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Through a series of carefully selected acquisitions and organic growth, the breadth and depth of SS&C’s expertise in financial services and healthcare technology are unmatched.
−Removed: 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: Founded in 1986 and headquartered in Windsor, Connecticut, the Company is home to more than 26,000 employees and has 110 offices in 35 countries globally.
With more than 22,000 clients spanning the health and financial services industries, our customers’ 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’ facilities.
+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 which 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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Additionally, we provide clients with targeted, blended solutions based on a combination of software and software-enabled services.
−Removed: We believe that our software-enabled services provide superior client support and an attractive alternative to clients that do not wish to install, manage and maintain complicated financial software.
+Added: We believe our software-enabled services provide superior client support and an attractive alternative to clients that do not wish to install, manage and maintain complicated financial software.
We also serve the healthcare industry through our SS&C Health services and technology-enabled business.
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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.
−Removed: We believe that the high value-added nature of our products and services has enabled us to maintain our high revenue retention rates.
+Added: We believe the high value-added nature of our products and services has enabled us to maintain our high revenue retention rates.
We generated revenues of $5,882.0 million for the year ended December 31, 2024 as compared to revenues of $5,502.8 million for the year ended December 31, 2023.
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Our healthcare clients include individual and government sponsored health plans and healthcare providers.
−Removed: We believe that financial services and healthcare providers will increasingly turn to IT solutions, provided by an independent vendor, as a result of economic challenges and heightened regulatory requirements.
+Added: We believe financial services and healthcare providers will increasingly turn to IT solutions, provided by an independent vendor, as a result of economic challenges and heightened regulatory requirements.
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.
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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, Robotic Process Automation (“RPA”), and Generative AI, 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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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: SS&C offers a holistic approach to outsourcing as a single partner with various end solutions.
● Transformation of healthcare industry’s business model.
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New and more stringent guidelines are still evolving to satisfy quality ratings and protect revenue.
−Removed: Further changes to the healthcare industry come with the No Surprises
−Removed: 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.
−Removed: 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.
+Added: Further changes to the healthcare industry come with the No Surprises Act, requiring cost sharing of unplanned out-of-network services, the Interoperability and Prior Authorization regulation, a CMS
+Added: (“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.
+Added: These changes enforce the need for streamlined technology which is flexible and scalable, accurate and reliable analytics, cybersecurity and consumer-directed access to electronic health information.
Rapid transformation and market expectations have created an ongoing demand for industry expertise and outsourcing, presenting opportunities in the healthcare space.
Competitive Strengths
−Removed: The following are the core strengths that we believe enable us to differentiate ourselves in the markets we serve:
+Added: The following are the core strengths we believe enable us to differentiate ourselves in the markets we serve:
Enhanced capability through software ownership.
−Removed: We use our proprietary software products and infrastructure to provide our software-enabled services, strengthening our overall operating margins and providing a competitive advantage.
+Added: We use our proprietary software products and infrastructure to provide software-enabled services, strengthening our overall operating margins and providing a competitive advantage.
Our 2022 acquisition of Blue Prism enables us to deploy Blue Prism's Intelligent Automation Platform and other automation solutions to our clients and to leverage for internal use efficiencies.
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As of December 31, 2024, we had more than 23,000 development, service and support professionals with significant expertise across the industries we serve and deep working knowledge of our clients’ businesses.
−Removed: 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.
−Removed: Our products and services allow our clients to automate and integrate their front-office, middle-office and back-office functions, thus enabling straight-through processing that increases productivity and reduces costs.
+Added: We provide highly flexible, scalable and cost-effective solutions which enable our financial services clients to track complex securities, better employ sophisticated investment strategies, scale efficiently and meet evolving regulatory requirements.
+Added: Our products and services allow our clients to automate and integrate their front-office, middle-office and back-office functions, thus enabling straight-through processing in order to increase productivity and reduce costs.
We believe our product and service offerings position us as a leader within the specific verticals of the financial services software and services market in which we compete.
