SS&C takes Calastone

US financial services technology company SS&C has again expanded its global presence, this time via the acquisition of big global funds and technology solutions provider Calastone.

The two companies announced overnight that SS&C had acquired Calastone in a transaction valued at around US$1.03 billion.

SS&C has become a growing presence in Australia but the latest transaction reinforces its global reach.

The announcement describes the transaction as representing a significant milestone for Calastone which will now operate as part of SS&C’s Global Investor & Distribution Solutions Division.

It said this would allow the combined group to further scale innovation, service delivery and operational efficiency across the global wealth and asset management ecosystem.

Calastone chief executive, Julien Hammerson described the transaction as  a proud moment for everyone at Calastone.

“SS&C’s global scale and deep expertise across fund services and technology will enable us to accelerate innovation and deliver new digital capabilities to the market. We look forward to working together to deliver transformational services to asset and wealth managers and drive growth. I am immensely grateful to the entire Calastone team for their dedication and to our clients for their continued trust.”

SS&C’s chairman and chief executive, Bill Stone said Calastone had built an impressive network and platform.

“Together we will create a more connected, automated and intelligent global fund ecosystem. This combination reinforces our commitment to delivering innovative, scalable solutions to reduce complexity and enhance outcomes for the asset and wealth management industry”.