What changed in this filing

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Item 1. Business

2023-02-28 compared with 2022-02-25 · 136 added, 149 removed, 1064 unchanged (21% of the section changed)

SS&C Technologies Holdings (NASDAQ:

SS&C Technologies Holdings, Inc.

SSNC) is the world’s largest hedge fund and private equity administrator, as well as the largest mutual fund transfer agent.

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Through a series of carefully selected acquisitions and organic growth, the breadth and depth of SS&C’s expertise in financial services and healthcare technology are unmatched.

Founded in 1986 and headquartered in Windsor, Connecticut, the Company is home to 24,000+ employees and has 125 offices in 94 cities globally.

With 20,000 clients spanning the health and financial services industries, our customers’

Founded in 1986 and headquartered in Windsor, Connecticut, the Company is home to over 27,000 employees and has 121 offices in 90 cities globally.

With over 20,000 clients spanning the health and financial services industries, our customers’

needs and requirements are always at the forefront of our strategy.

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We also serve the healthcare industry through our SS&C Health services and technology-enabled business.

The core purpose of our health business is to enable our clients to provide better health services, including improved quality, cost, experience and outcomes to their members.

The core purpose of our health business is to enable our clients to provide better healthcare by efficiently operationalizing and effectively scaling their care strategies through improved quality, cost, experience and outcomes to their members.

We do this by applying modern technology to medical and pharmacy claims processing, data and analytics and simplifying and improving the experience for our client users and their members.

SS&C Health’s chosen market segments are Health Plans and pharmacy benefit managers, specifically, those who serve government-funded member segments and those who are seeking alternatives to the big three integrated health plans.

SS&C Health’s market segments are health plans and pharmacy benefit managers, specifically, those who serve government-funded member segments and those who are seeking a flexible and scalable alternatives to larger integrated vendors.

As a total health partner, our suite of solutions spans across health plan operations.

These options include core claims processing, operational software and high value applications for Value-Based Payment, Encounters, Risk-Adjustment and Total Cost management.

Unique in the market, we are prepared to support our clients in their transition to interoperability:

storing, securely transporting and leveraging claims and clinical information to drive value for their clients and members.

These options include core claims processing, operational software and high value applications for risk adjustment and quality management.

These solutions enable us to serve a large population of payer clients across the market segments.

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In 2022, we generated 75% of our revenues from clients in North America and 25% from clients outside North America.

Our revenues are highly diversified, with our largest client in 2021 accounting for less than 5% of our

Our revenues are highly diversified, with our largest client in 2022 accounting for less than 5% of our revenues.

Additional financial information, including geographic information, is available in our Consolidated Financial Statements and Note 13 to our Consolidated Financial Statements.

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Underlying these demand drivers are several industry trends, including:

COVID-19 accelerates adoption of outsourcing and cloud-based solutions.

COVID-19 presented a number of challenges for our customer base due to the global shift to a remote workforce.

SS&C continues to see robust interest in its solutions to drive transformation as customers look to emerge from the crisis with more resilience and agility and expect a lasting effect on the way financial services and healthcare firms conduct business.

The post-COVID-19 environment requires an increased focused on operational efficiency, infrastructure stability, and ability to access systems and data via cloud-based, web-based portals.

Diversification of business lines, product proliferation and complexity.

As investment managers look to grow through diversified offerings (alternatives, real assets, and private equity) in global markets, they need their technology investments and servicing partners to be long-lived and deliver a return on their investment for different types of businesses models.

As investment managers look to grow through diversified offerings (alternative assets, real assets, and private equity) in global markets, they need their technology investments and servicing partners to be long-lived and deliver a return on their investment for different types of businesses models.

Our scalable solutions empower client growth while diversifying their product offering.

Our customers' business models and product offerings are becoming increasingly complex.

We aim to simplify organizations where possible and make continuous improvements to our systems to handle complexity.

We aim to simplify organizations and make continuous improvements to our systems to handle complexity.

Regulatory changes.

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By combining institutional-grade quality with cutting-edge technology, we help apply the right solutions to help grow our client’s business more efficiently.

Many of our clients are faced with internal digital transformation projects or external threats from emerging tech disrupter competition.

Many of our clients face internal digital transformation projects or external threats from emerging tech disrupter competition.

As a result, clients invest in new technology to help expand profit margins and offer new products.

In addition, new technology incorporating artificial intelligence (“AI”), including machine learning and Robotic Process Automation (“RPA”), is gaining traction in the financial technology industry.

These next-generation tools will increase efficiency and reduce errors without human intervention.

These next-generation tools will, including our acquisition of Blue Prism in 2022, increase efficiency and reduce errors without human intervention.

Overall, we continue to see increasing migration to the cloud to achieve operational scalability and lower fixed costs.

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Finally, institutional and individual investors, faced with increasingly competitive low-fee and automated options, push investment managers for greater efficiencies and lower fees.

Transformation of healthcare industry’s bus iness model.

The 2010s saw the lowest decade of population growth in U.S.

history, with nearly 17% of the population reaching age 65+ in 2020 compared to 13% in 2010 with average healthcare spending rates nearly three times that of a working-age person.

As the national healthcare expenditure reached $3.8 trillion (over $11,500 per person), with $1.4 trillion coming from government programs, there is a continued increase of regulatory oversight, shifting economic models, and new pricing transparency rules to improve price transparency and cost containment.

In addition, the pandemic caused shifts in care delivery to virtual care, telehealth, self-management, aging in place and a remote workforce which we expect to continue.

We believe there will be an increased need for population health management and acceleration of innovation through these shifts.

With federally-mandated data interoperability and the convergence of administrative and clinical data, an influx of artificial intelligence, more stringent controls in cloud-first solutions, cybersecurity and consumer-directed access to electronic health information is mission-critical.

The rapid transformation and market expectations are creating an ongoing need for industry expertise and outsourcing, contributing to opportunity.

Accelerated adoption of outsourcing and cloud-based solutions.

The COVID-19 pandemic presented a number of challenges for our customer base due to the global shift to a remote workforce.

