SS&C Technologies Holdings, Inc.
−Removed: SSNC) is the world’s largest hedge fund and private equity administrator, as well as the largest mutual fund transfer agent.
−Removed: SS&C’s unique business model combines end-to-end expertise across financial services operations with software and solutions to service even the most demanding customers in the financial services and healthcare industries.
+Added: SSNC) is the world’s largest hedge fund and private equity administrator, as well as the largest mutual fund transfer agent.
+Added: SS&C’s unique business model combines end-to-end expertise across financial services operations with software and solutions to service even the most demanding customers in the financial services and healthcare industries.
SS&C owns and operates the full technology stack across securities accounting, front-to-back-office operations, performance and risk analytics, regulatory reporting and healthcare information processes.
−Removed: SS&C’s trusted and proven technology delivers an unparalleled level of scalable capabilities for the most complex portfolios, the most sophisticated strategies, and the highest volumes of transactions.
−Removed: 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.
−Removed: 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.
−Removed: With over 20,000 clients spanning the health and financial services industries, our customers’
−Removed: needs and requirements are always at the forefront of our strategy.
−Removed: We provide the global financial services industry with a broad range of software-enabled services, which consist of software-enabled outsourcing services and subscription-based on-demand cloud solutions that are managed and hosted at our facilities, and specialized software products, which are deployed at our clients’
+Added: SS&C’s trusted and proven technology delivers an unparalleled level of scalable capabilities for the most complex portfolios, the most sophisticated strategies, and the highest volumes of transactions.
+Added: 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.
+Added: Founded in 1986 and headquartered in Windsor, Connecticut, the Company is home to more than 26,000 employees and has 114 offices in 90 cities globally.
+Added: With more than 20,000 clients spanning the health and financial services industries, our customers’ needs and requirements are always at the forefront of our strategy.
+Added: We provide the global financial services industry with a broad range of software-enabled services, which consist of software-enabled outsourcing services and subscription-based on-demand cloud solutions that are managed and hosted at our facilities, and specialized software products, which are deployed at our clients’ facilities.
Our software-enabled services, which combine the strengths of our proprietary software with our domain expertise, enable our clients to contract with us to provide many of their mission-critical and complex business processes.
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We also serve the healthcare industry through our SS&C Health services and technology-enabled business.
−Removed: 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.
−Removed: 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.
−Removed: 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.
−Removed: As a total health partner, our suite of solutions spans across health plan operations.
−Removed: These options include core claims processing, operational software and high value applications for risk adjustment and quality management.
−Removed: These solutions enable us to serve a large population of payer clients across the market segments.
+Added: The core purpose of our health business is to enable our clients to provide better healthcare to their members.
+Added: With a demonstrated commitment to invest and innovate, our solutions include pharmacy and medical claims processing, clinical programs, population health analytics, digital workers and member engagement, all delivered in a cloud-enabled, cost-efficient service model at scale.
+Added: SS&C Health targets health plans and pharmacy benefit managers, specifically, those catering to government-funded member segments and those seeking a flexible and scalable alternative to larger integrated vendors.
+Added: As a comprehensive health partner, our range of solutions spans across health plan operations.
+Added: These options encompass core claims processing, operational software and high value applications for risk adjustment and quality management.
+Added: These solutions enable us to effectively meet the needs of a wide-ranging population of payer clients across all market segments .
Our business model is characterized by high revenue retention rates and significant cash flow.
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Maintenance services are generally provided under annually renewable contracts.
−Removed: Pricing in our software-enabled services businesses scales based on several factors which can include our clients’
−Removed: assets under management, the complexity of asset classes managed, the number of accounts serviced, the volume of transactions, trading volume, medical claims and pharmacy claims volume and the level of service the client requires.
+Added: Pricing in our software-enabled services businesses scales based on several factors which can include our clients’ assets under management, the complexity of asset classes managed, the number of accounts serviced, the volume of transactions, trading volume, medical claims and pharmacy claims volume and the level of service the client requires.
We have experienced average revenue retention rates in each of the last five years of greater than 95% on our software-enabled services and maintenance and term licenses contracts for our core enterprise products.
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We serve a number of vertical markets within the financial services and healthcare industries.
−Removed: Our financial services clients include alternative investment funds, investment management firms, institutional and retail asset managers, insurance companies, registered investment advisors (“RIAs”), wealth managers, banks and brokerage firms.
+Added: Our financial services clients include alternative investment funds, investment management firms, institutional and retail asset managers, insurance companies, registered investment advisors (“RIAs”), wealth managers, banks and brokerage firms.
Our healthcare clients include individual and government sponsored health plans and healthcare providers.
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Financial services firms are in a search for more risk-averse business strategies, simplified regulatory compliance, and full service solutions provided by a single vendor.
−Removed: Healthcare providers are looking to improve their customers’
−Removed: experience through better access to data and an enhanced user interface.
+Added: Healthcare providers are looking to improve their customers’ experience through better access to data and an enhanced user interface.
As a result, we believe these industries will continue to invest in IT and outsourcing solutions.
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Our clients must comply with rules, regulations, directives and standards from governmental and self-regulating organizations.
−Removed: Our clients rely on us to navigate new requirements and facilitate compliance in today’s dynamic and evolving regulatory environment.
+Added: Our clients rely on us to navigate new requirements and facilitate compliance in today’s dynamic and evolving regulatory environment.
We are uniquely positioned in our ability to interpret regulations and impact to clients and to implement technology solutions.
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Evaluating the implications of new technologies is a challenge for our clients.
−Removed: By combining institutional-grade quality with cutting-edge technology, we help apply the right solutions to help grow our client’s business more efficiently.
+Added: 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 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.
−Removed: In addition, new technology incorporating artificial intelligence (“AI”), including machine learning and Robotic Process Automation (“RPA”), is gaining traction in the financial technology industry.
+Added: 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, including our acquisition of Blue Prism in 2022, increase efficiency and reduce errors without human intervention.
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● Increased demands for transparency, efficiency and risk management in financial services .
−Removed: Firms continue to focus on operational risk, resulting from discoveries of fraud and mismanagement during the 2008-2009 U.S.
−Removed: financial crisis and concerns regarding transparency and counterparty exposure.
+Added: Firms continue to focus on operational risk, resulting from concerns regarding transparency and counterparty exposure.
This continued focus has led investment management firms to strive to provide investment data accurately, institutionalize investment operations and automate their investment process.
On the wealth management and advisory sides of our business, we have further evolved the relationship between the end client and a firm, with investors demanding transparency and a customized client experience.
−Removed: In addition, we expect wealth managers to become familiar with their clients’
−Removed: preferences for account access and communication and cater to them.
+Added: In addition, we expect wealth managers to become familiar with their clients’ preferences for account access and communication and cater to them.
Finally, institutional and individual investors, faced with increasingly competitive low-fee and automated options, push investment managers for greater efficiencies and lower fees.
● Accelerated adoption of outsourcing and cloud-based solutions.
−Removed: The COVID-19 pandemic presented a number of challenges for our customer base due to the global shift to a remote workforce.
−Removed: 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.
−Removed: 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.
−Removed: Transformation of healthcare industry’s business model.
−Removed: The COVID-19 pandemic brought about a shift in focus to equitable healthcare.
−Removed: The National Committee for Quality Assurance, Centers for Medicare & Medicaid Services and state regulations
−Removed: 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.
−Removed: New and more stringent guidelines must now be met to satisfy quality ratings and protect revenue.
−Removed: 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.
+Added: The financial services industry continues to seek more efficient and lower cost operating models in order to achieve their cost savings and margin goals.
+Added: SS&C sees increased interest in third-party outsourcing and cloud-based solutions as a way for financial services companies to control costs, gain efficiency and decrease operational risk.
+Added: ● Transformation of healthcare industry’s business model.
+Added: The National Committee for Quality Assurance, Centers for Medicare & Medicaid Services and state regulations around health equity resulted in a need for in-depth, whole-person population segmentation with the ability to include social determinants of health characteristics.
+Added: New and more stringent guidelines are still evolving to satisfy quality ratings and protect revenue.
+Added: Further changes to the healthcare industry come with the No Surprises
+Added: Act, requiring cost sharing of unplanned out-of-network services, the Interoperability and Prior Authorization regulation, a CMS (“Centers for Medicare & Medicaid Services”) requirement for digital data availability, and the Inflation Reduction Act, which gives the federal government control of drug pricing for (among others) high-spending brands.
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.
−Removed: Rapid transformation and market expectations have created an ongoing need for industry expertise and outsourcing, contributing to opportunity.
+Added: Rapid transformation and market expectations have created an ongoing demand for industry expertise and outsourcing, presenting opportunities in the healthcare space.
Competitive Strengths
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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.
−Removed: Because we primarily use our proprietary software to execute our software-enabled services and generally own and control our products’
−Removed: source code, we can quickly enable continuous updates in a highly scalable, reliable and secure manner.
+Added: Because we primarily use our proprietary software to execute our software-enabled services and generally own and control our products’ source code, we can quickly enable continuous updates in a highly scalable, reliable and secure manner.
This continuous feedback process provides us with a significant advantage over many of our competitors, specifically those software competitors that do not offer a comparable model and therefore do not have the same level of hands-on experience with their products.
Global industry leader with a strong market position focused on software and software-enabled services for financial services.
−Removed: We are a global business providing a broad portfolio of software products and software-enabled services and have approximately 121 offices worldwide.
−Removed: As of December 31, 2022, we had over 24,000 development, service and support professionals with significant expertise across the industries we serve and deep working knowledge of our clients’
+Added: We are a global business providing a broad portfolio of software products and software-enabled services and have 114 offices worldwide.
