For Immediate Release
SS&C Technologies Acquires Hedgeware, Inc., Widens Reach into Hedge Fund, Family Wealth and Investment Advisory Community
WINDSOR, CT - March 11, 1999 — SS&C Technologies, Inc. (Nasdaq: SSNC) announced today that it has acquired Mount Kisco, NY-based HedgeWare, Inc., a provider of portfolio, financial partnership, and tax accounting software to hedge fund managers and traders. Closely held HedgeWare was acquired in exchange for 685,683 shares of SS&C common stock in a merger transaction that will be accounted for as a pooling of interests.
With a substantial client base among hedge fund managers and family wealth offices already using SS&C's Total Return™ and CAMRA 2000™ asset management and accounting products, SS&C intends to boost its servicing in these markets with the acquisition. "HedgeWare's equities processing strengths, in conjunction with Total Return's powerful multi-asset and multi-currency capabilities, positions SS&C as the premier provider to the diverse business needs of this growing asset management community," said Bill Stone, SS&C Chairman and CEO. "This also is another step in providing 'straight-thru processing,'" Stone added. "HedgeWare's solutions complement SS&C's CAMRA 2000™ and Antares 2000™ systems, which together will provide superior service tools across virtually all markets and investments across a firm's enterprise."
Mount Kisco, NY-based HedgeWare, Inc. (www.hedgeware.com) develops and markets software used by active hedge fund managers to track and calculate their positions in numerous instrument types, and also runs a service bureau for its clients. Its AdvisorWare product provides registered investment advisors with a complete set of tools for enterprise-wide portfolio management, accounting, research, and operational support. In connection with the merger, HedgeWare President Michael J. Lazarcheck will become a Senior Vice President of SS&C's Asset Management Unit under a multi-year employment agreement, focusing on the AdvisorWare product line.
"We are very excited to become a part of the SS&C family," said Mr. Lazarcheck. "SS&C's people, products, and commitment to the investment community—including the hedge fund and family wealth markets—makes it the optimal company to acquire HedgeWare. We are looking forward to leveraging HedgeWare's products and services with SS&C's expertise and financial strength."