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Our clients include some of the largest and most well-recognized financial services firms.
−Removed: We believe that our high-quality products and superior services have led to long-term client relationships, some of which date from our earliest days of operations.
−Removed: Our strong client relationships, coupled with the fact that many of our current clients use our products for a relatively small portion of their total funds and investment vehicles under management, provide us with a significant opportunity to sell additional solutions to our existing clients and drive future revenue growth at a lower cost.
+Added: We believe our high-quality products and superior services have led to long-term client relationships, some of which date from our earliest days of operations.
+Added: Our strong client relationships, coupled with the fact many of our current clients use our products for a relatively small portion of their total funds and investment vehicles under management, provide us with a significant opportunity to sell additional solutions to our existing clients and drive future revenue growth at a lower cost.
Largest independent alternative fund administration services provider and mutual fund transfer agent.
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Our goal is to manage the infrastructure end-to-end and to limit third-party reliance outside of our control.
+Added: SS&C also offers infrastructure and managed IT services through our data centers and private cloud.
+Added: By handling end-to-end infrastructure management, we reduce reliance on external providers, enhance security, and maintain strict compliance standards.
+Added: Our managed IT services include design, deployment, maintenance, and ongoing monitoring of clients’ technology stacks.
+Added: The result is a robust, scalable, and resilient foundation which powers growth in financial services, healthcare, and beyond.
Experienced management team with strong integrating and operating track record.
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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’ most complex financial, accounting, actuarial, tax and regulatory needs.
−Removed: 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.
−Removed: Our internal product development team works closely with marketing, sales and client service personnel to ensure that product evolution reflects developments in the marketplace and trends in client requirements.
+Added: We have developed a deep knowledge base enabling us to respond to our clients’ most complex financial, accounting, actuarial, tax and regulatory needs.
+Added: 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 to address the highly specialized needs of the financial services industry.
+Added: Our internal product development team works closely with marketing, sales and client service personnel to ensure product evolution reflects developments in the marketplace and trends in client requirements.
In addition, we intend to continue to develop our products cost-effectively by leveraging common components across product families.
−Removed: 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.
+Added: As a result, we believe we enjoy a competitive advantage because we can address the needs of complex 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.
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.
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We believe we can grow our client base over time as our products become more widely adopted.
−Removed: We believe we also have an opportunity to capitalize on the increasing adoption of mission-critical outsourcing operations by financial services and healthcare providers as they continue to replace inadequate legacy solutions and custom in-house solutions that are inflexible and costly to maintain.
+Added: We believe we also have an opportunity to capitalize on the increasing adoption of mission-critical outsourcing operations by financial services and healthcare providers as they continue to replace inadequate legacy solutions and custom in-house solutions which are inflexible and costly to maintain.
We also believe we have an opportunity to expand our footprint within existing clients.
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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: 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 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.
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 67 businesses we have acquired since 1995.
−Removed: Our experienced senior management team leads a rigorous evaluation of our targets to ensure that they satisfy our product or service needs and will successfully integrate with our business while meeting our targeted financial goals.
+Added: Our experienced senior management team leads a rigorous evaluation of our targets to ensure they satisfy our product or service needs and will successfully integrate with our business while meeting our targeted financial goals.
As a result, our acquisitions have contributed marketable products or services that have added to our revenues.
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Increase profitability through margin expansion.
−Removed: We expect to drive increased margins by delivering innovative end-to-end solutions that provide significant value to customers and warrant premium pricing.
−Removed: We have a significant scale with best-in-class solutions and software-enabled services across the delivery spectrum, which, we believe, combined with a diversified service offering and client base, drives stable revenues and increased operating leverage.
+Added: We expect to drive increased margins by delivering innovative end-to-end solutions which provide significant value to customers and warrant premium pricing.
+Added: We have significant scale with best-in-class solutions and software-enabled services across the delivery spectrum, which, we believe, combined with a diversified service offering and client base, drives stable revenues and increased operating leverage.