+Added: As of December 31, 2023, we had more than 22,000 development, service and support professionals with significant expertise across the industries we serve and deep working knowledge of our clients’ businesses.
We provide highly flexible, scalable and cost-effective solutions that enable our financial services clients to track complex securities, better employ sophisticated investment strategies, scale efficiently and meet evolving regulatory requirements.
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Trusted provider to our highly diversified and growing client base.
−Removed: By providing mission-critical, reliable software products and services for over 35 years, we have developed a large and growing installed base within the financial services industry.
+Added: By providing mission-critical, reliable software products and services for more than 35 years, we have developed a large and growing installed base within the financial services industry.
Our clients include some of the largest and most well-recognized financial services firms.
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The third-party service providers participating in the alternative investment market include fund managers, auditors, fund administrators, attorneys, custodians and prime brokers.
−Removed: Each provider performs a valuable function to provide transparency of the fund’s assets and the valuation of those assets.
+Added: Each provider performs a valuable function to provide transparency of the fund’s assets and the valuation of those assets.
However, conflicts of interest may arise when the above parties offer more than one of these services.
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We are the largest third-party mutual fund transfer agent.
−Removed: Through our Global Investor and Distribution Solutions (“GIDS”) business, we deliver global transfer agency and investor servicing powered by a single global servicing platform.
+Added: Through our Global Investor and Distribution Solutions (“GIDS”) business, we deliver global transfer agency and investor servicing powered by a single global servicing platform.
Investor servicing is offered in many different countries, including the U.S., Canada, U.K., Ireland, Luxembourg, Australia, Hong Kong and Singapore.
SS&C also services mutual fund structures in many other fund domiciles.
−Removed: 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.
−Removed: Our highly tenured staff of industry experts allow us to deliver consistent service excellence to the asset management
−Removed: customers we service.
+Added: 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.
+Added: Our highly tenured staff of industry experts allow us to deliver consistent service excellence to the asset management customers we service.
We are operating our proprietary software to provide these services, ensuring all aspects of our offering are optimized to deliver cost-effective, accurate solutions.
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Since our founding in 1986, we have focused on building substantial financial services domain expertise through close working relationships with our clients.
−Removed: We have developed a deep knowledge base that enables us to respond to our clients’
−Removed: most complex financial, accounting, actuarial, tax and regulatory needs.
+Added: We have developed a deep knowledge base that enables us to respond to our clients’ most complex financial, accounting, actuarial, tax and regulatory needs.
We intend to maintain and enhance our technological leadership by using our domain expertise to build valuable new software-enabled services and solutions, investing in internal development and opportunistically acquiring products and services that address the highly specialized needs of the financial services industry.
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As a result, we believe that we enjoy a competitive advantage because we can address the needs of high-end clients by providing industry-tested products and services, including cloud-based services and related mobility platforms that meet global market demands and enable our clients to automate and integrate functions for improved productivity, compliance, reduced manual intervention and bottom-line savings.
−Removed: SS&C’s products are sold to a diverse group of clients from niche players in the financial services and healthcare industries to the largest institutions in the world.
+Added: SS&C’s products are sold to a diverse group of clients from niche players in the financial services and healthcare industries to the largest institutions in the world.
Furthermore, we believe our client base represents a fraction of the total number of financial services providers globally.
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We intend to continue to employ a highly disciplined and focused acquisition strategy to broaden and enhance our product and service offerings, expand our intellectual property portfolio, add new clients and supplement our internal development efforts.
−Removed: We believe our acquisitions have been an extension of our research and development effort that has enabled us to purchase proven products and remove the uncertainties associated with software development projects.
−Removed: We will seek to opportunistically acquire, at reasonable valuations, businesses, products and technologies in our existing or complementary vertical markets that will enable us to better satisfy our clients’
−Removed: rigorous and evolving needs.
+Added: believe our acquisitions have been an extension of our research and development effort that has enabled us to purchase proven products and remove the uncertainties associated with software development projects.
+Added: We will seek to opportunistically acquire, at reasonable valuations, businesses, products and technologies in our existing or complementary vertical markets that will enable us to better satisfy our clients’ rigorous and evolving needs.
We have proven our ability to integrate complementary businesses as demonstrated by the 66 businesses we have acquired since 1995.
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We plan to continue to expand our global market presence by leveraging our existing software products and software-enabled services.
−Removed: We also plan to leverage our growing presence in the Asia Pacific region due to recent acquisitions.
+Added: We also plan to leverage our growing presence in the Asia Pacific region due to recent acquisitions and large client wins.
Over the last three years, revenue from the Asia Pacific region has increased 22.7% to $279.8 million.
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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.
−Removed: 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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These acquisitions have contributed marketable products and services, which have added to our revenues and earnings.
−Removed: We have generally been able to improve our acquired businesses’
−Removed: operating performance and profitability.
+Added: We have generally been able to improve our acquired businesses’ operating performance and profitability.
We seek to reduce the costs of the acquired businesses by consolidating sales and marketing efforts and eliminating redundant administrative tasks and research and development expenses.
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Acquired Capabilities, Products and Services
−Removed: Thomson Reuters’
−Removed: PORTIA Business
+Added: Thomson Reuters’ PORTIA Business
Added portfolio management software and outsourcing services for institutional managers
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Eze Software Group, LLC
−Removed: Strengthened SS&C’s front to back office technology
+Added: Strengthened SS&C’s front to back-office technology
November 2018
Intralinks Holdings, Inc.
−Removed: Increased key account footprint and adds cloud-based virtual data rooms and secure collaboration solutions for SS&C’s banking and alternative clients
+Added: Increased key account footprint and adds cloud-based virtual data rooms and secure collaboration solutions for SS&C’s banking and alternative clients
November 2019
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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.
−Removed: Our solutions enable
−Removed: our clients to focus on core operations, better monitor and manage business performance and risk, improve operating efficiency and reduce operating costs.
+Added: 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.
1 unchanged sentence
Software-enabled Services
−Removed: SS&C GlobeOp –
−Removed: 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.
+Added: • SS&C GlobeOp – Named “Best Middle Office Services” by Hedgeweek and Private Equity Wire U.S.
+Added: Credit Awards 2023 and “Best Administrator – Technology” by Hedgeweek European Awards 2023, 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:
−Removed: global regulatory compliance reporting, tax reporting, risk reporting, net asset value (“NAV”) calculations, valuation services, daily reconciliation of cash and security balances, full investor and transfer agency services and automated support of post-trade activities.
−Removed: In addition, under SS&C GlobeOp, SS&C Direct provides similar middle- and back-office outsourcing services and application hosting to institutional asset managers, insurance companies and real estate investment trusts.
−Removed: Global Investor and Distribution Solutions (“GIDS”) –
−Removed: Utilizing proprietary software applications, GIDS delivers global transfer agency and investor servicing powered by a single global servicing platform.
−Removed: The platform provides investors, advisers, and asset managers’
−Removed: unique data-driven operational insights, real-time transparent oversight, intelligent automation and state-of-the-art digital tools.
+Added: global regulatory compliance reporting, tax reporting, risk reporting, net asset value (“NAV”) calculations, valuation services, daily reconciliation of cash and security balances, full investor and transfer agency services and automated support of post-trade activities.
+Added: In addition, under SS&C GlobeOp, SS&C provides similar middle- and back-office outsourcing services and application hosting to institutional asset managers, insurance companies and real estate investment trusts.
+Added: • Global Investor and Distribution Solutions (“GIDS”) – Utilizing proprietary software applications, GIDS delivers global transfer agency and investor servicing powered by a single global servicing platform.
+Added: The platform provides investors, advisers, and asset managers’ unique data-driven operational insights, real-time transparent oversight, intelligent automation and state-of-the-art digital tools.
Investor servicing is offered in many different countries, including the U.S., Canada, U.K., Ireland, Luxembourg, Australia, Hong Kong and Singapore.
SS&C also services mutual fund structures in many other fund domiciles.
−Removed: In addition, 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.
+Added: In addition, 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.
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.
−Removed: Bluedoor –
−Removed: 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.
−Removed: 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.
−Removed: SS&C Retirement Solutions –
−Removed: SS&C’s retirement solutions business provides technology, administration, and record-keeping processes on TRAC’s end-to-end digital platform.
+Added: Bluedoor, SS&C’s integrated registry system for UK and Australian wealth managers and fund platforms, delivers real-time automation and streamlined processes, enhancing efficiency and reducing costs.
+Added: Integrated with intelligent business process management and digital applications, it facilitates effective customer engagement and product deployment flexibility.
+Added: • SS&C Retirement Solutions – SS&C’s retirement solutions business provides technology, administration, and record-keeping processes on TRAC’s end-to-end digital platform.
SS&C supports organizations that represent more than 12 million participants and approximately 400,000 plan sponsors.
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The UK and Australian markets include pensions and actuarial services, superannuation and transfer value analysis.
−Removed: Black Diamond Wealth Platform –
−Removed: Black Diamond offers independent advisors, wealth managers, independent broker-dealers (“IBDs”) and aggregators an innovative and dynamic portfolio management and reporting solution delivered through an easy-to-use, feature-rich web-based application.
+Added: • Black Diamond Wealth Platform – Black Diamond offers independent advisors, wealth managers, independent broker-dealers (“IBDs”) and aggregators an innovative and dynamic portfolio management and reporting solution delivered through an easy-to-use, feature-rich web-based application.
