Windsor financial services software firm SS&C Technologies saw its second-quarer revenues grow by 10% as internal restructuring, integrations and new partnerships paid dividends.
The company reported net income of $189.8 million, or 71 cents per share, in the April-June period, up from $169.5 million, or 64 cents per share, one year prior. Revenues grew from $1.1 billion in the second quarter of 2020 to $1.2 billion in the second quarter of 2021.
“We saw outperformance from all of our business units this quarter, and expect the momentum to carry into the second half of the year,” said Chairman and CEO Bill Stone. “We simplified our organizational structure to focus on growth opportunities, and our teams delivered.”
SS&C last month entered into a joint venture with health insurers Anthem and Humana to launch a cloud-native claims adjudication and pharmacy benefit management platform known as DomaniRx. Anthem and Humana are minority partners in the business.
During a conference call with analysts, Stone said the venture is expected to create new growth avenues for the company’s health care segment.
“We think it’s a big opportunity to get a larger market share,” he said. “We think new technology is going to change the experience for the individual customer and also for the payer-provider.”
