’s biggest fund administration business. We’re the leading provider of data rooms. We’ve got a suite of technology products that we sell out to asset managers, which products like Advent, Geneva and others, which are leading products.

So, for the most part, when people do RFPs, they’re looking at us, right? We’re on that list. And then, obviously, we have to execute and we have competition. But pipelines remain full and there still seems to be a healthy buying environment.

Matt Roswell, Part of Payment processing and IT services team, RBC: And what about the competitive environment, sort of thinking about each of the business lines?

Raul Conmore, President and COO, SS and C: I think that’s one of those attributes of healthy markets, right? There’s a lot of competitors. And our competitors kind of fall into maybe a few different categories, depending once again on what business. But on the one hand, we have the large custodian banks, and many of them are also customers. And they obviously have some positive attributes to their business.

But usually, our competitive differentiator is that when we’re talking about software or technology led businesses, we can build technology a lot faster than most of those very heavily regulated type organizations. And we can and that innovation then translates into practical applications a lot quicker. So, that’s kind of one element, the big custodian banks. Do have another type of competitor might be sort of the smaller fintech type startups, things like that. And what we’re increasingly seeing in our 22,000 customers around the world is bigger customers, bigger mandates.

They want strategic partners. They want people that can do not one or two things for them, but 15 or 20 things for them around the world at scale. And so we’ve got that going for us. So we’re kind of in the sweet spot where we’re still nimble enough to be able to innovate at a rapid clip, but big enough to be able to provide scale around the world for some of the bigger organizations.

Matt Roswell, Part of Payment processing and IT services team, RBC: How often are you competing against, I guess, term of the day seems to be inertia? So in other words, client has a system, it’s okay, but it’s ten, fifteen years old,

Raul Conmore, President and COO, SS and C: etcetera. Every day.

Matt Roswell, Part of Payment processing and IT services team, RBC: Every day.

Raul Conmore, President and COO, SS and C: Every single day, right? Because you’re almost always, unless it’s a brand new organization, you’re almost always displacing something. And that’s something that you’re displacing at least half the time, if not more, has an element of homegrown built internally, pride of ownership, people that don’t want change, all those kinds of things. In some ways, what’s happening with technology is making that easier because the odds are stacking up against those arguments for, let’s just, this is fine, or we can do this thing, because a lot of times they’ll say, all right, we need this piece of functionality, and they’ll go get a quote for an internal build. They’ll say three years from now maybe, and nobody believes the three year estimate, right?

Whereas, you come to somebody like SS and C and it usually already exists. It’s been deployed. It’s market tested. And so, that’s a much better argument.

Matt Roswell, Part of Payment processing and IT services team, RBC: Let’s move from demand to organic growth. That’s always been one of the kind of investors have always questioned the organic growth. They want to know what the numbers are. You did, I mean, first quarter you did great, 5.1 overall for the company overall, 5.9 if I just look at recurring financials, so I’m excluding the healthcare business. Don’t worry, we’ll get into healthcare later, of course.

But the 2Q guide was is about 2.5 at the midpoint, if I’m reading my notes correctly without my reading glasses on. So I guess, why the slowdown in the second quarter? And then why the acceleration that’s implied in the, what is it, point four, 4.5 at the midpoint for all of FY ’25? Can you walk us through that?

Justine Stone, Head of IR, SS and C: Yeah, I’ll take that to begin with, Matt. You know, I think when we’re doing our planning and our budgeting process and our forecasting, we’re really looking for a full year target that we’re looking to hit. And there can be some variability depending on which depending on what happened last year, license deals sold, what quarter can be the strongest quarter. And typically what we see is Q1 is strong from an absolute revenue basis because we do have some additional services that we perform in Q1 on behalf of our clients, like tax services and financial statements. And then Q4 is typically strong as people are wanting to spend their budgets before the end of the year and before they reset.

When we did our budgeting process at the beginning of the year, we always knew that Q2 was going to be a bit lighter than Q1. And then we did see strengthening in the back half of the year due to already sold deals that we know are coming online. And Bateia, which has been an acquisition, also becomes organic at the end of Q3 and fully in Q4, which we think should be additive to the growth rate as well. So there’s a little bit of that. I mean, we think our businesses are still performing kind of where we saw them at the beginning of the year.

The one that maybe doesn’t look quite the same is Intralinks. We don’t have quite the strength from M and A that we thought we were going to have in 2025. But we are seeing a little bit of an opportunity for that to come back modestly in the half of the year as well.

Matt Roswell, Part of Payment processing and IT services team, RBC: GlobeOp had, what was it, 10% organic growth plus in the first quarter? I mean, that seems awful fast for that business, was it?