In addition, our operating flexibility allows us to scale our costs based on client demands.
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In addition, we believe our acquisitions have been an extension of our research and development effort and have enabled us to add to our product and service offerings without incurring the uncertainties sometimes associated with software development projects.
−Removed: Since 1995, we have acquired 66 businesses within our industry.
−Removed: These acquisitions have contributed marketable products and services, which have added to our revenues and earnings.
+Added: Since 1995, we have acquired 67 businesses.
+Added: These acquisitions have contributed marketable products and services, which have increased our revenues and earnings.
We have generally been able to improve our acquired businesses’ operating performance and profitability.
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Enhanced SS&C's capacity to help customers create highly automated and efficient multi-asset, multi-currency and multi-wrapper strategies
+Added: September 2024
+Added: Battea-Class Action Services, LLC
+Added: Added expertise in in all stages of filing and processing settlement claims in connection with antitrust, securities litigation and settlement recovery services
Products and Services
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Software-enabled Services
−Removed: • SS&C GlobeOp – Named “Best Middle Office Services” by Hedgeweek and Private Equity Wire U.S.
−Removed: 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.
+Added: • SS&C GlobeOp – Ranked “#1 Largest Administrator – All” based on Convergence’s 2024 Global Fund and AUA, and winner of “Best Administrator – Relationship Management in Private Equity Administration” by Global Custodian’s 2024 Industry Leaders Awards, SS&C GlobeOp serves worldwide clientele.
+Added: Strategies include 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 $2.5 trillion in alternative assets under administration.
SS&C provides a full suite of comprehensive capabilities, including but not limited to:
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 provides similar middle- and back-office outsourcing services and application hosting to institutional asset managers, insurance companies and real estate investment trusts.
+Added: In addition, SS&C GlobeOp provides similar middle- and back-office outsourcing services and application hosting to institutional asset managers, insurance companies and real estate investment trusts.
+Added: With our recent acquisition of Battea Class Action Services, SS&C GlobeOp now offers securities class action claims and settlement recovery services to institutional investors.
• 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.
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• 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.
−Removed: SS&C supports organizations that represent more than 12 million participants and approximately 400,000 plan sponsors.
+Added: SS&C supports organizations representing more than 12 million participants and approximately 400,000 plan sponsors.
Our digital retirement solutions help financial services providers drive more efficient processes, move critical yet cumbersome procedures online, and implement a flexible platform for growth.
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The UK and Australian markets include pensions and actuarial services, superannuation and transfer value analysis.
−Removed: • 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.
−Removed: 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.
−Removed: 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.
• CRM Solutions - SS&C offers multiple Customer Relationship Manager (“CRM”) capabilities that store end client data and seamlessly integrate with our other offerings.
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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.
−Removed: • 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.
−Removed: 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 – Advent Data Solutions consists of various data offerings provided to clients in an automated manner and format.
+Added: • Managed Services – Our 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.
+Added: • Data Solutions – Data Solutions consists of a vast network supporting the automated delivery of custodial and other counterparty data, global market data, loan data, corporate actions, and more.
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.
−Removed: 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’ portfolios and provides staff with reliable transaction instructions.
−Removed: o Advent Portfolio Data extends the delivery of account-level data for reconciliation and other workflows from global custodians and counterparties.
−Removed: 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.
+Added: Using 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.
• 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.
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o Healthcare Optimization – We offer comprehensive care management, population health analytics applications and a customizable member portal to optimize client revenue.
−Removed: 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: Our integrated care management solution comprises a real-time, intuitive, and workflow-driven suite supporting clients in enhancing member outcomes and effectively managing costs.
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.
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Software license, maintenance and related
−Removed: • Portfolio/Investment Accounting and Analytics Software – 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 to help
+Added: 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.
+Added: o 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.
+Added: 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.
+Added: 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.
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.
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APX can be deployed locally as well as hosted in the cloud.
−Removed: o Axys – Axys is a turnkey portfolio management and reporting system for small to mid-size investment management organizations.