As a cloud-based product offering, advisors can access Black Diamond's customizable portfolio management and reporting online from anywhere, anytime without the need to maintain costly technology infrastructures.
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.
−Removed: CRM Solutions - SS&C offers multiple Customer Relationship Manager (“CRM”) capabilities that store end client data and seamlessly integrate with our other offerings.
+Added: • 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.
−Removed: 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.
−Removed: SS&C’s Tier1 supplies CRM capabilities to sell-side financial services firms, including research, trading, and sales teams within capital markets groups,
−Removed: and provides a deal management CRM experience to investment banks.
−Removed: Advent Managed Services –
−Removed: Advent Managed Services provides a full spectrum of tailored options to our clients’
−Removed: 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.
+Added: 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.
+Added: 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.
+Added: • 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.
−Removed: Advent Data Solutions –
−Removed: Advent Data Solutions consists of various data offerings provided to clients in an automated manner and format.
−Removed: o Advent Custodial Data provides account-level information from a firm’s custodian(s) through a single, secure connection to a data network managed by Advent.
+Added: • Advent Data Solutions – Advent Data Solutions consists of various data offerings provided to clients in an automated manner and format.
+Added: o Advent Custodial Data provides account-level information from a firm’s custodian(s) through a single, secure connection to a data network managed by Advent.
Using Advent Custodial Data, firms can reconcile positions, transactions and cash activity on an exceptions-only basis, or firms can post data directly into their portfolio accounting system.
−Removed: o Advent Corporate Actions delivers reports on all corporate actions affecting clients’
−Removed: portfolios and provides staff with reliable transaction instructions.
+Added: o Advent Corporate Actions delivers reports on all corporate actions affecting clients’ portfolios and provides staff with reliable transaction instructions.
o Advent Portfolio Data extends the delivery of account-level data for reconciliation and other workflows from global custodians and counterparties.
o Advent Market Data is a single, cloud-based platform with connectivity to several leading global market data sources, allowing clients to acquire critical data for managing portfolios.
−Removed: ALPS Advisors –
−Removed: 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.
+Added: • ALPS Advisors – 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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to help our clients gain actionable insights into the needs and preferences of their customers.
−Removed: Virtual Data Rooms (Intralinks) –
−Removed: Intralinks Virtual Data Rooms (“VDRs”), are designed for mergers and acquisitions (M&A), alternative investments and capital markets communities.
+Added: • Virtual Data Rooms (Intralinks) – Intralinks Virtual Data Rooms (“VDRs”), are designed for mergers and acquisitions (M&A), alternative investments and capital markets communities.
The Intralinks VDR is a rich SaaS application providing a secure, customizable environment for deal makers to exchange sensitive documents and information.
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• Healthcare Services
−Removed: o Pharmacy Solutions –
−Removed: We use our proprietary software applications to provide pharmacy health management solutions supporting commercial, Medicaid and Medicare Part D plans.
+Added: o Pharmacy Solutions – 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.
−Removed: DomaniRx –
−Removed: Domani Rx, LLC, our joint venture with Humana and Elevance Health (formerly Anthem), to create a new cloud-native, API-driven claims adjudication platform.
−Removed: 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.
−Removed: DomaniRx’s claims adjudication platform will leverage SS&C’s technology capabilities and reside on SS&C’s private cloud.
−Removed: The result will be a single cloud-native user experience with proven scalability, resiliency and best-in-class transactional processing capabilities.
−Removed: o Healthcare Administration –
−Removed: We use our proprietary software applications to provide medical claim administration services and health plan compliance and revenue integrity services for payers and providers in the domestic healthcare industry.
−Removed: Healthcare administration services are offered on a software license, remote and business process outsourcing (“BPO”) basis.
−Removed: Combined with our health outcomes optimization solutions described below,
−Removed: our solutions are offered as stand-alone component solutions to complement health plans, existing operations or systems, or as an integrated core administration package.
−Removed: o Health Outcomes Optimization –
−Removed: 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.
−Removed: Our integrated care management solution is a real-time, intuitive, workflow-driven solution suite that assists clients to improve member outcomes and manage costs.
−Removed: 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.
−Removed: 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.
−Removed: By combining a population-level perspective with patient-level behaviors and conditions, health plans can better target case management and disease management objectives.
+Added: ▪ DomaniRx – Domani Rx, LLC, our joint venture with Humana and Elevance Health provides healthcare organizations with end-to-end transparency and data analytics to help them keep up with an ever-changing regulatory environment.
+Added: This claims adjudication platform leverages SS&C’s technology capabilities and resides on SS&C’s private cloud.
+Added: The outcome is a unified, cloud-native user experience featuring demonstrated scalability, resilience and best-in-class transactional processing capabilities.
+Added: o Healthcare Administration – Our proprietary software applications deliver medical claim administration services, health plan compliance and revenue integrity services for payers and providers in the domestic healthcare industry.
+Added: Healthcare administration services are offered via software license, remote or business process outsourcing.
+Added: Solutions are offered as stand-alone components to complement existing operations/systems, or integrated into a core administration package.
+Added: o Healthcare Optimization – We offer comprehensive care management, population health analytics applications and a customizable member portal to optimize client revenue.
+Added: Our integrated care management solution comprises a real-time, intuitive, and workflow-driven suite that supports clients in enhancing member outcomes and effectively managing costs.
+Added: We provide population health analytics via both a proprietary solution for certified HEDIS® measures and exclusive distribution of the Johns Hopkins ACG® System (Adjusted Clinical Groups) to health plans in the United States.
+Added: Long recognized as a worldwide leader in population health analytics, the ACG System delivers actionable insights to address patient care needs, integrate SDoH (Social Determinants of Health) and measure Health Equity.
+Added: Our platform-agnostic member portal enables 24/7 access to personalized benefit information.
Software license, maintenance and related
−Removed: Portfolio/Investment Accounting and Analytics Software –
−Removed: We provide comprehensive, integrated software solutions that help our clients streamline operations and accelerate global accounting processes.
+Added: • Portfolio/Investment Accounting and Analytics Software – We provide comprehensive, integrated software solutions that help our clients streamline operations and accelerate global accounting processes.
Our portfolio accounting solutions provide seamless front-to-back-office integration, with the flexibility to meet the unique accounting needs of our customers and virtually unlimited scalability to accommodate growth.
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We also have solutions catered to insurance accounting and commercial, consumer and residential loan accounting.
−Removed: o Geneva –
−Removed: Geneva is a global portfolio management platform designed to meet the real-time needs of global asset managers, hedge funds, prime brokers, fund administrators, private equity firms and family offices worldwide.
−Removed: Geneva integrates all phases of the investment management process –
−Removed: portfolio management, reconciliation, light trade capture and risk capabilities.
−Removed: In addition, its “main memory”
−Removed: database offers more accurate and flexible reporting and eliminates batch processing and time-consuming error corrections.
+Added: o Geneva – Geneva is a global portfolio management platform designed to meet the real-time needs of global asset managers, hedge funds, prime brokers, fund administrators, private equity firms and family offices worldwide.
+Added: Geneva integrates all phases of the investment management process – portfolio management, reconciliation, light trade capture and risk capabilities.
+Added: In addition, its “main memory” database offers more accurate and flexible reporting and eliminates batch processing and time-consuming error corrections.
As a result, Geneva enables firms to grow into new markets, deliver greater operational efficiencies, enhance investor service, process high trade volumes across multiple securities, improve compliance and security and lower operating costs and risks.
−Removed: o Advent Portfolio Exchange –
−Removed: 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.
+Added: 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, 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.
APX can be deployed locally as well as hosted in the cloud.
−Removed: o Axys –
−Removed: Axys is a turnkey portfolio management and reporting system for small to mid-size investment management organizations.
+Added: o Axys – Axys is a turnkey portfolio management and reporting system for small to mid-size investment management organizations.
Axys provides investment professionals with broad portfolio accounting functionality on various investment instruments, including equities, fixed income, mutual funds and cash.
By using Axys, clients have a timely decision support tool with immediate access to portfolio holdings, asset allocation, realized and unrealized gains and losses, actual and projected income and other data including performance measurement and flexible reporting.
−Removed: o SS&C Singularity –
−Removed: Our first intelligent investment operations, accounting and analytics system –
−Removed: a cloud-based solution designed to support the operating model of financial institutions.
+Added: o SS&C Singularity – Our first intelligent investment operations, accounting and analytics system – a cloud-based solution designed to support the operating model of financial institutions.
Singularity uses artificial intelligence, machine learning, robotic process automation, intelligent workflow optimization and advanced predictive analytics to drive significant cost savings and continuous operational improvements for our clients.
−Removed: o Global Wealth Platform (“GWP”) –
−Removed: GWP is our comprehensive, cloud-based solution that enables wealth managers to manage the entire investment process on a single platform, leveraging a single database.
+Added: o Global Wealth Platform (“GWP”) – GWP is our comprehensive, cloud-based solution that enables wealth managers to manage the entire investment process on a single platform, leveraging a single database.
GWP bridges the front-, middle-, and back-offices and ensures data consistency across all phases of the investment process.
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In addition, automation and integration eliminate offline workarounds and manual processes.
−Removed: o Aloha –
−Removed: Aloha is an all-new investment operations platform that provides extensive asset class and functional support across the front-, middle-, and back-office.
+Added: o Aloha – Aloha is an all-new investment operations platform that provides extensive asset class and functional support across the front-, middle-, and back-office.
Built natively for the cloud with advanced technology, Aloha features an innovative user experience, actionable monitors, notifications and alerts infused with AI.