Justine Stone, Head of IR, SS and C: That’s kind of in I mean, that’s kind of in line with maybe on the high end of where we would expect GlobeOp to grow. That business has gotten better and has strengthened over the past five years. So the growth rate has ticked up a little bit. But we expect on an average year, 7% or 8% growth. If things are a little bit better, like in Q1, we do have those additional services.

We have won some larger clients over the past couple of years that are fully ramped up now. It can do a bit better than that seven or 8%. And if we’re really seeing maybe a slower down in fund launches or something, it might come in a little bit below. But anywhere in that range, we’re comfortable.

Matt Roswell, Part of Payment processing and IT services team, RBC: That’s the fund administration business.

Raul Conmore, President and COO, SS and C: Yes.

Matt Roswell, Part of Payment processing and IT services team, RBC: Correct. Yes. Just in case.

Justine Stone, Head of IR, SS and C: No. Where we’re really seeing strength in fund administration has been in the private markets. Okay. Continues to grow over 10%. And then a smaller piece, but is growing pretty fast is retail alts.

Matt Roswell, Part of Payment processing and IT services team, RBC: Digging into the private growth in fund administration. That’s something that you’ve been talking about for a while. What is it seems like it’s finally getting its momentum. What’s been the change?

Raul Conmore, President and COO, SS and C: One part of it is that it started out as being a small part of our fund administration So as it’s gotten because it’s been growing faster, as it’s gotten bigger, it has a bigger impact on numbers. Today it’s probably 30%, 40% of our the administrative. Yes, I’m sorry, it’s 30%. Yes. So, that’s more meaningful than it was 10%.

But on the whole, in private one, there’s still a fairly healthy appetite for private credit, private equity, oil, natural gas, you name it. There’s a lot of funds being launched still. And then, what we do, which is a blend of fund accounting and technology, is somewhat unique in those markets, particularly in the private markets where the traditional accountingadministration was very Excel and kind of manual focused. And so, we’ve got a we’ve sort of got a natural tech advantage. And then, the fact that the markets have been healthy and a lot of people are doing it themselves and they’re trying to get away from doing it themselves has been good for us.

Justine Stone, Head of IR, SS and C: Yeah, and I would say where hedge fund is probably close to 100% penetrated in terms of a party fund admin. Private markets is probably maybe less than 50% still. So there’s still a large number of very large private equity and private markets firms that do it in house. And increasingly, they’re looking to outsource more. And it might be a fund at a time, a new fund launch, maybe if they’re launching private credit.

Or it could be kind of a function at a time. So, there’s more opportunity to get deeper within those organizations.

Matt Roswell, Part of Payment processing and IT services team, RBC: Pivoting a little bit, the Australia lift out. Where do we stand and what’s attractive about that market?

Raul Conmore, President and COO, SS and C: Well, there’s a lot of wealth in that market is one part of it. Sophisticated customers, think pretty discerning buyers of technology and high quality services. We’ve been in Australia since the mid-90s. So, we’ve been there for a long time. We have a number of different products and services that are sold in Australia, including fund administration, transfer agency, wealth management, obviously, what we’re doing for super funds now and a number of our software products as well.

I think what’s attractive to us primarily is that it feels to us, at least what we’re hearing from the folks that have selected us and the prospects that we’re talking to, is the market is somewhat underserved in terms of kind of who the competitors are and how sophisticated their offerings are. So we have to obviously be successful at implementing and getting live and getting referenceable some of the big deals that we have won. But they’re looking for us as a viable alternative and somebody that can really help them in that marketplace.

Matt Roswell, Part of Payment processing and IT services team, RBC: Have you sized the Insignia deal?

Raul Conmore, President and COO, SS and C: Well, we have a variety of different estimates. But yes, we expect it to be fairly material for us in Q3 and Q4 and onwards.

Matt Roswell, Part of Payment processing and IT services team, RBC: And you mentioned other mandates. Can we expect to hear announcements? Or is it going to be more of a nondisclosure where

Raul Conmore, President and COO, SS and C: No, we’ve done some announcements. Most of the announcements we’ve done so far, the mandates are smaller. But it’s not so much that individually they will greatly move the needle for us. It’s just when you put the story together, you’ve got some momentum here that we think we’ll be able to sustain for a period of time. Okay.

Justine Stone, Head of IR, SS and C: And I think what the big outsourcing or the big lift out deal gives us is a really strong presence in the region, a really strong outsourcing presence that we could do organically instead of through an acquisition. So, you know, we’ll have however many, 1,400, 1,500 people.

Raul Conmore, President and COO, SS and C: 1,400 people.