−Removed: Axys provides investment professionals with broad portfolio accounting functionality on various investment instruments, including equities, fixed income, mutual funds and cash.
−Removed: 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.
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.
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In addition, automation and integration eliminate offline workarounds and manual processes.
−Removed: 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.
−Removed: Built natively for the cloud with advanced technology, Aloha features an innovative user experience, actionable monitors, notifications and alerts infused with AI.
−Removed: 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.
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 – 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.
−Removed: Firms of all types worldwide rely on PORTIA to track day-to-day portfolio activity, with visibility across all transactions and positions.
−Removed: Its modular design and open architecture allow for high customization and easy integration with other systems.
−Removed: 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 – CAMRA is a portfolio accounting solution tailored to the needs of insurance investment operations.
−Removed: 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.
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 – 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.
−Removed: Our customizable tools also help to identify trends, analyze results and determine the best courses of action with just a few clicks .
+Added: o Genesis – Genesis is an all-new investment operations platform that provides extensive asset class and functional support across the front-, middle-, and back-office.
+Added: Built natively for the cloud with advanced technology, Genesis features an innovative user experience, actionable monitors, notifications and alerts infused with AI.
+Added: 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 .
• Portfolio Management Software
−Removed: 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.
−Removed: 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) – 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) – 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.
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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) – 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.
−Removed: 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.
+Added: o Reconciliation (Recon) – SS&C’s Recon is a highly scalable reconciliation and exception management system that give our customers more control over the accounting lifecycle, including account, cash and position reconciliations.
+Added: With data translation, rules-based matching and superior investigative tools, our Recon solution streamlines operational efficiency delivering full visibility into cash, holdings, transactions, trial balances and security masters.
• Trading Software
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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 .
+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.
+Added: 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.
+Added: o FIXLink - A FIX messaging community that provides access to a network of brokers and trading platforms.
+Added: It's designed to help capital market participants connect with other parties quickly and efficiently.
+Added: It is one of the largest and most robust FIX networks in the industry, with market participants in more than 80 countries.
• Automation Solutions
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o Algorithmics – Algorithmics’ cloud-based solutions deliver risk analytics to address the impact of business and regulatory changes.
−Removed: 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.
+Added: The solutions, including counterparty credit risk, financial risk APIs, risk for insurance and workspace analyzer, along with others, address market, credit and liquidity risk and capital management.
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.
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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
−Removed: 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 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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Sales and Marketing
−Removed: We believe a direct sales organization is essential in successfully implementing our business strategy, given the complexity and importance of the operations and information managed by our products, the extensive regulatory and reporting requirements of each industry, and the unique dynamics of each vertical market.
−Removed: Our dedicated direct sales and support personnel are located in various sales offices worldwide and routinely undergo product and sales training.
−Removed: We also use telemarketing to support sales of our real estate property management products and work through alliance partners that sell our software-enabled services to their correspondent banking clients.
−Removed: Our marketing personnel has extensive experience in marketing to the financial services and healthcare industries.
−Removed: They are responsible for identifying market trends, evaluating and developing marketing opportunities, generating client leads and providing sales support.
−Removed: In addition, our marketing activities focus on cost-effective means of reaching current and potential clients, including:
−Removed: ● Providing content-rich, periodic blogs and thought leadership targeted at clients and prospects in each of our vertical and geographic markets;
−Removed: ● publishing and distributing thought leadership white papers or articles to appropriate press outlets;
−Removed: ● hosting regular product-focused webinars;
−Removed: ● sponsoring virtual and physical seminars and events, speaking engagements and symposiums;
−Removed: ● delivering digital, integrated marketing programs.
−Removed: This strategy achieves lower marketing costs, more direct contacts with actual and potential clients, increased marketing leads, distribution of more up-to-date marketing information and an improved ability to measure marketing initiatives.
−Removed: The marketing department also supports the sales force with appropriate and relevant materials, including brochures and fact sheets, for use during the sales process.