The post-COVID-19 pandemic environment requires an increased focus on operational efficiency, infrastructure stability, and ability to access systems and data via cloud-based, web-based portals.

Transformation of healthcare industry’s business model.

The COVID-19 pandemic brought about a shift in focus to equitable healthcare.

The National Committee for Quality Assurance, Centers for Medicare & Medicaid Services and state regulations

around health equity are resulting in the need for in-depth, whole-person population segmentation with the ability to include social determinants of health characteristics.

New and more stringent guidelines must now be met to satisfy quality ratings and protect revenue.

Further changes to the healthcare space come with new policy initiatives that shift the role of the federal government beyond coverage and enrollment into modernizing member-facing plan technology and transparency (such as the Interoperability and No Surprises Act), and managing costs, (either for taxpayers or enrollees) through direct negotiating of drug pricing and direct accrual of rebates.

These changes enforce the need for streamlined technology that is flexible and scalable, accurate and reliable analytics, cybersecurity and consumer-directed access to electronic health information.

Rapid transformation and market expectations have created an ongoing need for industry expertise and outsourcing, contributing to opportunity.

Competitive Strengths

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We use our proprietary software products and infrastructure to provide our software-enabled services, strengthening our overall operating margins and providing a competitive advantage.

Our 2022 acquisition of Blue Prism enables us to deploy Blue Prism's Intelligent Automation Platform and other automation solutions to our clients and to leverage for internal use efficiencies.

Because we primarily use our proprietary software to execute our software-enabled services and generally own and control our products’

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SS&C also services mutual fund structures in many other fund domiciles.

GIDS leverages SS&C’s global regulatory expertise to provide a consistent global approach to regulatory compliance, enabling providers to lower risk and improve client service.

GIDS leverages SS&C’s global regulatory expertise to provide a consistent global approach to regulatory compliance, enabling providers to reduce risk and improve client service.

Our highly tenured staff of industry experts allow us to deliver consistent service excellence to the asset management

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We are operating our proprietary software to provide these services, ensuring all aspects of our offering are optimized to deliver cost-effective, accurate solutions.

As a publicly-traded company, our clients and prospects have access to our 10-Qs and 10-Ks filed with the SEC, giving them transparency into our overall financial strength.

As a publicly-traded company, our clients and prospects have access to our periodic filings with the SEC, giving them transparency into our overall financial strength.

Data center ownership and SS&C private cloud

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Business Strategies

Our strategy is to continue to deliver compelling solutions and value propositions to our customers in the financial services and healthcare industries.

Our strategy is to deliver compelling solutions and value propositions to our customers in the financial services and healthcare industries.

The following are key elements to our strategy for achieving this objective:

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rigorous and evolving needs.

We have a proven ability to integrate complementary businesses as demonstrated by the 59 businesses we have acquired since 1995.

We have proven our ability to integrate complementary businesses as demonstrated by the 65 businesses we have acquired since 1995.

Our experienced senior management team leads a rigorous evaluation of our targets to ensure that they satisfy our product or service needs and will successfully integrate with our business while meeting our targeted financial goals.

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In addition, our operating flexibility allows us to scale our costs based on client demands.

We can also increase our margins by implementing more technology in our services business, including automating traditionally manual accounting functions.

Along with the productivity improvements mentioned above, and as a result of COVID-19 and SS&C's flexible working policy, we believe we can reduce our real estate footprint and related costs over the medium term.

We can also increase our margins by implementing more technology in our services business, including automating traditionally manual accounting functions and utilization of the Blue Prism intelligent automation platform.

Along with the productivity improvements mentioned above, and as a result of the COVID-19 pandemic and SS&C's flexible working policy, we believe we can reduce our real estate footprint and related costs over the medium term.

Our Acquisitions

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Acquired Capabilities, Products and Services

December 2010

TimeShareWare

Added shared ownership property management platform to real estate offering

Thomson Reuters’

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Expanded global investment management software and services

September 2015

Varden Technologies

Added cloud-based client and advisor communication solutions for investment firms

November 2015

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Expanded fund administration services in hedge fund and other asset management sectors

CommonWealth Fund Services Ltd.

Expanded fund administration services in hedge fund and private equity sectors

DST Systems, Inc.

Provided additional scale and breadth across institutional and retail asset management, alternatives, wealth management, and healthcare sectors

CACEIS North America

Expanded fund administration services in hedge fund and private equity sectors

Eze Software Group, LLC

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Added cloud-based risk analytics and additional regulatory solutions

Added data transformation platform to extract handwritten and machine printed data from paper documents

Added web-based trust accounting and unique asset servicing solutions

Blue Prism Group Plc

Added deep expertise in intelligent automation and robotic process automation

Hubwise Holdings Limited

Enhanced SS&C's capacity to help customers create highly automated and efficient multi-asset, multi-currency and multi-wrapper strategies

Products and Services

Our products and services allow professionals in the financial services and healthcare industries to automate complex business processes and are instrumental in helping our clients manage significant information processing requirements.

Our solutions enable our clients to focus on core operations, better monitor and manage business performance and risk, improve operating efficiency and reduce operating costs.

Our solutions enable

our clients to focus on core operations, better monitor and manage business performance and risk, improve operating efficiency and reduce operating costs.

Our portfolio of products and software-enabled services allows our financial services clients to automate and integrate front-office functions such as trading and modeling, middle-office functions such as portfolio management and reporting, and back-office functions such as accounting, performance measurement, reconciliation, reporting, processing and clearing, and compliance and tax reporting.

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SS&C GlobeOp –

Named “Best Global Hedge Fund and Private Equity Fund Administrator”

of 2021 by Global Custodian, SS&C GlobeOp serves a worldwide clientele of hedge funds, private equity funds, funds of funds, real asset funds, managed accounts, family office and undertakings for collective investments in transferable securities (“UCITS”), with more than $2.2 trillion in assets under administration.

Named “Best Administrator" for hedge funds and private equity by Hedgeweek and Global Custodian in 2022, SS&C GlobeOp serves a worldwide clientele of hedge funds, private equity funds, funds of funds, real asset funds, managed accounts, family office and undertakings for collective investments in transferable securities (“UCITS”), with more than $2.2 trillion in assets under administration.

