SS&C Technologies, a provider of financial services software and software-enabled services, has acquired full-service fund administrator Gravity Financial.
The transaction, which adds 40 fund services customers and 10 staff, supports SS&C's strategy of targeted growth and leadership in the alternative fund services industry.
The acquisition will provide Gravity’s clients with access to the same team they work with today, backed by SS&C’s broader range of software and services for the alternative investment management industry.
“This acquisition expands our fund services capabilities with a talented group of professionals,” says Bill Stone (pictured), chairman and chief executive officer, SS&C Technologies. “The acquisition is well-aligned to our overall corporate strategy and will enable us to add further value to clients in the Northeast."
The business will operate under the name SS&C GlobeOp and will be led by the founding partner of Gravity Financial, Kirby Richards, and Paul Timmins, who have joined SS&C GlobeOp as part of the transaction.
“SS&C's financial strength, combined with its fund services and innovative solutions presents tremendous value to our clients," says Richards. "We are excited about joining the exceptional team at SS&C and further building our business.”