+Added: We believe a direct sales organization is essential in successfully implementing our business strategy.
+Added: The personnel in our sales organization understand the complexity and importance of the operations and information managed by our products and the regulatory and reporting requirements of each industry.
+Added: Our dedicated direct sales and support personnel are located in offices worldwide and regularly undergo product and sales training.
+Added: Our marketing team has extensive experience in the financial services and healthcare industries.
+Added: They identify market trends and create targeted programs to engage our prospects and further develop our client relationships.
+Added: This approach minimizes costs, accelerates lead generation, delivers up-to-date market insights, and ensures measurable marketing impact.
Product Development and Engineering
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For the years ended December 31, 2024, 2023 and 2022, our research and development expenses were $517.7 million, $473.8 million and $447.3 million, respectively.
−Removed: In addition, we have made significant investments in intellectual property through
−Removed: our acquisitions and software development.
+Added: In addition, we have made significant investments in intellectual property through our acquisitions and software development.
For the years ended December 31, 2024, 2023 and 2022, we spent $194.3 million, $194.9 million and $144.9 million, respectively, on capitalized software projects.
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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.
−Removed: 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.
+Added: Our strengths in this market include our expertise, our independence, our
+Added: 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.
29 unchanged sentences
In our retirement solutions market, we compete with a variety of vendors and service providers depending on client characteristics such as size, type and functional requirements.
−Removed: Competitors in this market range from large firms whose principal businesses include providing recordkeeping services, such as Empower, Fidelity and Vanguard, to providers of specialized applications and technologies, such as FIS.
+Added: Competitors in this market range from large firms whose principal
+Added: businesses include providing recordkeeping services, such as Empower, Fidelity and Vanguard, to providers of specialized applications and technologies, such as FIS.
We also compete with outsource providers like Infosys, TCS and Wipro.
42 unchanged sentences
● 2,000 employees in finance, administration and information technology.
−Removed: Our ability to attract, train and retain highly skilled employees is critical to our success.
+Added: Our ability to attract, develop and retain highly skilled employees is critical to our success.
We value a diverse workforce and an inclusive culture made up of smart people and superb technology.
We believe strong collaboration and innovation allow us to be successful.
−Removed: We view diversity as one of our biggest strengths and advantages as a global organization.
Our employees have widely diverse cultural backgrounds and life experiences.
−Removed: With our shift to a hybrid work environment, we have access to more diverse talent than before.
+Added: We view diversity as one of our biggest strengths and advantages as a global organization.
We value individualism and distinct viewpoints and believe that we can all learn something from each other.
We are committed to being an organization that welcomes, celebrates and thrives on diversity.
+Added: We have a robust Global Mobility program that provides opportunities for cultural enrichment and knowledge share.
The breadth of our products and services, our global office network and our clientele affords opportunities for mobility and advancement within the Company for people who make a positive impact.
−Removed: We monitor and evaluate various turnover and attrition metrics throughout our management teams.
−Removed: No employee is covered by any collective bargaining agreement.
+Added: We monitor and evaluate various turnover and attrition metrics throughout our organization.
We have a well-designed rewards program, which benefits both our employees and us by ensuring the alignment of rewards with goals and expectations.
3 unchanged sentences
While specifics may vary by country, our benefits package generally includes healthcare coverage, retirement benefits, life and disability insurance, wellness and employee assistance programs, flexible leave policies, 401(k), tuition/professional reimbursement program and more.
−Removed: We embrace hybrid ways of working and encourage employees to take time off to maintain a healthy work/life balance when they need it.
+Added: We embrace a hybrid work model and encourage employees to take time off to maintain a healthy work/life balance.
In addition, we offer professional development and tuition reimbursement for degree programs and job-related coursework.