SS&C provides a full suite of comprehensive capabilities, including but not limited to:

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Services include anti-money laundering and fraud detection, blue sky administration and reporting, event center services, reconciliation, remittance, registered fund services and trade monitoring/surveillance.

Bluedoor –

SS&C’s Bluedoor is an integrated registry system for wealth managers and fund platforms in the UK and Australia, delivering real-time automation and high levels of straight-through-processing, allowing these financial institutions to improve service efficiency and reduce expenditure and technology debt.

Integrated with intelligent business process management functionality and digital applications, Bluedoor helps our clients engage with customers in a meaningful way and provides a flexible approach to deploying new products.

SS&C Retirement Solutions –

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Black Diamond also provides outsourced daily reconciliation and data management services so firms can focus their efforts on servicing clients and growing their business rather than managing complex back-office functions.

Bluedoor –

Advent Outsourcing Services –

Advent Outsourcing services provides a full spectrum of tailored options to our clients’

specific needs, from cloud-delivered technology to co-sourcing specific workflows to full outsourcing of operational

processes including data management services such as full account aggregation, daily portfolio reconciliation, corporate actions processing and reference data management.

CRM Solutions - SS&C offers multiple Customer Relationship Manager (“CRM”) capabilities that store end client data and seamlessly integrate with our other offerings.

Our CRM capabilities create efficient workflows for typical business processes and enhance processes for sales, service and analytics.

SS&C’s Salentica CRM is purpose-built for asset and wealth managers and built on top of the leading CRM platforms at Salesforce and Microsoft.

SS&C’s Tier1 supplies CRM capabilities to sell-side financial services firms, including research, trading, and sales teams within capital markets groups,

and provides a deal management CRM experience to investment banks.

Advent Managed Services –

Advent Managed Services provides a full spectrum of tailored options to our clients’

specific needs, from cloud-delivered technology to co-sourcing specific workflows to full outsourcing of operational processes including data management services such as full account aggregation, daily portfolio reconciliation, corporate actions processing and reference data management.

Advent OnDemand is the pre-configured SaaS delivery of one of Advent's asset management solutions hosted by Advent without managed outsourced operational processes.

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ALPS Advisors –

ALPS is a comprehensive suite of asset servicing, distribution solutions and asset management for open-end mutual funds, closed-end funds, exchange-traded funds and alternative investment funds.

ALPS Advisors is a comprehensive suite of asset servicing, distribution solutions and asset management for open-end mutual funds, closed-end funds, exchange-traded funds and alternative investment funds.

Focusing on the needs of small- to medium-sized funds that require a broad set of customizable services, we provide compliance, creative services, medallion distribution, fund administration, fund accounting, legal, tax administration, transfer agency and asset management services.

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o Pharmacy Solutions –

We use our proprietary software applications, supporting technology and enhanced clinical expertise to provide pharmacy health management solutions supporting commercial, Medicaid and Medicare Part D plans.

We use our proprietary software applications to provide pharmacy health management solutions supporting commercial, Medicaid and Medicare Part D plans.

These services include pharmacy claims administration, pharmacy network solutions, government programs administration, formulary and rebate management, trend control and quality compliance programs, member services and discount drug card programs.

DomaniRx - Domani Rx, LLC, our joint venture with Humana and Anthem, to create a new cloud-native, API-driven claims adjudication platform.

The goal of the venture is to arm healthcare organizations with end-to-end transparency and data analytics to help them keep up with an ever-changing regulatory environment.

DomaniRx –

s claims adjudication platform will leverage SS&C ’

s technology capabilities and reside on SS&C ’

s private cloud.

Domani Rx, LLC, our joint venture with Humana and Elevance Health (formerly Anthem), to create a new cloud-native, API-driven claims adjudication platform.

The goal of the venture is to arm healthcare organizations with end-to-end transparency and data analytics to help them keep up with an ever-changing regulatory environment.

DomaniRx’s claims adjudication platform will leverage SS&C’s technology capabilities and reside on SS&C’s private cloud.

The result will be a single cloud-native user experience with proven scalability, resiliency and best-in-class transactional processing capabilities.

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Healthcare administration services are offered on a software license, remote and business process outsourcing (“BPO”) basis.

Combined with our health outcomes optimization solutions described below, our solutions are offered as stand-alone component solutions to complement health plans, existing operations or systems, or as an integrated core administration package of solutions.

Combined with our health outcomes optimization solutions described below,

our solutions are offered as stand-alone component solutions to complement health plans, existing operations or systems, or as an integrated core administration package.

o Health Outcomes Optimization –

We provide health outcomes optimization solutions through our integrated care management and population health analytics applications and professional services for health plans and providers in the domestic healthcare industry.

We provide solutions to optimize healthcare through our integrated care management and population health analytics applications and professional services for health plans and providers in the domestic healthcare industry.

Our integrated care management solution is a real-time, intuitive, workflow-driven solution suite that assists clients to improve member outcomes and manage costs.

In addition to our proprietary systems, we are the exclusive distributor of Johns Hopkins’

Adjusted Clinical Groups (“ACG”), a patient classification system developed by Johns Hopkins University.

The ACG System is a software tool that provides health plans to quickly identify their at-risk population and stratify them into the optimal care management program.

In addition to our proprietary systems, we are the exclusive distributor of the Johns Hopkins ACG System (Adjusted Clinical Groups) to health plans in the United States.

Developed by Johns Hopkins University, the ACG System is a population health analytics software utilizing predictive models to identify at-risk populations and stratify them into the optimal care management program.

By combining a population-level perspective with patient-level behaviors and conditions, health plans can better target case management and disease management objectives.

Software license, maintenance and related

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o Advent Portfolio Exchange –

Advent Portfolio Exchange (“APX”) is a comprehensive portfolio management solution for asset managers and wealth managers worldwide, which integrates the front-office functions of prospecting, marketing, customer relationship management and internal business management with the back-office operations of portfolio accounting, performance measurement and reporting.