Justine Stone, Head of IR, SS and C: 1,400 people that are, you know, are experts, know the industry, the client base, the work that needs to be done. We’re going to be able to expand and leverage that workforce.

Matt Roswell, Part of Payment processing and IT services team, RBC: You mentioned the competition in Australia. What sort of firms are they? Are they the custodial banks like you see here or?

Raul Conmore, President and COO, SS and C: Yeah, there’s some custodial banks. There’s some stand alone kind of independent firms. There’s, I’d say, more service firms than pure technology firms. And that tends to be our advantage, which is we will have service combined with technology. Over time, when people are looking for outcomes, when they’re looking for cost savings, operational leverage, a better experience for the ultimate, the end client, technology makes a big difference.

Matt Roswell, Part of Payment processing and IT services team, RBC: Are there other markets that look kind of like Australia, where you have large funds?

Raul Conmore, President and COO, SS and C: We’re also pretty bullish on kind of our opportunities in The Middle East. The sovereign wealth funds and some of the other big organizations there are pretty big consumers of what our clients produce around the world. So they’re big investors in alternatives. They’re big investors in traditional asset managers. They’re big investors in real estate and infrastructure and things like that.

And so we have been able to get some standing with those organizations and we’re in many cases their administrator. So, as they deploy more capital around the world, we think that’s a pretty good opportunity for us as well. Okay.

Matt Roswell, Part of Payment processing and IT services team, RBC: I promised we would get to healthcare. Yeah. Now are the healthcare questions.

Raul Conmore, President and COO, SS and C: Fire away.

Matt Roswell, Part of Payment processing and IT services team, RBC: Had strong organic growth in the fourth quarter and then returned to kind of flattish down a little in the first quarter. What happened fourth quarter to first quarter? And then how should investors think about it, organic growth for the remainder of the year?

Raul Conmore, President and COO, SS and C: I think we’re expecting flattish to slightly positive for this year as a whole. The thing to remember, and this is true for really all of our business, maybe it’s a little more stark in healthcare, is it’s a mix of license sales as well as recurring revenue tied to services. So, if we have a big license quarter where we have two or three deals hit at the same time, which is what we had in Q4 last year, all of a sudden it pops a little, right? And then if we could, maybe those license deals, if we had one or two in Q1, Q1 would have been slightly positive, too. But we don’t get to control that too much.

As Justine was talking about, with the respective fund administration, we’re really just looking at it a year at a time. But also, more importantly, we are looking at what’s the overall trajectory. And we do think that the healthcare business is strengthening. We think that this new platform that we built, DomaneRx, has now processed over 200,000,000 claims. So, new software at scale being used all over the market.

And so, opportunities are outsized relative to the size of the business that we have.

Matt Roswell, Part of Payment processing and IT services team, RBC: You mentioned Gemini Rx. Can you give a little brief overview? And then, are there any milestones that investors should look to for the next couple of quarters?

Raul Conmore, President and COO, SS and C: Sure. So, we built with some partners that are large health organizations. Humana, which is a really big customer is probably the one that I would highlight. We built a brand new system that’s cloud native. So, and it runs kind of off of APIs to process pharmacy claims in The United States.

So, this is the system that sits on the desktops of the whenever you go fill a prescription. This is what checks the prescription. It validates it against the formulary. Figures out what your payment process is with the insurance company and facilitates the entire transaction. So, it’s a fairly important piece of technology that obviously has millions and millions and millions of things going through it.

Most of the software that is being used to process these kinds of things is very, very old. And so, nobody’s built a brand new system and then been able to deploy it to do hundreds of millions of transactions that we’re aware of. There are some new systems out there, but they don’t nearly have the scale or the volume tied to them. So, we’ve got a proven new technology at scale, and we’ve got lots of people looking at it.

Matt Roswell, Part of Payment processing and IT services team, RBC: Any milestones?

Raul Conmore, President and COO, SS and C: I think the milestones to think about are each year, each plan year, or the start of the calendar year are sort of big selling motions for that. So, I would certainly look at the start of next year and the start of the following year as kind of big opportunities for us to meaningfully change the trajectory.

Matt Roswell, Part of Payment processing and IT services team, RBC: And the competition. You mentioned everybody seems outdated.

Raul Conmore, President and COO, SS and C: Yes. And it’s outdated and there’s conflicts all over the place, right? So some of that is the big health plans themselves have their own technology. They try to do it for parties, but then you end up with these conflicts where you’re giving your data to a competitor, things like that. That’s a part of it.

You’ve got some startup what would be the equivalent of fintech. But healthcare startup type companies, technology companies that are they’re having a hard time getting the traction.