Smart, innovative technologies matched with deep functionality streamlines clients businesses and provides users with critical business intelligence via machine learning, workflow engine and KPI and system health monitoring.
−Removed: o HiPortfolio –
−Removed: HiPortfolio is an investment accounting and asset servicing solution for third-party administrators, asset managers, and insurance firms in over 35 countries.
+Added: o HiPortfolio – HiPortfolio is an investment accounting and asset servicing solution for third-party administrators, asset managers, and insurance firms in more than 35 countries.
With broad instrument coverage and multi-currency capabilities, HiPortfolio allows our clients to manage the full transaction lifecycle, from trade capture, investment accounting and fund administration, through cash management, reconciliation, corporate actions processing, unit pricing and taxation, to performance measurement and attribution.
−Removed: o PORTIA –
−Removed: PORTIA is a comprehensive, middle-to-back office investment operations platform encompassing portfolio accounting, fund accounting, performance measurement and attribution, reconciliation and client reporting for your global assets.
+Added: o PORTIA – PORTIA is a comprehensive, middle-to-back-office investment operations platform encompassing portfolio accounting, fund accounting, performance measurement and attribution, reconciliation and client reporting for your global assets.
Firms of all types worldwide rely on PORTIA to track day-to-day portfolio activity, with visibility across all transactions and positions.
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PORTIA can be installed on-premise, hosted in the cloud or fully outsourced to reduce clients IT footprint and overhead with flexible deployment operations.
−Removed: o CAMRA –
−Removed: CAMRA is a portfolio accounting solution tailored to the needs of insurance investment operations.
+Added: o CAMRA – CAMRA is a portfolio accounting solution tailored to the needs of insurance investment operations.
Its multi-currency, multi-instrument portfolio accounting supports complex securities, sophisticated investment strategies, multi-currency investment management, multiple-bases accounting, and global tax and regulatory processing requirements such as generally accepted accounting principles and Schedule D.
−Removed: o InnoTrust –
−Removed: InnoTrust supports the accounting and reporting needs of trust companies, banks, private banks, retirement plan administrators, and others that need to control, account for and report on assets held in trust, wealth and retirement accounts.
+Added: o InnoTrust – InnoTrust supports the accounting and reporting needs of trust companies, banks, private banks, retirement plan administrators, and others that need to control, account for and report on assets held in trust, wealth and retirement accounts.
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.
−Removed: o Genesis –
−Removed: 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.
+Added: 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
−Removed: o Eze Eclipse –
−Removed: Eze Eclipse is a cloud-native front-to-back investment management platform, designed to streamline trading operations, optimize efficiency and minimize the total cost of ownership for investment managers.
+Added: o Eze Eclipse – Eze Eclipse is a cloud-native front-to-back investment management platform, designed to streamline trading operations, optimize efficiency and minimize the total cost of ownership for investment managers.
Eze Eclipse allows our clients to trade efficiently with optimized order routing, pre-defined allocation schemes, on-the-fly allocation tools and critical data summaries effortlessly reconcile positions, cash and transactions to third parties.
−Removed: o Performance and Performance Attribution (Sylvan, Insight) –
−Removed: SS&C’s performance measurement, attribution and composite management platforms streamline the calculation and reporting of performance while enabling our clients to analyze the sources of return.
+Added: o Performance and Performance Attribution (Sylvan, Insight) – SS&C’s performance measurement, attribution and composite management platforms streamline the calculation and reporting of performance while enabling our clients to analyze the sources of return.
It supports multiple attribution methodologies, customized benchmarking and composite management.
−Removed: We provide full support for industry-mandated Global Investment Performance Standards (“GIPS”) performance reporting standards.
−Removed: o Reporting (Vision FI) –
−Removed: SS&C Vision FI (Financial Insights) is a comprehensive, end-to-end solution for designing, producing and distributing client communications.
+Added: We provide full support for industry-mandated Global Investment Performance Standards (“GIPS”) performance reporting standards.
+Added: o Reporting (Vision FI) – SS&C Vision FI (Financial Insights) is a comprehensive, end-to-end solution for designing, producing and distributing client communications.
It enables financial organizations to create high-quality reports in a matter of minutes.
In addition, the system enables our customers to deliver information to clients through their preferred channels, whether print, email or online through a customizable portal.
−Removed: o Reconciliation (Recon, Verify) –
−Removed: SS&C’s Verify is a highly scalable reconciliation and exception management system that gives our customers more control over the accounting lifecycle, including account, cash and position reconciliations.
+Added: o Reconciliation (Recon, Verify) – SS&C’s Verify is a highly scalable reconciliation and exception management system that gives our customers more control over the accounting lifecycle, including account, cash and position reconciliations.
With data translation, rules-based matching and superior investigative tools, our Recon and Verify solutions streamlines operational efficiency delivering full visibility into cash, holdings, transactions, trial balances and security masters.
• Trading Software
−Removed: o Order Management (Moxy, Eze OMS) –
−Removed: SS&C’s trade order management systems provide centralized platforms for making and managing trade order decisions quickly and confidently.
+Added: o Order Management (Moxy, Eze OMS) – SS&C’s trade order management systems provide centralized platforms for making and managing trade order decisions quickly and confidently.
The platforms have built-in connectivity between asset managers and multiple brokers, counterparties, custodians and trading venues, giving our clients control and visibility across the entire trading process, from asset allocation to settlement.
−Removed: o Execution Management (Eze EMS) –
−Removed: 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 .
+Added: o Execution Management (Eze EMS) – 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 .
• Automation Solutions
−Removed: o Blue Prism –
−Removed: 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.
+Added: 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.
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The SS&C Blue Prism team supports this process through automation specialists, pre-built automations, training and certification, and our customer support.
−Removed: o SS&C Chorus –
−Removed: Chorus is our digital process automation product suite, encompassing intelligent automation, business process management, content management, case management, outbound communications and a low code development platform.
+Added: o SS&C Chorus – Chorus is our digital process automation product suite, encompassing intelligent automation, business process management, content management, case management, outbound communications and a low code development platform.
Chorus is deployed globally in many industries, including asset management, life insurance, variable annuities, healthcare, property and casualty insurance, banking and wealth management.
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• Banking and Lending Solutions
−Removed: o EVOLV –
−Removed: EVOLV is a comprehensive, cloud-based, end-to-end accounting solution for financial institutions that integrates and automates all risk and finance processes relating to a loan portfolio, from data capture to back-end reporting and analytics.
+Added: o EVOLV – EVOLV is a comprehensive, cloud-based, end-to-end accounting solution for financial institutions that integrates and automates all risk and finance processes relating to a loan portfolio, from data capture to back-end reporting and analytics.
It streamlines loan accounting, increases efficiency, assures data integrity and strengthens compliance.
−Removed: o Precision LM –
−Removed: Precision LM is a single database application that provides comprehensive commercial loan management from initial request to final disposition.
−Removed: Precision LM manages all aspects of our clients’
−Removed: loan process, including pre-qualifying loan requests, processing applications, commitment processing, loan disposition, servicing and accounting.
+Added: o Precision LM – Precision LM is a single database application that provides comprehensive commercial loan management from initial request to final disposition.
+Added: Precision LM manages all aspects of our clients’ loan process, including pre-qualifying loan requests, processing applications, commitment processing, loan disposition, servicing and accounting.
• Research, Analytics, Risk and Training
−Removed: o Algorithmics –
−Removed: Algorithmics’
−Removed: cloud-based solutions deliver risk analytics to address the impact of business and regulatory changes.
+Added: o Algorithmics – Algorithmics’ cloud-based solutions deliver risk analytics to address the impact of business and regulatory changes.
The solutions, including counterparty credit risk, financial risk APIs, risk for insurance and work space analyzer, along with others, address market, credit and liquidity risk and capital management.
−Removed: o Tamale RMS –
−Removed: Tamale RMS is a purpose-built research management solution, enabling investment analysts and portfolio managers to organize an escalating volume of research data and apply it more effectively in due diligence.
+Added: o Tamale RMS – Tamale RMS is a purpose-built research management solution, enabling investment analysts and portfolio managers to organize an escalating volume of research data and apply it more effectively in due diligence.
It is a centralized repository for capturing, managing and sharing every piece of research received or created.
−Removed: o Research, Analytics and Consulting –
−Removed: 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.
+Added: 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.
−Removed: o Learning Institute –
−Removed: The SS&C Learning Institute is an education, training and research organization dedicated to enriching investment management professionals and those seeking careers in financial services.
−Removed: Our digital library, instructor-led classes and blended programs are used by many of the world’s leading wealth management firms, investment banks, insurance companies, hedge funds, commercial banks and other asset management companies.
+Added: o Learning Institute – The SS&C Learning Institute is an education, training and research organization dedicated to enriching investment management professionals and those seeking careers in financial services.
+Added: Our digital library, instructor-led classes and blended programs are used by many of the world’s leading wealth management firms, investment banks, insurance companies, hedge funds, commercial banks and other asset management companies.
In addition, the SS&C Learning Institute offers customized learning paths to enhance the business and finance programs of colleges and universities.
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We believe a close and active service and support relationship is vital to enhancing client satisfaction and furnishes an essential source of information regarding evolving client issues.
−Removed: We provide our larger clients with a dedicated client support team whose primary responsibility is to answer questions and provide solutions to address ongoing needs.
+Added: We provide our larger clients with a dedicated client support team whose
+Added: primary responsibility is to answer questions and provide solutions to address ongoing needs.
Direct telephone support is provided during extended business hours and additional hours are available during peak periods.