Advent Portfolio Exchange (“APX”) is a comprehensive portfolio management solution for asset managers and wealth managers worldwide, which integrates the front-office functions of prospecting, marketing, CRM and internal business management with the back-office operations of portfolio accounting, performance measurement and reporting.

It allows firms to manage high-net-worth and institutional clients through a comprehensive range of capabilities, including customized reporting, automated report packaging and performance analytics.

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InnoTrust is web services/API enabled and provides a full suite of portfolio management tools including rebalancing, trade blotters, trade order management and integrated performance reporting.

o Genesis –

Genesis facilitates order creation workflows, flexible modeling and intuitive views that allows our clients' portfolios to be viewed from a front-end dashboard that easily surfaces exceptions around critical issues like drift and cash activity.

Our customizable tools also help to identify trends, analyze results and determine the best courses of action with just a few clicks .

Portfolio Management Software

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It supports multiple attribution methodologies, customized benchmarking and composite management.

We provide full support for industry-mandated GIPS performance reporting standards.

We provide full support for industry-mandated Global Investment Performance Standards (“GIPS”) performance reporting standards.

o Reporting (Vision FI) –

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SS&C’s multi-broker execution management system is a high-speed cloud-based platform that provides traders with centralized access to aggregated liquidity for trade execution, critical trading data and insight for making fast and informed decisions, and the tools necessary to dynamically manage positions, portfolios and trading risk across global equity, futures and options markets .

Digital Process Automation

Automation Solutions

o Blue Prism –

Blue Prism's Intelligent Automation Platform (“IAP”) combines the power of AI and machine learning to deliver digital workers that take away the mundane tasks human workers are overloaded with, empowering them to focus on the profit-driving initiatives only people can do.

SS&C Blue Prism customers gain instant access to an already AI-equipped digital workforce, along with the capabilities needed to build, delegate, and control automations.

Blue Prism's IAP provides everything our clients need to serve their customers in today's demanding world with a secure, stable and compliant environment that propels digital transformation.

The SS&C Blue Prism team supports this process through automation specialists, pre-built automations, training and certification, and our customer support.

o SS&C Chorus –

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Research, Analytics, Risk and Training

o Algorithmics - Algorithmics’

o Algorithmics –

Algorithmics’

cloud-based solutions deliver risk analytics to address the impact of business and regulatory changes.

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It is a centralized repository for capturing, managing and sharing every piece of research received or created.

o Research, Analytics and Consulting - SS&C’s Research, Analytics and Consulting (RAC) group helps leading companies in the financial services industry manage data, gain insight and ignite change in their business.

Through effective use of advanced analytics, research and distribution intelligence technologies, SS&C RAC enables business to better understand, predict and optimize key business factors impacting their asset growth and profitability.

o Research, Analytics and Consulting –

SS&C’s Research, Analytics and Consulting (“RAC”) group helps leading companies in the financial services industry manage data, gain insight and ignite change in their business.

Through effective use of advanced analytics, research and distribution intelligence technologies, SS&C RAC enables businesses to better understand, predict and optimize key business factors impacting their asset growth and profitability.

o Learning Institute –

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Maintaining and improving the integrity, quality and functionality of existing products is the responsibility of individual product managers.

Product engineering management efforts focus on enterprise-wide strategies, implementing best-practice technology

regimens, maximizing resources and mapping out an integration plan for our entire umbrella of products as well as third-party products.

Product engineering management efforts focus on enterprise-wide strategies, implementing best-practice technology regimens, maximizing resources and mapping out an integration plan for our entire umbrella of products as well as third-party products.

For the years ended December 31, 2022, 2021 and 2020, our research and development expenses were $447.3 million, $414.9 million and $399.4 million, respectively.

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We have generally issued a major release of our core products during the second or third quarter of each fiscal year, including both functional and technical enhancements.

We also provide an annual release typically in the fourth quarter to reflect evolving regulatory changes in time to meet clients’

year-end reporting requirements.

The market for the software and services we provide is competitive, rapidly evolving and highly sensitive to new product introductions and marketing efforts by industry participants, although high conversion costs can create barriers to adoption of new products or technologies.

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Major competitors in this market include large custodian banks, such as State Street, BNY Mellon, Northern Trust and CITCO Group.

The key competitive factors in marketing software and services to the alternative investment industry are the need for independent fund administration, features and adaptability of the software, level and quality of customer support and onboarding, level of software development expertise and total cost of ownership.

key competitive factors in marketing software and services to the alternative investment industry are the need for independent fund administration, features and adaptability of the software, level and quality of customer support and onboarding, level of software development expertise and total cost of ownership.

Our strengths in this market include our expertise, our independence, our transparency, our ability to deliver functionality by multiple methods and our technology, including the ownership of our own software.

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In our healthcare markets, we compete with providers of pharmacy and medical claims processing, benefit management, care management, business process outsourcing, business intelligence and analytics.

We compete with other third-party providers such as United Health, CVS Health, Cigna/Express Scripts and companies that perform their services in-house with licensed or internally developed systems and processes.

We compete with other third-party vendors such as Evernorth Express Scripts/Cigna, CVS Caremark, UnitedHealth/OptumRx and companies that perform their services in-house with licensed or internally developed systems and processes.

SS&C Health is not integrated, owned, controlled or merged with any specific health plan.

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healthcare administration and health outcomes optimization solutions are primarily based on complete replacement of a payer’s core system.

With a component-based approach,

health payer clients can choose core application replacement, or adopt component applications to address areas that offer the most opportunity for improvement, with minimal disruption to business operations.

With a component-based approach, health payer clients can choose core application replacement, or adopt component applications to address areas that offer the most opportunity for improvement, with minimal disruption to business operations.

In our insurance market, we compete with a variety of vendors depending on client characteristics such as size, type, location, computing environment and functionality requirements.

Competitors in this market range from large providers of investment operations, accounting and analytics systems, such as State Street (Princeton Financial Systems), Clearwater Analytics and FIS, to smaller providers of specialized applications and services.

