1. M&A Case Study
February 2017
Confidential

2. Acquisition of Advent Software by SS&C Technologies
Transaction Overview
On Feb 2, 2015, SS&C signed a definitive agreement to acquire Advent
Under the terms of the agreement, SS&C will purchase Advent for an EV of ~$2.7bn in cash, or $44.25 per share plus assumption of debt
Plans to fund the acquisition through $3.0bn of debt, $400m of equity and cash
Both SS&C and Advent have approved the transaction
The transaction is expected to close by Q2 2015, subject to Advent stockholder approval
Morgan Stanley and Deutsche Bank acted as financial advisors to SS&C and Qatalyst Partners acted as financial advisor to Advent
ACQUIRED
Company Overview
Transaction Rationale
SS&C Technologies (“SS&C” or the “Acquirer”)
A global provider of investment and financial software-enabled services
Headquartered in Windsor, CT and founded in 1986
Serves approximately 6,900 financial services organizations, from the world's largest institutions to local firms
Advent Software (“Advent” or the “Target”)
Provider of software and services for the global investment management industry
Headquartered in San Francisco, CA
More than 4,300 customers located across 50+ countries worldwide
Advent increases SS&C's business, geographical diversification, scale and adds a stable revenue base
The combined solutions will drive long-term growth for the pro forma business and present cross sell and cost savings opportunities
SS&C expects $45m of cost synergies achieved within three years and expects meaningful revenue synergies to be derived over time
Transaction to be accretive to EPS, enhancing top line growth, margins, cash flow
The specific cost synergies and the significant cash flow available for deleveraging
SS&C expects to deliver FY 2016 EPS of between $3.05 to $3.15