Windsor financial services software provider SS&C Technologies more than quadrupled its fourth-quarter profits, growth attributed to higher revenues.
For the quarter ended Dec. 31, SS&C’s net income rose to $57 million compared to $12 million in the same year ago period. Revenues were $404.6 million, up 24.2 percent from $325.8 million a year earlier.
For the year, net income tripled to $130.9 million, compared to $42.8 million in 2015.
“SS&C closed out 2016 with over $1.5 billion in adjusted revenues,” said Bill Stone, chairman and CEO.
During the quarter, the company closed its acquisitions of Wells Fargo Global Fund Services and Conifer Financial Services, adding a total of $159.9 billion in assets. The company also managed to pay off $263.4 million of debt to fund the acquisitions, which Stone says ” expanded our reach and capability in fund administration and RIAs.”
SS&C made four acquisitions in 2016. The other two acquisitions were Citi Alternative Investor Services and Salentica.
“The talent we acquired, both organically and through acquisitions, increased our market opportunity and our ability to win bigger, more complex mandates from top financial institutions,” Stone said.