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We supplement our service and support activities with comprehensive training.
−Removed: Training options include regularly hosted classroom and online instruction, SS&C Learning Institute , and online client seminars, or “webinars,”
−Removed: that address current, often technical, issues in the financial services and healthcare industries.
+Added: Training options include regularly hosted classroom and online instruction, SS&C Learning Institute , and online client seminars, or “webinars,” that address current, often technical, issues in the financial services and healthcare industries.
We periodically make maintenance releases of licensed software available to our clients, as well as regulatory updates (generally during the fourth quarter, on a when and if available basis), to meet industry reporting obligations and other processing requirements.
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For the years ended December 31, 2023, 2022 and 2021, our research and development expenses were $473.8 million, $447.3 million and $414.9 million, respectively.
−Removed: In addition, we have made significant investments in intellectual property through our acquisitions.
+Added: In addition, we have made significant investments in intellectual property through
+Added: our acquisitions and software development.
+Added: For the years ended December 31, 2023, 2022 and 2021, we spent $194.9 million, $144.9 million and $85.3 million, respectively, on capitalized software projects.
Our research and development engineers work closely with our marketing and support personnel to ensure that product evolution reflects developments in the marketplace and trends in client requirements.
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Major competitors in this market include large custodian banks, such as State Street, BNY Mellon, Northern Trust and CITCO Group.
−Removed: 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.
+Added: 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.
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.
In the field of hedge fund and private market investor portal technology , we compete with point solutions providers, as well as full-suite providers of alternative investments software solutions, such as eFront, a Blackrock Company, and Allvue Systems.
−Removed: Key competitive factors in this market include platform functionality, interoperability with clients’
−Removed: existing systems, levels of customer support, and reach within the alternative investments community.
+Added: Key competitive factors in this market include platform functionality, interoperability with clients’ existing systems, levels of customer support, and reach within the alternative investments community.
Our strengths in this market include our technology, portfolio of complementary solutions, offerings for fund administration, professional services capabilities, customer support and large existing user-base of alternative investments professionals.
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This structure allows us to demonstrate we do not have business model or channel conflicts that drive membership to a particular channel (such as retail, mail or specialty pharmacies), nor do we compete with our health plan clients.
−Removed: Our independent model enables us to be a client’s strategic partner versus a potential competitor.
−Removed: Our competitors’
−Removed: healthcare administration and health outcomes optimization solutions are primarily based on complete replacement of a payer’s core system.
+Added: Our independent model enables us to be a client’s strategic partner versus a potential competitor.
+Added: Our competitors’ 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.
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We compete with a variety of vendors, which are generally smaller firms focused solely on the advisory market.
−Removed: Our competitors include Envestnet, Orion, Addepar, SEI’s wealth management platform and custodians such as Charles Schwab, Fidelity and Raymond James.
+Added: Our competitors include Envestnet, Orion, Addepar, SEI’s wealth management platform and custodians such as Charles Schwab, Fidelity and Raymond James.
Our strengths in this market include our premier platforms with flexible and on-demand delivery models and our complementary products and services.
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Furthermore, it may be possible for unauthorized third parties to copy portions of our products or to reverse engineer or otherwise obtain and use proprietary information, and third parties may assert ownership rights in our proprietary technology.
−Removed: For additional risks relating to our proprietary technology, please see “Risk Factors —
−Removed: Risks “Relating to Our Business”.
+Added: For additional risks relating to our proprietary technology, please see “Risk Factors — Risks “Relating to Our Business”.
If we are unable to protect our proprietary technology and other confidential information, our success and our ability to compete will be subject to various risks, such as third-party infringement claims, unauthorized use of our technology, disclosure of our proprietary information or inability to license technology from third parties.
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Our business is also subject to general risks and uncertainties that affect many other companies.
−Removed: Additional risks and uncertainties not currently
−Removed: 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.
+Added: 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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● we may be unable to adapt to rapidly changing technology and evolving industry standards and regulatory requirements;
−Removed: undetected software design defects, errors or failures, or employee errors, may result in defects, delays, loss of our clients’
−Removed: data, litigation against us and harm to our reputation and business;
+Added: ● undetected software design defects, errors or failures, or employee errors, may result in defects, delays, loss of our clients’ data, litigation against us and harm to our reputation and business;
● investment decisions with respect to cash balances, market returns or losses on investments, and limits on insurance applicable to cash balances held in bank and brokerage accounts, including those held by us and as agent on behalf of our clients, could expose us to losses of such cash balances and adversely affect revenues attributable to cash balance deposit investments;
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● our role as a fund administrator has in the past, and may in the future, expose us to claims and litigation from clients, their investors, regulators or other third-parties;
−Removed: because our platform could be used to collect and store personal information of our customers’
−Removed: employees or customers, privacy concerns could result in additional cost and liability to us or inhibit use of our platform;
−Removed: we could become subject to litigation regarding our or a third-party’s intellectual property rights or other confidential or proprietary information, which could seriously harm our business and require us to incur significant costs;
+Added: ● because our platform could be used to collect and store personal information of our customers’ employees or customers, privacy concerns could result in additional cost and liability to us or inhibit use of our platform;
+Added: ● we could become subject to litigation regarding our or a third party’s intellectual property rights or other confidential or proprietary information, which could seriously harm our business and require us to incur significant costs;
Risks Relating to Our Indebtedness
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● restrictive covenants in the agreements governing our indebtedness may restrict our ability to pursue our business strategies;
−Removed: the replacement of London Interbank Offered Rate (“LIBOR”) with an alternative reference rate may adversely affect interest expense related to our outstanding debt;
+Added: ● loans under our Credit Agreement bear interest based on SOFR, and SOFR has a limited history;
Risks Relating to Ownership of Our Common Stock
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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.
−Removed: 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
−Removed: markets, including commodity prices and currency rates.
+Added: 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.
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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(i) cause our clients or prospective clients to cancel, reduce or delay planned expenditures for our products and services;
−Removed: (ii) impair our clients’
−Removed: ability to pay for products they have purchased;
+Added: (ii) impair our clients’ ability to pay for products they have purchased;
or (iii) cause our clients to process fewer transactions through our software-enabled services, renegotiate their contracts with us, move their IT solutions in-house, switch to lower-priced solutions offered by our competitors or exit the industry.
−Removed: Fluctuations in the value of assets under our clients’
−Removed: management could also adversely affect our revenues because pricing in many of our agreements is adjusted based on assets under management.
+Added: Fluctuations in the value of assets under our clients’ management could also adversely affect our revenues because pricing in many of our agreements is adjusted based on assets under management.
We cannot predict the occurrence, timing or duration of any economic downturn, generally, or in the markets in which our businesses operate.
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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.
−Removed: In addition, any other events that adversely affect our clients’
−Removed: businesses, rates of growth or numbers of clients they serve could decrease demand for our products and services and the number of transactions we process.
−Removed: Events that could adversely affect our clients’
−Removed: businesses include decreased demand for our clients’
−Removed: products and services, adverse conditions in our clients’
−Removed: markets or adverse economic conditions generally.
+Added: For example, our interest expense was $476.3 million in 2023 compared to $312.2 million in 2022 and $205.7 million in 2021, primarily due to increases in interest rates.
+Added: In addition, any other events that adversely affect our clients’ businesses, rates of growth or numbers of clients they serve could decrease demand for our products and services and the number of transactions we process.
+Added: Events that could adversely affect our clients’ businesses include decreased demand for our clients’ products and services, adverse conditions in our clients’ markets or adverse economic conditions generally.
We may be unsuccessful in predicting the needs of changing industries and whether potential clients will accept our products or services.
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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.
−Removed: 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.
−Removed: (“CFO”).
+Added: For example, in October 2023, we consummated our acquisition of the Iress Managed Funds Administration Business.
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.
−Removed: 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.
+Added: 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.
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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These revenue sources are substantially dependent on the levels of participation and activity in the securities markets.
−Removed: The number of unique securities positions held by investors through our clients and our clients’
−Removed: customer trading volumes reflect the levels of participation and activity in the markets, which are impacted by market prices and the liquidity of the securities markets, among other factors.
+Added: The number of unique securities positions held by investors through our clients and our clients’ customer trading volumes reflect the levels of participation and activity in the markets, which are impacted by market prices and the liquidity of the securities markets, among other factors.
We could be negatively impacted by the volatile markets as certain of our fees are tied to the asset bases of our clients.
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Even in the absence of such factors, the global hedge fund industry is subject to fluctuations in assets under management that are impossible to predict or anticipate.
−Removed: These risks and trends could significantly and adversely affect some or all of our hedge fund clients, which could adversely affect our business, results of operations and financial condition.
−Removed: In addition, market forces have negatively impacted liquidity for many of the financial instruments in which hedge fund client’s trade, which, in turn, could negatively impact our ability to access independent pricing sources for valuing those instruments.
+Added: These risks and trends could significantly and adversely affect some or all of our hedge fund clients, which could adversely affect our business, results of operations and financial
+Added: In addition, market forces have negatively impacted liquidity for many of the financial instruments in which hedge fund client’s trade, which, in turn, could negatively impact our ability to access independent pricing sources for valuing those instruments.
If we are unable to retain and attract clients, our revenues and net income would remain stagnant or decline.
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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.
−Removed: Such events include IT attacks or failures, threats to physical security, sudden increases in transaction volumes, electrical or telecommunications outages, damaging weather or other acts of nature, or employee or contractor error or malfeasance.
+Added: Such events include IT attacks or failures, threats to physical
+Added: security, sudden increases in transaction volumes, electrical or telecommunications outages, damaging weather or other acts of nature, or employee or contractor error or malfeasance.