21 unchanged sentences
● our revenues may decrease due to declines in the levels of participation and activity in the securities markets;
−Removed: ● our business has become increasingly focused on the hedge fund industry, and we are subject to the variations and fluctuations of that industry;
+Added: ● we are subject to the variations and fluctuations of the asset management industry;
● if we are unable to retain and attract clients, our revenues and net income would remain stagnant or decline;
1 unchanged sentence
● we face significant competition with respect to our products and services, which may result in price reductions, reduced gross margins or loss of market share;
−Removed: ● our software-enabled services may be subject to disruptions, attacks or failures that could adversely affect our reputation and our business;
+Added: ● we face risks from cyber-attacks, breaches of digital security, IT system failures and network disruptions that could adversely affect our reputation and our business;
+Added: ● if third-party service providers on which we rely, or other third parties with which we do business or which facilitate our business activities, suffer disruptions to their IT systems, our business could be harmed;
● we expect that our operating results, including our profit margins and profitability, may fluctuate over time;
● additional tax expense or additional tax exposures could affect our future profitability;
−Removed: ● if third-party service providers on which we rely, or other third parties with which we do business or which facilitate our business activities, suffer disruptions to their IT systems, our business could be harmed;
● an increase in subaccounting services performed by brokerage firms has and will continue to adversely impact our revenues;
2 unchanged sentences
● we are dependent on our senior management and their continued performance and productivity;
−Removed: ● 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;
+Added: ● if we are unable to protect our intellectual property, proprietary technology and other confidential information, our success and 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;
● we may be unable to adapt to rapidly changing technology and evolving industry standards and regulatory requirements;
+Added: ● the development and use of machine learning and artificial intelligence presents risks and challenges that could impact our business;
● 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;
10 unchanged sentences
● 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’ 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, store, handle, transmit or otherwise process 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;
● 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.
8 unchanged sentences
● the market price of our common stock may be volatile, which could result in substantial losses for investors in our common stock;
−Removed: Stone, our Chairman of the Board and Chief Executive Officer, exerts significant control over our Company;
+Added: Stone, our Chairman of the Board and Chief Executive Officer, exerts significant influence over our Company;
● SS&C Holdings is a holding company with no operations or assets of its own and its ability to pay dividends is limited or otherwise restricted;
16 unchanged sentences
and international markets, renewed concern about the strength and sustainability of a recovery and prolonged declines in business consumer spending could materially adversely affect our business, results of operations and financial condition, and the liquidity and financial condition of our clients.
−Removed: Increases in inflation rates, and increases in interest rates by the U.S.
+Added: Changes in inflation rates, and changes in interest rates by the U.S.
Federal Reserve and central banks around the world, could result in economic volatility or uncertainty, which could adversely affect our business, financial condition, results of operations and cash flows.
−Removed: 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.
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.
5 unchanged sentences
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 October 2023, we consummated our acquisition of the Iress Managed Funds Administration Business.
+Added: For example, in September 2024, we completed our acquisition of Battea-Class Action Services, LLC (“Battea”).
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.
14 unchanged sentences
If banks and financial services firms fail or consolidate, there could be a decline in demand for our products and services.
−Removed: 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.
+Added: Failures, mergers and consolidations of banks and financial institutions reduce the number of our clients and potential clients, which
+Added: could adversely affect our revenues even if these events do not reduce the aggregate activities of the consolidated entities.
Further, if our clients fail and/or merge with or are acquired by other entities that are not our clients, or that use fewer of our products and services, they may discontinue or reduce their use of our products and services.
9 unchanged sentences
Additionally, we may be exposed to operational or other risks in connection with any systematic failures in the markets, or the default due to market-related failures of one or more counterparties with whom we transact.
−Removed: Our business has become increasingly focused on the hedge fund industry, and we are subject to the variations and fluctuations of that industry.
−Removed: Certain of our acquisitions have resulted in a higher percentage of our clients being hedge funds or funds of hedge funds.
−Removed: We derive significant revenues from asset management, administration and distribution contracts with such clients.
+Added: We are subject to the variations and fluctuations of the asset management industry.
+Added: We derive significant revenues from asset management, administration and distribution contracts with clients.
