SS&C Technologies Holdings has acquired Primatics Financial for approximately $122 million, on a cash and debt-free basis.
Primatics is an accounting, forecasting and regulatory reporting firm that had 2014 annual revenues of $51 million, and adjusted EBITDA of $12 million. Typically, Primatics helps financial institutions that are holding or acquiring loans. And, “SS&C has seen a marked increase in the use of all loan asset classes,” says Bill Stone, chairman and CEO of SS&C Technologies.
SS&C plans to integrate Primatics’ technology into its accounting software, which will further help financial institutions, insurance companies and institutional asset managers who requires comprehensive reporting.