In particular, cybersecurity threats have become prevalent in our industry as well as for many firms that process information.
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.
−Removed: Such cybersecurity incidents could lead to disruptions in our systems, the unauthorized release or destruction of our or our clients’
−Removed: or other parties’
−Removed: confidential or otherwise protected information and corruption of data.
+Added: Such cybersecurity incidents could lead to disruptions in our systems, the unauthorized release or destruction of our or our clients’ or other parties’ confidential or otherwise protected information and corruption of data.
We and our service providers may not have the resources or technical sophistication to anticipate or prevent all types of attacks, and techniques used to obtain unauthorized access to or sabotage systems change frequently and may not be known until launched against us or our third-party service providers.
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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.
−Removed: If that happens, we may be exposed to significant liability, our reputation may be harmed, our clients may be dissatisfied
−Removed: and we may lose business.
+Added: 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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Historically, our revenues, profit margins and other operating results have fluctuated from period to period and over time primarily due to the timing, size and nature of our license and service transactions.
−Removed: See “Management’s Discussion and Analysis of Financial Condition and Results of Operations”
−Removed: for further discussion on fluctuations in revenues, profit margins and other operating results.
+Added: See “Management’s Discussion and Analysis of Financial Condition and Results of Operations” for further discussion on fluctuations in revenues, profit margins and other operating results.
Additional factors that may lead to such fluctuation include:
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● the financial health of our clients;
−Removed: changes in the volume of assets under our clients’
+Added: ● changes in the volume of assets under our clients’ management;
● cancellations of maintenance and/or software-enabled services arrangements by our clients;
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Catastrophic events may adversely affect our business.
−Removed: A war, terrorist attack, natural disaster, pandemic or other catastrophe may adversely affect our business.
−Removed: A catastrophic event could have a direct negative impact on us or an indirect impact on us by, for example, affecting our clients, the financial markets or the overall economy and reducing our ability to provide, our clients’
−Removed: ability to use, and the demand for, our products and services.
−Removed: 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.
+Added: A war, terrorist attack, pandemic or other catastrophe may adversely affect our business.
+Added: In addition, the effects of global climate change, resulting in increased likelihood and severity of natural disasters and extreme weather events, could disrupt our operations.
+Added: A catastrophic event could have a direct negative impact on us or an indirect impact on us by, for example, affecting our clients, the financial markets or the overall economy and reducing our ability to provide, our clients’ ability to use, and the demand for, our products and services.
The potential for a direct effect on our business operations is due primarily to our significant investment in infrastructure.
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economy and our business may be adversely affected by the general economic conditions and economic and fiscal policy in India, including changes in exchange rates and controls, interest rates and taxation policies.
−Removed: In particular, in recent years, India’s government has adopted policies that are designed to promote foreign investment, including significant tax incentives, relaxation of regulatory restrictions, liberalized import and export duties and preferential rules on foreign investment and repatriations.
+Added: In particular, in recent years, India’s government has adopted policies that are designed to promote foreign investment, including significant tax incentives, relaxation of regulatory restrictions, liberalized import and export duties and preferential rules on foreign investment and repatriations.
These policies may not continue.
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Such claims, regardless of merit, could result in expensive and time-consuming litigation, divert the attention of our personnel, and impair our intellectual property rights.
−Removed: Moreover, as a result of such claims, we may be required to redesign our products or services in a manner that is not infringing, misappropriating or otherwise violating such third-party’s intellectual property rights, which may not be technically or commercially feasible.
+Added: Moreover, as a result of such claims, we may be required to redesign our products or services in a manner that is not infringing, misappropriating or otherwise violating such third party’s intellectual property rights, which may not be technically or commercially feasible.
We may also be required to obtain a license to such intellectual property rights, which may not be available on commercially reasonable terms or at all.
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If we combine our proprietary software with open source software in a certain manner, we could, under certain open source licenses, be required to release the source code of our proprietary software to the public.
−Removed: Although we believe that we have complied with our obligations under the applicable licenses for open source software that we use, there is little or no legal precedent governing the interpretation of many of the terms of certain of these licenses.
+Added: Although we believe that we have complied with our obligations
+Added: under the applicable licenses for open source software that we use, there is little or no legal precedent governing the interpretation of many of the terms of certain of these licenses.
As a result, the potential impact of these terms is uncertain and may result in unanticipated obligations or restrictions regarding those of our products, technologies or solutions affected.
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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.
−Removed: 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
−Removed: technologies.
+Added: 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.
Our ability to keep up with technology and business and regulatory changes is subject to a number of risks, including that:
−Removed: we may find it difficult or costly to update our services and software and to develop new products and services quickly enough to meet our clients’
+Added: ● we may find it difficult or costly to update our services and software and to develop new products and services quickly enough to meet our clients’ needs;
● we may find it difficult or costly to make some features of our software work effectively and securely over the Internet or with new or changed operating systems;
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Our failure to enhance our existing products and services and to develop and introduce new products and services to promptly address the needs of our clients and a changing marketplace could adversely affect our business, results of operations and financial condition.
−Removed: Undetected software design defects, errors or failures, or employee errors, may result in defects, delays, loss of our clients’
−Removed: data, litigation against us and harm to our reputation and business.
+Added: Undetected software design defects, errors or failures, or employee errors, may result in defects, delays, loss of our clients’ data, litigation against us and harm to our reputation and business.
Our software products are highly complex and sophisticated and could contain design defects or software errors that are difficult to detect and correct.
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These product defects or errors in the product operations, or employee errors, poor performance or misconduct, could cause damages to our clients for which they may assert claims or lawsuits against us.
−Removed: The cost of defending such a lawsuit, regardless of its merit, could be substantial and could divert management’s attention and result in reputational harm.
+Added: The cost of defending such a lawsuit, regardless of its merit, could be substantial and could divert management’s attention and result in reputational harm.
In addition, if our business liability insurance coverage proves inadequate with respect to a claim or future coverage is unavailable on acceptable terms or at all, we may be liable for payment of substantial damages.
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In addition, Brexit and international trade tensions have created political and economic uncertainty and instability in global financial and foreign currency markets.
−Removed: The United Kingdom (“U.K.”) exited the European Union (“E.U.”) on January 31, 2020, and its membership in the E.U.
−Removed: single market ended on December 31, 2020 (“Brexit”).
+Added: The United Kingdom (“U.K.”) exited the European Union (“E.U.”) on January 31, 2020, and its membership in the E.U.
+Added: single market ended on December 31, 2020 (“Brexit”).
A new bilateral trade and cooperation agreement governing the future relationship between the U.K.
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Our international business is also subject to a variety of other risks, including:
−Removed: potential changes in a specific country’s or region’s political or economic climate, including the evolving situation involving Ukraine and Russia;
+Added: ● potential changes in a specific country’s or region’s political or economic climate, including the ongoing situation involving Ukraine and Russia, and the Israel-Hamas conflict;
● the need to comply with a variety of local regulations and laws, U.S.
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dollar could adversely affect our financial statements.
−Removed: See “Management’s Discussion and Analysis of Financial Condition and Results of Operations”
−Removed: for further discussion on the foreign currency translation impact on operating results and financial condition.
+Added: See “Management’s Discussion and Analysis of Financial Condition and Results of Operations” for further discussion on the foreign currency translation impact on operating results and financial condition.
We do not currently engage in material hedging activities.
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Our investments in funds and our joint ventures could decline in value.
−Removed: From time to time we add new investment strategies to our investment product offerings by providing the initial cash investments as “seed capital.”
−Removed: The seed capital investments may decline in value.
+Added: From time to time we add new investment strategies to our investment product offerings by providing the initial cash investments as “seed capital.” The seed capital investments may decline in value.
A significant decline in their value could have a material adverse effect on our financial condition or operating results.
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Our interests in such unconsolidated entities are subject to buy/sell arrangements, which could restrict our ability to sell our interests even if we were to determine it would be prudent to do so.
−Removed: These arrangements could also allow us to purchase the other owners’
−Removed: interests to prevent someone else from acquiring them and we cannot control the timing of occasions to do so.
+Added: These arrangements could also allow us to purchase the other owners’ interests to prevent someone else from acquiring them and we cannot control the timing of occasions to do so.
The businesses or other owners may encourage us to increase our investment in or make contributions to the businesses at an inopportune time.
−Removed: In addition, some of the agreements governing our joint venture arrangements include buy/sell provisions that provide a party to the arrangement with the option to purchase the other party’s interests upon such other party’s change of control at a purchase price that may be less than fair market value.
+Added: In addition, some of the agreements governing our joint venture arrangements include buy/sell provisions that provide a party to the arrangement with the option to purchase the other party’s interests upon such other party’s change of control at a purchase price that may be less than fair market value.
For instance, under the partnership agreement of IFDS L.P., in the event of a change of control of the Company, the other partner would have the option to purchase our interests in IFDS L.P.
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Our proprietary applications and related consulting and other services include the processing or clearing of financial and healthcare transactions for our clients and their customers and the design of benefit plans and compliance programs.
−Removed: The dollar amount of transactions processed or cleared is vastly in excess than the revenues we derive from providing these services.
−Removed: In the event we make transaction processing or operational errors, or mismanage any process, we could be exposed to claims for any resulting processing delays, disclosure of protected information, miscalculations, mishandling of pass-through disbursements or other processes, and failure to follow a client’s instructions or meet specifications.