Under these contracts, the fees paid to us are based on a variety of factors, including the market value of assets under management, assets under administration and number of transactions processed.
4 unchanged sentences
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
+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 condition.
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.
26 unchanged sentences
Competition could also affect the revenue mix of products or services we provide, resulting in decreased revenues in lines of business with higher profit margins, and our business may not grow as expected and may decline.
−Removed: Our software-enabled services may be subject to disruptions, attacks or failures that could adversely affect our reputation and our business.
+Added: We face risks from cyber-attacks, breaches of digital security, IT system failures and network disruptions that could adversely affect our reputation and our business.
Our software-enabled services maintain and process confidential data and process trades and perform other back-office functions, including wiring funds, on behalf of our clients, some of which is critical to their business operations.
2 unchanged sentences
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
−Removed: security, sudden increases in transaction volumes, electrical or telecommunications outages, damaging weather or other acts of nature, or employee or contractor error or malfeasance.
−Removed: In particular, cybersecurity threats have become prevalent in our industry as well as for many firms that process information.
−Removed: 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’ or other parties’ confidential or otherwise protected information and corruption of data.
−Removed: 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.
+Added: Such events include cybersecurity attacks or IT systems 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: In particular, cybersecurity threats are evolving and increasing in frequency, prevalence and magnitude across all business types and in our industry as well as for many firms that process information.
+Added: 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, data corruption attempts, 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.
+Added: Such cybersecurity incidents could lead to disruptions in our systems, the unauthorized use, access, release or destruction of our or our clients’ or other parties’ confidential, proprietary, personal or otherwise protected information and the corruption of data.
+Added: We and our service providers may not have the resources or technical sophistication to anticipate or prevent all types of attacks.
+Added: Additionally, the 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.
In the last few years there have been many successful advanced cyber-attacks that have damaged several prominent companies in spite of strong information security measures, and we expect that the risks associated with cyber-attacks and the costs of preventing such attacks will continue to increase in the future.
We and our clients 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.
−Removed: Although we expend significant resources and oversight efforts in an attempt to ensure that we maintain appropriate safeguards with respect to cyber-attacks, there is no guarantee that our systems and procedures are adequate to protect against all security breaches.
−Removed: 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.
+Added: Although we expend significant resources and oversight efforts in an attempt to ensure that we maintain appropriate safeguards with respect to cyber-attacks, and protect against the threat of system disruptions and security breaches, there is no guarantee that our systems and procedures are adequate to protect against all security breaches.
+Added: 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, proprietary and
+Added: personal information, financial loss, harm to their reputation and significant business interruption.
If that happens, we may be exposed to significant liability, our reputation may be harmed, our clients may be dissatisfied, and we may lose business.
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.
−Removed: Given the unpredictability of the timing, nature and scope of such failures or disruptions, we could potentially experience significant costs and exposures, including production downtimes, operational delays, other detrimental impacts on our operations or ability to provide services to our customers, the compromising of confidential or otherwise protected information, misappropriation, destruction or corruption of data, security breaches, other manipulation or improper use of our systems or networks, financial losses from remedial actions, loss of business, potential liability, regulatory inquiries, enforcements, actions and fines and/or damage to our reputation, any of which could have a material adverse effect on our business, results of operations and financial condition.
+Added: Given the unpredictability of the timing, nature and scope of such attacks, breaches, failures or disruptions, we could potentially experience significant costs and exposures, including production downtimes, operational delays, other detrimental impacts on our operations or ability to provide services to our customers, the compromising of confidential, proprietary, personal or otherwise protected information, misappropriation, destruction or corruption of data, security breaches, other manipulation or improper use of our systems or networks, financial losses from remedial actions, loss of business, potential liability, regulatory inquiries, enforcements, actions and fines and/or damage to our reputation, any of which could have a material adverse effect on our business, results of operations and financial condition.
+Added: If third-party service providers on which we rely, or other third parties with which we do business or which facilitate our business activities, suffer disruptions to their IT systems, our business could be harmed.