We also compete with outsourcers, as well as the internal processing and information technology (“IT”) departments of our clients and prospective clients.

We also compete with outsourcers, as well as the internal processing and IT departments of our clients and prospective clients.

The key competitive factors in marketing insurance systems are the accuracy, timeliness and reporting of processed information provided to internal and external clients, features and adaptability of the software, level and quality of customer support, economies of scale and return on investment.

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Virtual Data Rooms:

In our virtual data rooms ("VDRs") market , we compete for deals involving VDRs that facilitate strategic financial transactions and secure document exchange use cases.

In our VDRs market , we compete for deals involving VDRs that facilitate strategic financial transactions and secure document exchange use cases.

For mergers and acquisitions use cases, our principal direct competitors include global services and technology vendors such as Datasite and Donnelly Financial Solutions.

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For debt capital and secure collaboration use cases, we face competition from software solutions vendors such as IHS Markit and FIS and indirect competition from general-purpose file-sharing solutions such as Box and Dropbox.

Key competitive factors in the VDR marker include platform flexibility and quality;

Key competitive factors in the VDR market include platform flexibility and quality;

fit-for-purpose workflow capabilities and services delivery.

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We also often compete with internal proprietary tools developed by our clients and prospective clients.

The key competitive factors in marketing trading software solutions include flexible workflows, easy-to-use interfaces, reliability of

managing real-time data to internal and external parties, product features and adaptability of the software.

The key competitive factors in marketing trading software solutions include flexible workflows, easy-to-use interfaces, reliability of managing real-time data to internal and external parties, product features and adaptability of the software.

Our strengths in this market include our client services model and managed services offering, technology, our ability to deliver functionality by multiple delivery methods and our ability to package our offerings with other SS&C products and services for complete front-to-back support.

Robotic Process Automation:

RPA is one of the fastest growing and competitive markets as current competitors expand their product offerings and new companies enter the market.

In our RPA market, we compete with other technology vendors, such as UI Path and Automation Anywhere, professional service organizations that develop their own products or create custom software in conjunction with rendering RPA services, as well as clients' internal information systems departments.

Key competitive factors in the RPA market include product differentiation, ensuring products are well linked to emerging technologies and delivering a return on investment.

Our strengths in this market include our technology, our partnerships which allow offerings with other SS&C products and our expertise in key market segments that RPA has a high potential return on investment.

Proprietary Rights

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Human Capital

As of December 31, 2021, we had over 24,900 full-time employees, including approximately 14,200 in our international operations, consisting of approximately:

As of December 31, 2022, we had approximately 27,600 full-time employees, including approximately 16,200 in our international operations, consisting of approximately:

4,100 employees in research and development;

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1,600 employees in sales and marketing;

1,300 employees in finance and administration.

1,600 employees in finance, administration and information technology.

Our ability to attract, train and retain highly skilled employees is critical to our success.

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Our employees have widely diverse cultural backgrounds and life experiences.

With our shift to a hybrid work environment, we have access to more diverse talent than before.

We value individualism and distinct viewpoints and believe that we can all learn something from each other.

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While specifics may vary by country, our benefits package generally includes healthcare coverage, retirement benefits, life and disability insurance, wellness and employee assistance programs, flexible leave policies, 401(k), tuition/professional reimbursement program and more.

We encourage employees to take time off to maintain a healthy work/life balance when they need it.

We embrace hybrid ways of working and encourage employees to take time off to maintain a healthy work/life balance when they need it.

In addition, we offer professional development and tuition reimbursement for degree programs and job-related coursework.

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Our business is also subject to general risks and uncertainties that affect many other companies.

Additional risks and uncertainties not currently known to us or that we have not currently identified as being material may also impair our business, operating results, cash flows and financial condition.

Additional risks and uncertainties not currently

known to us or that we have not currently identified as being material may also impair our business, operating results, cash flows and financial condition.

Summary of Risk Factors

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Risks Relating to Our Business

the effect of the COVID-19 pandemic, or the perception of its effects, on our operations and the operations of our customers, could have a material adverse effect on our business, financial condition, results of operations or cash flows;

our business is greatly affected by changes in the state of the general economy and the financial markets, and uncertainty in the general economy, the financial services industry or other industries in which our clients operate, could disproportionately affect the demand for our products and services;

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Risks Relating to Our Business

The effect of the COVID-19 pandemic, or the perception of its effects, on our operations and the operations of our customers, could have a material adverse effect on our business, financial condition, results of operations or cash flows.

The COVID-19 pandemic continues to create significant volatility, uncertainty and economic disruption in the markets in which we operate.

Although initial measures to limit the spread of COVID-19 have been relaxed or terminated in most jurisdictions, new variants have been identified, and this may lead to new measures being put back in place if COVID-19 spreads further in the future.

While we were not materially affected in 2021, the potential effects on our business continue to remain uncertain and difficult to predict due to ongoing uncertainty about the duration, magnitude and impact of the COVID-19 pandemic, not to mention the volatile regional and global economic conditions resulting from the pandemic.

Some of these potential effects could include:

significant failures, errors, delays, disruptions or instability affecting our key products or services, vendors, suppliers, distributors, IT platforms, data centers, production and delivery systems, applications or processes;

volatile market conditions and reduced demand for our products and services;

amplified strain on our workforce, management and other resources, including employee absenteeism, complications from working remotely and illness of key personnel.

These effects, alone or taken together, could have a material adverse effect on our business, financial condition or results of operations, which could be exacerbated if the pandemic is sustained or prolonged.

We cannot assure you that we will be successful in our attempts to mitigate any negative effects of this pandemic on our business.

We are closely monitoring the impact of the pandemic, continually assessing its potential effects on our business and taking appropriate actions in accordance with the recommendations and requirements of relevant authorities.

The extent to which the pandemic may impact our operational and financial performance remains uncertain and will depend on many factors outside of our control, including the timing, extent, trajectory and duration of the pandemic;

the emergence, spread and severity of new variants;

the development, availability, distribution and effectiveness of vaccines and treatments;

the imposition of protective public safety measures, including vaccine and testing mandates;

and the impact of the pandemic on the global economy.