Justine Stone, Head of IR, SS and C: And I think where we benefit is that, yes, Domane is a brand new built from the ground up system, but RxNova, which was kind of our legacy healthcare pharmacy claims systems, works perfectly fine and handles a large number of pharmacy claims on it already. So we already have that as kind of a starting point for being able to grow on top of that. We built Domane not just in a vacuum, but with a partnership with two pretty influential healthcare partners so that we knew the specifics of what they needed and what goes into actually doing this kind of work.

Matt Roswell, Part of Payment processing and IT services team, RBC: If we take healthcare over medium term, how should investors think about the organic growth?

Raul Conmore, President and COO, SS and C: I think the way to think about healthcare is, today it’s a relatively small part of SS and C, and with an outsized opportunity. Right? So it’s not just thinking about the health care organic growth rate, which is we obviously expect to improve from here. But it’s also can health care as a business meaningfully add to SS and C’s organic growth rate? And that’s how we think about it.

So

Matt Roswell, Part of Payment processing and IT services team, RBC: you think it can add to

Raul Conmore, President and COO, SS and C: the total

Matt Roswell, Part of Payment processing and IT services team, RBC: Excellent. Haven’t asked about margins yet. Historically, you guys have gotten great margin expansion on an annual basis. Is there still additional levers to pull?

Raul Conmore, President and COO, SS and C: I think so. It’s both we think we have leading margins in most of the markets that we’re in. Most people that we compete with, our margins are quite a bit better. At the same time, we’re also well aware that there’s lots of people that work at SS and C. There’s lots of repetitive processes.

There’s lots of ways in which we can bring technology to bear. So we’ve been at this. We acquired Blue Prism, I guess, three years ago. And we’ve been at this process now for maybe two and a half years or so to be able to take our own technology that we now own and put that through the organization. And our estimate is that we have saved about 2,500 people, which is roughly 10% of our workforce, almost 10% of our workforce, in terms of not having to add as we grew.

What it’s also done for our employees is it’s made their jobs better because we’re taking out the lowest level of processing. We’re taking out the routine, sort of in the trenches, day to day type work, making their jobs a little more analytical, a little more client focused and client facing. So, it’s a really good story. But we would also say that we’re kind of just getting started, right? So, we’ve margin opportunity and opportunity to keep deploying that technology for a long time.

Justine Stone, Head of IR, SS and C: And I think for this year, it’s about a 50 basis point improvement for the full year. That’s kind of in the range of what would expect annually.

Matt Roswell, Part of Payment processing and IT services team, RBC: Okay. You mentioned Blue Prism and deploying it internally. When you bought Blue Prism, it had about, if I’m remembering correctly, about half its clients were outside of financial services. Yeah. What have you been seeing with, you know, selling it outside of kind of your core market?

Raul Conmore, President and COO, SS and C: I think the mix today is very similar.

Matt Roswell, Part of Payment processing and IT services team, RBC: Okay.

Raul Conmore, President and COO, SS and C: Where financial services is obviously a big part of the client base, and depending on whether you do it based on number of clients or revenue, it’s still a little less than half. So the other half is everything other than financial services. That is still, we’ve got lots of healthcare applications, primarily because we have a little bit of a healthcare presence ourselves, but we’re in every kind of manufacturing company. We’re really all across the industry.

Matt Roswell, Part of Payment processing and IT services team, RBC: And demand is still strong?

Raul Conmore, President and COO, SS and C: Yeah. We’re not seeing anything disproportionate in terms of the client base.

Matt Roswell, Part of Payment processing and IT services team, RBC: And who does Blue Prism really compete against?

Raul Conmore, President and COO, SS and C: It’s a variety of things. There’s homegrown automation technologies. There’s some other robotic process under Automation Anywhere, a couple other ones. I think some of the big tech players are getting into it. And then, and more, the trend is you know, agentic AI and just taking advantage of some of the more recent AI type technologies.

And that’s, we think, a pretty exciting area for us.

Matt Roswell, Part of Payment processing and IT services team, RBC: Do you think your clients’ data is sufficient or is, I guess, strong enough to actually run some of the more modern AI solutions?

Raul Conmore, President and COO, SS and C: So there’s a couple of fundamental things that you have to have to build a solution that’ll actually work, right? It’ll be more than just a science experiment. And one of them, particularly when you get really sophisticated and you talk about agents, is a deep understanding of the actual workflow that you’re trying to process. And that’s not just one flavor of the workflow, it’s the hundreds of thousands of different, which I think really is your question, right? You kind of need to know what happens when something deviates from the norm even a little bit, right?

