More Business News:
Carlyle Group Portfolio Co. SS&C Resets IPO under $200M - cbl
By citybizlist Staff
WASHINGTON, D.C.. -- After a couple of false starts, SS&C Technologies Holdings Inc. has now set its IPO terms with 107.3 million shares being offered at between $13 and $15 per share, according to a filing with the SEC.
The Windsor, Conn.-based financial management software company is a portfolio company of The Carlyle Group. SSC&C filed last December to raise $300 million. According to a Reuters report, in June 2007 the company filed for a $200 million IPO, but withdrew it in October 2008 due to market conditions. A preliminary prospectus identified J.P. Morgan, Deutsche Bank Securities, Credit Suisse, Morgan Stanley, Jefferies, Wells Fargo Securities and Raymond James as underwriters.
The company said it is offering 8.23 million shares and the selling stockholders are offering 2.50 million shares. Proceeds will be applied to redemption of notes, working capital and other general corporate purposes such as acquisitions.
According to the filing, private equity firm Carlyle Group will own about 62.8 percent of the company following the completion of the offering. SS&C Chairman and CEO William Stone will beneficially own about 25.2 percent, assuming that the underwriters do not purchase additional shares.
This past January SS&C Technologies acquired Tradeware Global Corp., a provider of electronic access to global equity markets. SS&C says they have acquired 29 businesses within their industry since 1995.
For the year ended December 31, 2009, SS&C Technologies posted net income of $19.01 million and total revenues of $270.91 million, compared to $18.8 million and $280 million, respectively, in 2008. About 79 percent of the company's revenue comes from within the U.S.
SS&C plans to trade on the Nasdaq under ticker symbol SSNC, with J.P. Morgan serving as lead underwriter.
The Washington, D.C.-based Carlyle Group claims more than $88.6 billion under management. Carlyle originally financed SS&C Holdings with $381.0 million in equity.
SEC filing: http://tinyurl.com/y8mq4sq
About William Stone from Business Week
Chairman and Chief Executive Officer, SS&C Technologies B.V.
Bill has been the Chief Executive Officer of SS&C Technologies Holdings Inc. and SS&C Technologies Inc. since 1986. Mr. Stone founded SS&C Technologies Inc., the parent company of Micro Design Services, LLC in 1986. He serves as Chief Executive Officer and Chairman of SS&C Technologies B.V. He served as the President of SS&C Technologies Holdings Inc. from 1986 to April 1997 and from March 1999 to October 2004. He also served as President of SS&C Technologies ... Inc. from March 1999 to October 2004 and also as it's Secretary. Mr. Stone directed the financial services consulting practice of KPMG LLP in Hartford, Connecticut and served as Vice President of Administration and Special Investment services at Advest, Inc. He served as a New York Stock Exchange and Municipal Securities Rulemaking Board Principal and was an Associated Person with the Commodity Futures Trading Commission. Mr. Stone has been Chairman and Director of SS&C Technologies Holdings Inc. and SS&C Technologies Inc. since 1986. He serves as Director of University of Connecticut Foundation, Inc. He served as member of the Board of Advisors of the University of Connecticut 's School of Business. He holds or has held National Association of Securities Dealers (NASD) securities series licenses 6, 7, 8 and 22. Mr. Stone is a graduate of Marquette University.
About SS&C Technlogies from the company Web site
SS&C delivers investment and financial management software and related services focused exclusively on the financial services industry. By leveraging expertise in common investment business functions, SS&C serves clients in the following market verticals: 1) insurance entities and pension funds, 2) institutional asset management, 3) alternative investment management, 4) treasury, banks and credit unions, 5) municipal finance, 6) real estate property management, 7) commercial lending, and 8) financial markets. Additional information is available at www.ssctech.com.
About The Carlyle Group from the company Web site
The Carlyle Group is one of the world's largest private equity firms, with more than $88.6 billion under management. With 67 funds across four investment disciplines (buyouts, growth capital, real estate and leveraged finance), Carlyle combines global vision with local insight, relying on a top-flight team of 400+ investment professionals operating out of offices in 19 countries to uncover superior opportunities in North America, Europe, Asia, Australia, the Middle East/North Africa and Latin America.
Also at citybizlist, see:
Butterfield Raises $550 Million from Carlyle, Others
Carlyle Group's Portfolio Company Niska Files $402.5M IPO - CBL
Posted March 15, 2010