While these factors are uncertain, the COVID-19 pandemic or the perception of its effects could have a material adverse effect on our business, financial condition, results of operations or cash flows.

Our business is greatly affected by changes in the state of the general economy and the financial markets, and uncertainty in the general economy, the financial services industry or other industries in which our clients operate could disproportionately affect the demand for our products and services.

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If demand for our products or services decreases or if any of the industries we serve decline, our business and our operating results could be adversely affected.

The global economy has in the past been subject to severe disruptions in the credit markets, increased uncertainty about economic, political, global trade and market conditions, and periods of heightened volatility in a variety of financial and other markets, including commodity prices and currency rates.

markets, including commodity prices and currency rates.

Our clients include a range of organizations in the financial services industry whose success is linked to the health of the economy generally and of the financial markets specifically.

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and international markets, renewed concern about the strength and sustainability of a recovery and prolonged declines in business consumer spending could materially adversely affect our business, results of operations and financial condition, and the liquidity and financial condition of our clients.

Increases in inflation rates, and increases in interest rates by the U.S.

Federal Reserve and central banks around the world, could result in economic volatility or uncertainty, which could adversely affect our business, financial condition, results of operations and cash flows.

In addition, any other events that adversely affect our clients’

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We have acquired and intend in the future to acquire companies, products or technologies that we believe could complement or expand our business, augment our market coverage, enhance our technical capabilities or otherwise offer growth opportunities.

For example, in 2021, we consummated our acquisition of Capita Life & Pensions Services (Ireland) Limited (“Capita”) and announced our intention to acquire Blue Prism Group plc.

For example, in 2022, we consummated a number of acquisitions, including Blue Prism Group Plc (“Blue Prism”), Hubwise Holdings Limited (“Hubwise”), Tier1's sell-side CRM (“Tier1”), 5 M's Minerals Management, LLC (“MineralWare”), assets related to O'Shares exchange traded funds (“O'Shares”) and Complete Financial Ops, Inc.

(“CFO”).

However, acquisitions could subject us to contingent or unknown liabilities, and we may have to incur debt or severance liabilities or write off investments, infrastructure costs or other assets.

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Failures, mergers and consolidations of banks and financial institutions reduce the number of our clients and potential clients, which could adversely affect our revenues even if these events do not reduce the aggregate activities of the consolidated entities.

Further, if our clients fail and/or merge with or are acquired by other entities that are not our clients, or that use fewer of our products and services, they may discontinue or reduce their use of our products and services.

our clients fail and/or merge with or are acquired by other entities that are not our clients, or that use fewer of our products and services, they may discontinue or reduce their use of our products and services.

It is also possible that the larger financial institutions resulting from mergers or consolidations would have greater leverage in negotiating terms with us.

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We could be negatively impacted by the volatile markets as certain of our fees are tied to the asset bases of our clients.

The occurrence of significant market volatility or decreased levels of participation would likely result in reduced revenues and decreased profitability

from our business operations.

The occurrence of significant market volatility or decreased levels of participation would likely result in reduced revenues and decreased profitability from our business operations.

Additionally, we may be exposed to operational or other risks in connection with any systematic failures in the markets, or the default due to market-related failures of one or more counterparties with whom we transact.

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The market for financial and healthcare services software and services is competitive, rapidly evolving and highly sensitive to new product and service introductions, technology innovations and marketing efforts by industry participants.

The markets we serve are also highly

fragmented and served by numerous firms that target only local markets or specific client types.

The markets we serve are also highly fragmented and served by numerous firms that target only local markets or specific client types.

We also face competition from information systems developed and serviced internally by the IT departments of financial services firms.

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For example, our trading systems maintain account and trading information for our clients and their customers.

In addition, following our acquisition of Intralinks in 2018, our platforms house sensitive, confidential client information.

Our platforms house sensitive, confidential client information.

Our internal technology infrastructure on which our software-enabled services depend may be subject to disruptions or may otherwise fail to operate properly or become disabled or damaged as a result of a number of factors, including events that are wholly or partially beyond our control and that could adversely affect our ability to process transactions, provide services or otherwise appropriately conduct our business activities.

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Cybersecurity threats are evolving and our security measures, and those of our service providers, may not detect or prevent all attempts to hack our systems, denial-of-service attacks, viruses, malicious software, attempts to gain unauthorized access to data, phishing attacks, social engineering, security breaches or employee or contractor malfeasance and other electronic security breaches that may jeopardize the security of information stored in or transmitted by our sites, networks and systems or that we or our third-party service providers otherwise maintain.

Such cyber security incidents could lead to disruptions in our systems, the unauthorized release or destruction of our or our clients’

Such cybersecurity incidents could lead to disruptions in our systems, the unauthorized release or destruction of our or our clients’

or other parties’

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If our software-enabled services are disrupted or fail for any reason, or if our systems or facilities are infiltrated or damaged by unauthorized persons, we and our clients could experience data loss, including confidential and personal information, financial loss, harm to their reputation and significant business interruption.

If that happens, we may be exposed to significant liability, our reputation may be harmed, our clients may be dissatisfied and we may lose business.

If that happens, we may be exposed to significant liability, our reputation may be harmed, our clients may be dissatisfied

and we may lose business.

Although we maintain privacy, data breach and network security liability insurance, we cannot be certain that our coverage will be adequate or cover liabilities actually incurred, or that insurance will continue to be available to us on economically reasonable terms, or at all.

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Changes in tax laws and regulations, as well as changes in related interpretations and other tax guidance could materially impact our tax receivables and liabilities and our deferred tax assets and deferred tax liabilities.

On December 22, 2017, U.S.

federal tax legislation, commonly referred to as the Tax Cuts and Jobs Act (“Tax Act”), was signed into law, significantly reforming the U.S.

Internal Revenue Code.

The Tax Act, among other things, reduces the U.S.

federal statutory corporate tax rate, imposed a one-time transition tax on previously undistributed foreign earnings, limits the deductibility on executive compensation, imposes a tax on Global Intangible Low-Taxed Income (“GILTI”) and modifies or repeals many business deductions and credits.