Because that’s usually when most of these models break down. The advantage that we have is while any one of our customers individually might not have the entire spectrum or the entire landscape of possible things that can happen, so the large data set that then trains the model, we do, right? Because one, we’ve got all those customers, but we also, in most cases, are large processors ourselves. So we’ve got firsthand knowledge. So where software companies, in general, are learning from their customers, and we have that as well, we’re also learning from ourselves.

So we’re providing them with sophisticated models that ought to be able to do everything they have and then some. So that when you get that errant piece of data that breaks the model, the system’s already learned.

Matt Roswell, Part of Payment processing and IT services team, RBC: As we think about you deploying Blue Prism and AI internally, how are clients looking to kind of share in those efficiencies? I’m getting to the sort of the pricing question as well.

Raul Conmore, President and COO, SS and C: Yeah. Look, we have, maybe not specific to Blue Prism, but, and I’ll come back to Blue Prism in a quick This is the age old question, right? Which is as we get more efficient, do we get demands for some of that efficiency to be passed on? It’s a pretty natural would think that would be the case, except that’s not the case. It never has been in our business going back twenty, twenty five years.

Fund administration is a great example of that, which is as our products have become more sophisticated, our margin has improved, our technology is getting better, we’re not getting a lot of demands for savings back when we get individual. But those are as driven by the unique circumstances of that particular fund or that particular client. And a big part of that is, for the most part, the things that we’re providing are relatively cheap compared to their operating budgets and what they’re spending money on. And they’re also extremely essential, right? So, this isn’t it’s not commodity stuff.

It’s really high value, expertise driven technology that is mission critical to them. And they would just assume it worked well and pay you a little bit more than try to fight your overpricing and have you be unhappy and create some potential disruption. And we think that applies to all of these things.

Justine Stone, Head of IR, SS and C: And I think for the most part, the things that we’re doing that essentially end up saving us money and making us more efficient, it’s making their processes more efficient, more accurate, faster. So they’re getting a better product as we deploy digital workers and RPA and AI throughout our processes.

Matt Roswell, Part of Payment processing and IT services team, RBC: I’m going switch gears again. You mentioned the Bettia acquisition? Yeah. It goes organic third quarter, I think? End of end of q three.

End of q Could you remind us what that does? And then can you kind of use that to talk about the current AI, M and A environment? Sure. You got AI on the brain.

Raul Conmore, President and COO, SS and C: So, Bateya provides class action services, and in particular for investors. So, funds, whether that’s hedge funds or traditional asset managers, or really anybody that has a portfolio. The technology as well as the expertise is, they scan your portfolio, try to figure out if you’re entitled to potential class action money because some of those companies have some litigation against them or whatever the case may be that pays to the benefit of investors. And then they go and facilitate the process of getting you in that pool and shepherding that through the process and making sure you get paid and then they get paid as a result. So that’s the business.

We think it’s a natural adjacency in particular to our fund administration business. But really, many of our businesses, our customers are investment organizations. So they run portfolios and many of them don’t pay attention to this part. And it’s sort of a it’s almost it’s free money, right? It’s if you spend a little bit of time and you have some experts do it for you, you get something that you weren’t getting before.

So it’s been a good acquisition for us. We’re doing pretty well with it. The introductions and the cross references that we’ve made with our fund administration business have been they’ve been really well received and we’ve signed up a large percentage of the clients that we’ve approached so far. So that part we’re really positive on. I think the larger kind of the comment on the M and A market in general, look, we’re seeing it doesn’t have as much impact on BATEA directly, because BATEA is much more on the what the companies are doing within the portfolios.

But we’re seeing a little bit of a softening as it relates to that in Intralinks, as Justine talked about. But even there, it does feel like there’s some hope in terms of kind of what we would expect to see in Q3 and Q4.

Matt Roswell, Part of Payment processing and IT services team, RBC: And what about SS and C acquisitions? What are you seeing in terms of targets?

Justine Stone, Head of IR, SS and C: Yes. I think that we obviously just put out a press release about our stock buyback that we announced it a quarter early and we upped it by 50%. So that obviously indicates that we are still pretty bullish on our stock and directing capital towards buybacks. In terms of the M and A market, we still look at everything. And if there is something that fits kind of our criteria and at the right valuation, something similar to Patea, perhaps a little bit bigger, perhaps a little bit smaller, we would be interested in doing that and kind of building out our offering for the long term.

But it has to fit the financial profile that we’re looking for, growth accretive, ability to get to our corporate average margins, at a fair price. We don’t look to spend 30x EBITDA for some of these companies.

Matt Roswell, Part of Payment processing and IT services team, RBC: Good to hear. Well, thank you very much. Thank you.

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