−Removed: Additionally, we may be subject to claims or liability resulting from a failure of third parties (including regulatory authorities) to recognize the limitations of our role as our clients’
−Removed: agent or consultant, and we may be subject to claims or liability resulting from fraud committed by third parties.
+Added: amount of transactions processed or cleared is vastly in excess than the revenues we derive from providing these services.
+Added: In the event we make transaction processing or operational errors, or mismanage any process, we could be exposed to claims for any resulting processing delays, disclosure of protected information, miscalculations, mishandling of pass-through disbursements or other processes, and failure to follow a client’s instructions or meet specifications.
+Added: Additionally, we may be subject to claims or liability resulting from a failure of third parties (including regulatory authorities) to recognize the limitations of our role as our clients’ agent or consultant, and we may be subject to claims or liability resulting from fraud committed by third parties.
We may be exposed to the risk of counterparty breaches or failure to perform.
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New products and services we plan to offer may also be subject to regulation, either directly or as a downstream provider to customers or clients.
−Removed: Such regulations cover all aspects of our business including, but not limited to, sales and trading methods, trade practices among broker/dealers, use and safekeeping of clients’
−Removed: 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.
−Removed: Any violation of applicable regulations could expose us or those businesses to civil or criminal liability, significant fines or sanctions,
−Removed: 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.
+Added: Such regulations cover all aspects of our business including, but not limited to, sales and trading methods, trade practices among broker/dealers, use and safekeeping of clients’ 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.
+Added: 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.
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of Health and Human Services, the Office for Civil Rights and the Office of the Inspector General.
−Removed: Typically a state’s department of insurance regulates much of our healthcare business;
−Removed: however, each state’s statutes dictate such authority.
+Added: Typically a state’s department of insurance regulates much of our healthcare business;
+Added: however, each state’s statutes dictate such authority.
Any of these regulations may limit or curtail our activities, including activities that might be profitable, and changes to existing regulations, or the interpretations thereof, may affect our ability to continue to offer our existing products and services, or to offer products and services we may wish to offer in the future.
−Removed: The E.U.’s AIFMD and the U.S.
+Added: The E.U.’s AIFMD and the U.S.
Dodd-Frank Act, among other initiatives, pose significant changes to the regulatory environment in which we and our clients operate.
The impact of these regulatory changes remains uncertain.
−Removed: If we fail to comply with any applicable laws, rules or regulations, we may be subject to censure, fines or other sanctions, including revocation of our licenses and/or registrations with various regulatory agencies, criminal penalties and civil lawsuits.
−Removed: Foreign Corrupt Practices Act (“FCPA”) and anti-bribery laws in other jurisdictions, including the U.K.
−Removed: Bribery Act (“Bribery Act”), generally prohibit companies and their intermediaries from making improper payments for the purpose of obtaining or retaining business or other commercial advantage.
+Added: If we fail to comply
+Added: with any applicable laws, rules or regulations, we may be subject to censure, fines or other sanctions, including revocation of our licenses and/or registrations with various regulatory agencies, criminal penalties and civil lawsuits.
+Added: Foreign Corrupt Practices Act (“FCPA”) and anti-bribery laws in other jurisdictions, including the U.K.
+Added: Bribery Act (“Bribery Act”), generally prohibit companies and their intermediaries from making improper payments for the purpose of obtaining or retaining business or other commercial advantage.
The FCPA also imposes accounting standards and requirements on publicly traded U.S.
−Removed: corporations and their foreign affiliates which are intended to prevent the diversion of corporate funds to the payment of bribes and other improper payments, and to prevent the establishment of “off books”
−Removed: slush funds from which such improper payments can be made.
+Added: corporations and their foreign affiliates which are intended to prevent the diversion of corporate funds to the payment of bribes and other improper payments, and to prevent the establishment of “off books” slush funds from which such improper payments can be made.
We and our clients operate in a number of jurisdictions that may pose a risk of potential FCPA or Bribery Act violations.
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Demand could also decrease if we do not continue to offer products and services that help our clients comply with regulations.
−Removed: For example, our accounts in the healthcare industry are impacted by the Patient Protection and Affordable Care Act of 2010 (the “Affordable Care Act”), including the Health Insurance Marketplace.
−Removed: Changes to the Affordable Care Act have been enacted by Congress in response to the current administration’s stated agenda.
+Added: For example, our accounts in the healthcare industry are impacted by the Patient Protection and Affordable Care Act of 2010 (the “Affordable Care Act”), including the Health Insurance Marketplace.
+Added: Changes to the Affordable Care Act have been enacted by Congress in response to the current administration’s stated agenda.
In addition, we cannot predict the nature, scope or effect of future regulatory requirements to which our internal operations might be subject or the manner in which existing laws might be administered or interpreted.
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These claims or lawsuits could have an adverse effect on our business, results of operations and financial condition.
−Removed: Because our platform could be used to collect and store personal information of our customers’
−Removed: employees or customers, privacy concerns could result in additional cost and liability to us or inhibit use of our platform.
+Added: Because our platform could be used to collect and store personal information of our customers’ employees or customers, privacy concerns could result in additional cost and liability to us or inhibit use of our platform.
Personal privacy has become a significant issue in the U.S.
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Many federal, state and foreign government bodies and agencies have adopted or are considering adopting laws and regulations regarding the collection, use, disclosure, control, security and deletion of personal information.
−Removed: In the U.S., these include, without limitation, laws and regulations promulgated by states, as well as rules and regulations promulgated under the authority of the Federal Trade Commission (“FTC”) and federal financial regulatory bodies.
+Added: In the U.S., these include, without limitation, laws and regulations promulgated by states, as well as rules and regulations promulgated under the authority of the Federal Trade Commission (“FTC”) and federal financial regulatory bodies.
Additionally, the California Consumer Privacy Act of 2018, which came into effect on January 1, 2020, affords consumers expanded privacy protections.
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For instance, the E.U.
−Removed: s General Data Protection Regulation (“GDPR”) became effective in May 2018 and imposes strict requirements related to processing the personal data of E.U.
+Added: ’ s General Data Protection Regulation (“GDPR”) became effective in May 2018 and imposes strict requirements related to processing the personal data of E.U.
individuals and provides for robust regulatory enforcement and sanctions for non-compliance.
−Removed: data protection authorities will have the power to impose administrative fines for violations of the GDPR of up to a maximum of €20 million or 4% of the noncompliant company’s annual global turnover for the preceding financial year, whichever is higher, and violations of the GDPR may also lead to damages claims by data controllers and data subjects.
+Added: data protection authorities will have the power to impose administrative fines for violations of the GDPR of up to a maximum of €20 million or 4% of the noncompliant company’s annual global turnover for the preceding financial year, whichever is higher, and violations of the GDPR may also lead to damages claims by data controllers and data subjects.
Such penalties are in addition to any civil litigation claims by data controllers, data processors, customers and data subjects.
The GDPR is likely to increase our obligations, including by mandating documentation requirements and granting certain rights to individuals to inquire into how we collect, use, disclose, retain and process information about them.
−Removed: Although we are continuing to take steps to comply with applicable portions of the GDPR , the scope of many of the GDPR’s requirements remains unclear and regulatory guidance on several topics is still forthcoming.
+Added: Although we are continuing to take steps to comply with applicable portions of the GDPR , the scope of many of the GDPR’s
+Added: requirements remains unclear and regulatory guidance on several topics is still forthcoming.
Therefore, we cannot assure you that such steps will be sufficient.
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Also, privacy concerns, whether valid or not valid, may inhibit market adoption of our solutions, particularly in foreign countries.
−Removed: We could become subject to litigation regarding our or a third-party’s intellectual property rights or other confidential or proprietary information, which could seriously harm our business and require us to incur significant costs.
+Added: We could become subject to litigation regarding our or a third party’s intellectual property rights or other confidential or proprietary information, which could seriously harm our business and require us to incur significant costs.
In recent years, there has been a high incidence of litigation in the U.S.
involving patents and other intellectual property rights.
−Removed: We are from time to time a party to litigation to enforce our intellectual property rights or to protect our confidential or proprietary information, or as a result of an allegation that we infringe, misappropriate or otherwise violate a third-party’s intellectual property rights, including patents, trademarks, trade secrets and copyrights.
+Added: We are from time to time a party to litigation to enforce our intellectual property rights or to protect our confidential or proprietary information, or as a result of an allegation that we infringe, misappropriate or otherwise violate a third party’s intellectual property rights, including patents, trademarks, trade secrets and copyrights.
From time to time, we have received notices claiming our technology may infringe, misappropriate or otherwise violate third-party intellectual property rights or otherwise threatening to assert intellectual property rights.
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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.
−Removed: 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.
+Added: 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.
In addition, these claims and threats could also cause us to undertake to re-engineer our products or services which may not be technically or commercially feasible.
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We may not be able to refinance any of our indebtedness on commercially reasonable terms or at all.
−Removed: If we cannot service our indebtedness, we may have to take actions such as selling assets, seeking additional equity or reducing or delaying capital
−Removed: expenditures, strategic acquisitions, investments and joint ventures.
+Added: 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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● enter into transactions with our affiliates;
+Added: ● incur liens.
In addition, the Credit Agreement also requires us, in certain instances, to maintain compliance with specified leverage ratios.
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If the indebtedness under our Credit Agreement were to be accelerated, we cannot assure you that our assets would be sufficient to repay in full that indebtedness and our other indebtedness.
−Removed: The replacement of London Interbank Offered Rate ( “
−Removed: LIBOR ”) with an alternative reference rate may adversely affect interest expense related to our outstanding debt.
−Removed: The replacement of LIBOR with an alternative reference rate may adversely affect interest expense related to outstanding debt.