Department of Treasury and Internal Revenue Service has issued several complex proposed and final regulations, and related guidance, regarding provisions of the Tax Act.

However, several aspects of the legislation remain unclear and subject to interpretation.

Further guidance, technical corrections and regulations are expected to be issued, which could lessen or increase certain impacts of the legislation, and President Biden and lawmakers have recently proposed certain legislation which would effectively repeal certain provisions of the Tax Act.

Furthermore, states continue to issue guidance and enact legislation in response to the Tax Act, all of which could have a material impact on our income tax expense, assets and liabilities.

Additionally, in the ordinary course of business we are subject to examinations by various authorities, including tax authorities.

We routinely review and update our corporate structure and intercompany arrangements, including transfer pricing policies, consistent with applicable laws and regulations, to align with our business operations across numerous jurisdictions.

Failure to align our corporate structure and intercompany arrangements with our business operations may increase our worldwide effective tax rate.

We are subject to examinations by various authorities, including tax authorities, in the ordinary course of business.

In addition to ongoing investigations, there could be additional investigations launched in the future by governmental authorities in various jurisdictions, and existing investigations could be expanded.

The global and diverse nature of our operations means that these risks will continue to exist and additional investigations, proceedings and contingencies will arise from time to time.

The global and diverse nature of our operations means that these risks will continue to exist and additional investigations, proceedings and contingencies may arise from time to time.

Our business, results of operations and financial condition may be affected by the outcome of investigations, proceedings and other contingencies that cannot be predicted with certainty.

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ability to use, and the demand for, our products and services.

For example, while we were not adversely affected by the COVID-19 pandemic in any outsized manner, it created significant volatility, uncertainty and economic disruption in the markets in which we operate.

The potential for a direct effect on our business operations is due primarily to our significant investment in infrastructure.

Although we maintain redundant facilities and have contingency plans in place to protect against both man-made and natural threats, it is impossible to fully anticipate and protect against all potential catastrophes.

A computer virus, physical or cyber security breach, criminal act, military action, power or communication failure, flood, severe storm or the like could lead to service interruptions and data losses for clients, disruptions to our operations, or damage to important facilities.

A computer virus, physical or cybersecurity breach, criminal act, military action, power or communication failure, flood, severe storm or the like could lead to service interruptions and data losses for clients, disruptions to our operations, or damage to important facilities.

In addition, such an event may cause clients to cancel their agreements with us for our products or services.

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We generally enter into confidentiality agreements with our employees, distributors, clients and potential clients.

However, these efforts

may be insufficient to prevent those parties or others from infringing, misappropriating, violating or asserting rights in our intellectual property, confidential information or other technology and our proprietary technology and confidential information may be subject to embezzlement, theft, or other similar illegal behavior by our employees or third-parties.

However, these efforts may be insufficient to prevent those parties or others from infringing, misappropriating, violating or asserting rights in our intellectual property, confidential information or other technology and our proprietary technology and confidential information may be subject to embezzlement, theft, or other similar illegal behavior by our employees or third-parties.

In addition, our employees, distributors, clients and potential clients may breach our confidentiality agreements and we may not have adequate remedies for any such breach.

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Our future success will depend in part upon our ability to enhance our existing products and services and to develop and introduce new products and services to keep pace with such changes and developments and to meet changing client needs.

The process of developing our software products is complex and is expected to become increasingly complex and expensive in the future due to the introduction of new platforms, operating systems and technologies.

The process of developing our software products is complex and is expected to become increasingly complex and expensive in the future due to the introduction of new platforms, operating systems and

technologies.

Current areas of significant technological change include mobility, cloud-based computing and the processing and analyzing of large amounts of data.

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In March 2021, the U.K.

agreed on a framework for voluntary regulatory cooperation and dialogue on financial services issues in a memorandum of understanding that is expected to be signed after formal steps are completed, although this has not yet occurred.

agreed on a framework for voluntary regulatory cooperation and dialogue on financial services issues in a memorandum of understanding.

While these events provide some clarity regarding the future relationship between the U.K.

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funds and securities, use of client and employee data, capital structure of securities firms, net capital, anti-money laundering efforts, healthcare, recordkeeping and the conduct of directors, officers and employees.

Any violation of applicable regulations could expose us or those businesses to civil or criminal liability, significant fines or sanctions, damage our reputation, the revocation of licenses, censures, or a temporary suspension or permanent bar from conducting business, which could adversely affect our business, results of operations and our financial condition.

Any violation of applicable regulations could expose us or those businesses to civil or criminal liability, significant fines or sanctions,

damage our reputation, the revocation of licenses, censures, or a temporary suspension or permanent bar from conducting business, which could adversely affect our business, results of operations and our financial condition.

Our clients are subject to extensive regulation, including investment adviser, broker/dealer and privacy regulations applicable to products and services we provide to the financial services industry and insurance, privacy and other regulations applicable to services we provide to the healthcare industry.

Commission, Bermuda Monetary Authority, British Virgin Islands Financial Services Commission, Centrale Bank van Curacao en Sint Maarten, Commodity Futures Trading Commission, Federal Trade Commission, Cayman Islands Monetary Authority, Luxembourg Commission de Surveillance du Secteur Financier, Financial Industry Regulatory Authority, U.K.

As a result, our relationships with our clients may subject us to increased scrutiny from a number of regulators, including the Federal Financial Institutions Examination Council (and its constituent members, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the National Credit Union Administration, the Office of the Comptroller of the Currency and the Consumer Financial Protection Bureau), Australian Securities & Investments Commission, Bermuda Monetary Authority, British Virgin Islands Financial Services Commission, Centrale Bank van Curacao en Sint Maarten, Commodity Futures Trading Commission, Federal Trade Commission, Cayman Islands Monetary Authority, Luxembourg Commission de Surveillance du Secteur Financier, Financial Industry Regulatory Authority, U.K.

Financial Conduct Authority, Central Bank of Ireland, National Futures Association, Guernsey Financial Services Commission, Jersey Financial Services Commission, Ontario Securities Commission, U.S.

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on December 29, 2020, and the U.K.

agreed on a framework for voluntary regulatory cooperation and dialogue on financial services issues in March 2021, negotiations regarding future regulatory arrangements continue.

As a result, the impact of potential changes on the U.K.

agreed on a framework for voluntary regulatory cooperation and dialogue on financial services issues in March 2021.

The impact of potential changes on the U.K.

regulatory regime remains uncertain.

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As a service provider, we have been, and may in the future be, subject to claims and lawsuits from investors, regulators, liquidators, other third-parties and our clients, some of which pursue high-risk investment strategies and all of which are subject to substantial market risk, in the event that the underlying fund suffers investment losses, incurs instances of fraud, becomes insolvent, files for bankruptcy or otherwise becomes defunct.

Even if we are not ultimately found to be liable, defending such claims or lawsuits

could be time-consuming, divert management resources, harm our reputation and cause us to incur significant expenses.

Even if we are not ultimately found to be liable, defending such claims or lawsuits could be time-consuming, divert management resources, harm our reputation and cause us to incur significant expenses.

These claims or lawsuits could have an adverse effect on our business, results of operations and financial condition.

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These claims and any resulting lawsuit, if successful, could subject us to significant liability for damages and our intellectual property rights being reduced, narrowed or held unenforceable or invalid.

These lawsuits, regardless of their success, could be time-consuming and expensive to resolve, adversely affect our revenues, profitability and prospects, and divert

management time and attention.

These lawsuits, regardless of their success, could be time-consuming and expensive to resolve, adversely affect our revenues, profitability and prospects, and divert management time and attention.

If we are found to infringe, misappropriate or otherwise violate a third-party’s intellectual property rights, we may be required to pay the third-party substantial monetary damages and to cease the activities covered by such intellectual property rights, unless we obtain a license to such intellectual property rights, which may not be available on commercially reasonable terms or at all.

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Our failure to comply with those covenants could result in an event of default which, if not cured or waived, could result in the acceleration of all of our debts.

In addition, increases in interest rates by the U.S.

Federal Reserve and central banks around the world have resulted in economic volatility and uncertainty, and if sustained, could adversely affect our financial health and operations.

To service our indebtedness, we require a significant amount of cash.

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We may not be able to refinance any of our indebtedness on commercially reasonable terms or at all.

If we cannot service our indebtedness, we may have to take actions such as selling assets, seeking additional equity or reducing or delaying capital expenditures, strategic acquisitions, investments and joint ventures.

If we cannot service our indebtedness, we may have to take actions such as selling assets, seeking additional equity or reducing or delaying capital

expenditures, strategic acquisitions, investments and joint ventures.

We may not be able to effect such actions, if necessary, on commercially reasonable terms or at all.

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The administrator for LIBOR announced on March 5, 2021 that it will permanently cease to publish most LIBOR settings beginning on January 1, 2022 and cease to publish the overnight, one-month, three-month, six-month and 12-month U.S.

dollar LIBOR settings on July 1, 2023.

dollar LIBOR settings after June 30, 2023.

Accordingly, the FCA has stated that it does not intend to persuade or compel banks to submit to LIBOR after such respective dates.

Until then, however, FCA panel banks have agreed to continue to support LIBOR.

On December 16, 2022, the U.S.

Federal Reserve, in conjunction with the Alternative Reference Rates Committee, a steering committee comprised of large U.S.

financial institutions, is recommending replacing U.S.

dollar LIBOR with the Secured Overnight Financing Rate (“SOFR”), a new index calculated by short-term repurchase agreements, backed by Treasury securities.

financial institutions, adopted a final rule identifying the benchmark rates to replace LIBOR in various types of financial instruments when LIBOR (at least in its current form) ceases to exist after June 30, 2023.

dollar LIBOR will be replaced with benchmark rates based on the Secured Overnight Financing Rate (“SOFR”), a new index calculated by short-term repurchase agreements, backed by Treasury securities.

Whether or not SOFR, or another alternative reference rate, attains market traction as a LIBOR replacement tool remains in question.

If LIBOR ceases to exist, we may need to renegotiate our Credit Agreement and may not be able to do so with terms that are favorable to us.

When LIBOR (at least in its current form) ceases to exist, we may need to renegotiate our Credit Agreement and may not be able to do so with terms that are favorable to us.

In particular, the method and rate used to calculate our interest rates and/or payments under the Credit Agreement in the future may result in interest rates and/or payments that are higher than, lower than, or that do not otherwise correlate over time with the interest rates and/or payments that would have been made on our obligations if LIBOR was available in its current form.

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SS&C Holdings is a holding company with no operations or assets of its own and its ability to pay dividends is limited or otherwise restricted.

As of December 31, 2021, SS&C Holdings has no direct operations and no significant assets other than the stock of SS&C and Advent Software, Inc.

As of December 31, 2022, SS&C Holdings has no direct operations and no significant assets other than the stock of SS&C.

The ability of SS&C Holdings to pay dividends is limited by its status as a holding company and by the terms of the agreement governing our indebtedness.

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the ability of our board of directors to designate the terms of and issue new series of preferred stock without stockholder approval, which could be used to institute a rights plan, or a poison pill, that would work to dilute the stock ownership of a potential hostile acquirer, likely preventing acquisitions that have not been approved by our board of directors;

a prohibition on stockholders from acting by written consent.

a prohibition on stockholders from acting by written consent, except under certain limited circumstances.

The existence of the foregoing provisions and anti-takeover measures could limit the price that investors might be willing to pay in the future for shares of our common stock.

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UNRESOLVE D STAFF COMMENTS

We lease our corporate offices, which consist of approximately 93,500 square feet of office space located at 80 Lamberton Road, Windsor, CT 06095.

In 2013, we extended the lease term through October 2022.

We lease our corporate offices at 80 Lamberton Road, Windsor, CT 06095.

We utilize facilities and offices in approximately 120 other locations in North America, South America, Europe, Asia, Australia and Africa.

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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1. Business