−Removed: At December 31, 2022, we had total debt of $7,129.9 million, including $5,129.1 million of variable interest rate debt and which may bear interest rates in relation to U.S.
−Removed: dollar LIBOR, depending on our selection of repayment options.
−Removed: On July 27, 2017, the Financial Conduct Authority (“FCA”) in the U.K.
−Removed: announced that it intends to stop persuading or compelling banks to submit rates for the calculation of LIBOR to the administrator of LIBOR after 2021.
−Removed: 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.
−Removed: dollar LIBOR settings after June 30, 2023.
−Removed: Accordingly, the FCA has stated that it does not intend to persuade or compel banks to submit to LIBOR after such respective dates.
−Removed: Until then, however, FCA panel banks have agreed to continue to support LIBOR.
−Removed: On December 16, 2022, the U.S.
−Removed: Federal Reserve, in conjunction with the Alternative Reference Rates Committee, a steering committee comprised of large U.S.
−Removed: 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.
−Removed: 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.
−Removed: Whether or not SOFR, or another alternative reference rate, attains market traction as a LIBOR replacement tool remains in question.
−Removed: 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.
−Removed: 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.
−Removed: See “Management’s Discussion and Analysis of Financial Condition and Results of Operations –
−Removed: Contractual Obligations –
−Removed: Senior Secured Credit Facilities”
−Removed: for additional information.
−Removed: The overall financial market may be disrupted as a result of the discontinuation, reform or replacement of LIBOR or any other benchmark rate or any uncertainty in respect thereof.
−Removed: Disruption in the financial market or the inability to renegotiate our Credit Agreement with favorable terms could have a material adverse effect on our business, results of operations and financial condition.
+Added: Loans under our Credit Agreement bear interest based on SOFR, and SOFR has a limited history.
+Added: Loans under our Credit Agreement bear interest at a rate based on the Secured Overnight Financing Rate (“SOFR”).
+Added: Previously, our Credit Agreement could bear interest at U.S dollar London Interbank Overnight (“LIBOR”) rates.
+Added: ICE Benchmark Administration, the authorized and regulated administrator of LIBOR, ended publication of the one-week and two-month LIBOR tenors on December 31, 2021, and ended publication of the remaining LIBOR tenors on June 30, 2023.
+Added: The Adjustable Interest Rate (LIBOR) Act (the “LIBOR Act”) was enacted in March 2022 to permit financing agreements that contain a LIBOR-based benchmark without adequate
+Added: “fallback provisions” to be automatically replaced by a benchmark recommended by the Federal Reserve.
+Added: In January 2023, the Federal Reserve adopted a final rule implementing the LIBOR Act that, among other things, identifies the applicable SOFR-based benchmark replacements under the LIBOR Act.
+Added: SOFR has a limited history, and the future performance of SOFR cannot be predicted based on its limited historical performance.
+Added: Prior observed patterns, if any, in the behavior of market variables and their relation to SOFR, such as correlations, may change in the future.
+Added: There could be unanticipated difficulties or disruptions with the calculation and publication of SOFR-based rates.
+Added: This could result in increased borrowing costs for SS&C.
Risks Relating to Ownership of Our Common Stock
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● additions or departures of key personnel;
−Removed: investors’
−Removed: general perception of us;
+Added: ● investors’ general perception of us;
● changes in general economic, industry and market conditions.
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Stone, our Chairman of the Board and Chief Executive Officer, beneficially owned approximately 14.1% of the outstanding shares of our common stock.
−Removed: We are party to a stockholders’
−Removed: agreement with Mr.
+Added: We are party to a stockholders’ agreement with Mr.
Stone, pursuant to which Mr.
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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.
−Removed: See “Risk factors - Risks relating to our indebtedness - Restrictive covenants in the agreements governing our indebtedness may restrict our ability to pursue our business strategies.”
−Removed: Moreover, none of the subsidiaries of SS&C Holdings are obligated to make funds available to SS&C Holdings for the payment of dividends or otherwise.
+Added: See “Risk factors - Risks relating to our indebtedness - Restrictive covenants in the agreements governing our indebtedness may restrict our ability to pursue our business strategies.” Moreover, none of the subsidiaries of SS&C Holdings are obligated to make funds available to SS&C Holdings for the payment of dividends or otherwise.
In addition, Delaware law imposes requirements that may restrict the ability of our subsidiaries, including SS&C, to pay dividends to SS&C Holdings.
2 unchanged sentences
Our management has broad discretion in the application of our cash resources.
−Removed: Accordingly, our stockholders will have to rely upon the judgment of our management with respect to our existing cash resources, with only limited information concerning management’s specific intentions.
+Added: Accordingly, our stockholders will have to rely upon the judgment of our management with respect to our existing cash resources, with only limited information concerning management’s specific intentions.
Our management may spend our cash resources in ways that our stockholders may not desire or that may not yield a favorable return.
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UNRESOLVE D STAFF COMMENTS
+Added: CYBERSECURITY
+Added: Our information security processes are designed to assess, identify and manage material risks from cybersecurity threats.
+Added: In conducting our business activities, we are entrusted with confidential information from our clients, business partners and employees.
+Added: Confidential information may include sensitive business and technical information, as well as personal information.
+Added: Our Information Security Management System (“ISMS”), based on ISO/IEC27001, is an integral part of our overall enterprise risk management system, and serves as a framework for handling cybersecurity threats and incidents, including such threats and incidents associated with our use of services by information technology suppliers.
+Added: The ISMS is operated by our Global Information Security team headed by our Global Chief Information Security Officer (“CISO”).
+Added: We maintain physical, electronic and procedural safeguards designed to guard confidential information contained within our information systems from loss, misuse, unauthorized access, disclosure, alteration or destruction.
+Added: We have layered defenses designed to protect against intrusions that could affect the confidentiality, integrity and availability of information.
+Added: We prepare for security incidents by analyzing threat intelligence, holding periodic cybersecurity incident tabletop exercises, and reviewing lessons learned on a regular basis.
+Added: Our incident management process is communicated to employees during periodic security awareness training.
+Added: Our employees are trained to report incidents, including security weaknesses, malfunctions, threats and breaches immediately to the concerned internal departments and to our information security group.
+Added: Our computer security incident response team is trained to manage incident response.
+Added: We conduct systematic and manual assessments designed to identify information security vulnerabilities, such as external party penetration tests, internal manual penetration tests, source code scanning and other techniques.
+Added: We perform information technology risk assessments on a periodic basis designed to detect risks for which controls and mitigation strategies are developed.
+Added: We engage with external experts, including cybersecurity assessors and consultants, in evaluating and testing our information systems and information security controls, enabling us to obtain specialized knowledge and insights.
+Added: We perform information technology supplier risk assessments on a periodic basis.
+Added: Information technology suppliers to SS&C that access, process or store personal information or other customer data are assessed and are also subject to periodic due diligence procedures.
+Added: Cybersecurity risk is overseen by the board of directors, with additional oversight of the relevant risk framework and controls provided by the Audit Committee.
+Added: The Audit Committee oversees our policies with respect to risk assessment and risk management generally, including guidelines and policies to govern the process by which our exposure to risk is handled.
+Added: As set forth in its charter, Audit Committee oversight includes periodic review of our information security controls and procedures and the processes and procedures for managing cybersecurity risks.
+Added: Our CISO, who reports to SS&C’s Chief Technology Officer, provides periodic updates to the Audit Committee or to the board of directors on cybersecurity matters, including risk assessments, mitigation strategies, areas of emerging risks, incidents, industry trends and other areas of importance.
+Added: Our CISO is responsible for our overall information security strategy, policy, security engineering, operations, cybersecurity threat detection and response.
+Added: Our CISO has over 20 years of industry experience, including serving in similar roles leading and overseeing cybersecurity programs at other companies.
+Added: Cybersecurity team members provide regular reports to our CISO with respect to the prevention, detection, mitigation and remediation of cybersecurity incidents, and otherwise aid our CISO in operating the ISMS.
+Added: Cybersecurity team members have relevant education, certifications, and industry experience.
+Added: We, our clients and our vendors are regularly the target of attempted cyber-attacks, and we must continuously monitor and develop our systems to protect our technology infrastructure and data from misappropriation or corruption.
+Added: Such cybersecurity incidents could lead to disruptions in our systems;
+Added: the unauthorized release or destruction of our or our clients’ or other parties’ confidential or otherwise protected information;
+Added: and corruption of data.
+Added: We regularly re-evaluate, modify and enhance our information security processes as new technologies emerge or new risks are identified.
+Added: Notwithstanding the extensive approach we take to cybersecurity, we may not be successful in preventing or mitigating a cybersecurity incident that could have a material adverse effect on us.
+Added: See “Risk factors - Risks Relating to Our Business - Our software-enabled services may be subject to disruptions, attacks or failures that could adversely affect our reputation and our business.” for more information about these risks.
We lease our corporate offices at 80 Lamberton Road, Windsor, CT 06095.
−Removed: We utilize facilities and offices in approximately 120 other locations in North America, South America, Europe, Asia, Australia and Africa.
+Added: We utilize offices in 113 other locations in North America, South America, Europe, Asia, Australia and Africa.
We lease approximately 63% of our office space as compared to owning 37% of our office space.
−Removed: We believe that our facilities are in good condition and generally suitable to meet our needs for the foreseeable future;
+Added: We believe that our offices are in good condition and generally suitable to meet our needs for the foreseeable future;
however, we will continue to seek additional space as needed to satisfy our growth.
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.