+Added: In providing our software-enabled services to our customers, we depend upon IT infrastructure that is primarily managed by our firm, but we also depend on third-party service providers to provide some of the IT infrastructure on which we rely.
+Added: Although we seek to ensure that appropriate security and other standards are maintained by these third parties, these third parties are also subject to the risks discussed in the preceding risk factor, and there is no guarantee that they will maintain systems and procedures sufficient to protect against cyber-attacks, breaches of digital security, IT system failures and network disruptions.
+Added: In addition, the third parties with which we do business upon which we rely or which facilitate our business activities, including financial intermediaries, are susceptible to the risks described in the preceding risk factor (including regarding the third parties with which they are similarly interconnected), and our or their business operations and activities may therefore be adversely affected, perhaps materially, by failures, terminations, errors or malfeasance by, or attacks or constraints on, one or more financial, technology or infrastructure institutions or intermediaries with whom they are interconnected or conduct business.
We expect that our operating results, including our profit margins and profitability, may fluctuate over time.
17 unchanged sentences
Changes in tax laws and regulations, as well as changes in related interpretations and other tax guidance could materially impact our tax receivables and liabilities and our deferred tax assets and deferred tax liabilities.
−Removed: We routinely review and update our corporate structure and intercompany arrangements, including transfer pricing policies, consistent with applicable laws and regulations, to align with our business operations across numerous jurisdictions.
+Added: We routinely review and update our corporate structure and intercompany arrangements, including transfer pricing policies, consistent with applicable laws and regulations, to align with our business operations across
+Added: numerous jurisdictions.
Failure to align our corporate structure and intercompany arrangements with our business operations may increase our worldwide effective tax rate.
3 unchanged sentences
Our business, results of operations and financial condition may be affected by the outcome of investigations, proceedings and other contingencies that cannot be predicted with certainty.
−Removed: If third-party service providers on which we rely, or other third parties with which we do business or which facilitate our business activities, suffer disruptions to their IT systems, our business could be harmed.
−Removed: In providing our software-enabled services to our customers, we depend upon IT infrastructure that is primarily managed by our firm, but we also depend on third-party service providers to provide some of the IT infrastructure on which we rely.
−Removed: Although we seek to ensure that appropriate security and other standards are maintained by these third parties, these third parties are also subject to the risks discussed in the preceding risk factor, and there is no guarantee that they will maintain systems and procedures sufficient to protect against system failures and security breaches, including as a result of cyber-attacks.
−Removed: In addition, the third parties with which we do business or which facilitate our business activities, including financial intermediaries, are susceptible to the risks described in the preceding risk factor (including regarding the third parties with which they are similarly interconnected), and our or their business operations and activities may therefore be adversely affected, perhaps materially, by failures, terminations, errors or malfeasance by, or attacks or constraints on, one or more financial, technology or infrastructure institutions or intermediaries with whom they are interconnected or conduct business.
An increase in subaccounting services performed by brokerage firms has and will continue to adversely impact our revenues.
12 unchanged sentences
Although we maintain redundant facilities and have contingency plans in place to protect against both man-made and natural threats, it is impossible to fully anticipate and protect against all potential catastrophes.
−Removed: A computer virus, physical or cybersecurity breach, criminal act, military action, power or communication failure, flood, severe storm or the like could lead to service interruptions and data losses for clients, disruptions to our operations, or damage to important facilities.
+Added: A computer virus or other malware, physical or cybersecurity breach, criminal act, military action, power or communication failure, flood, severe storm or the like could lead to service interruptions and data losses for clients, disruptions to our operations, or damage to important facilities.
In addition, such an event may cause clients to cancel their agreements with us for our products or services.
12 unchanged sentences
We are dependent on the continued efforts of the members of our senior management.
−Removed: The loss of any of the members of our senior management may cause a significant disruption in our business, jeopardize existing customer relationships, impair our compliance efforts as a public company, and have a material adverse effect on our business objectives.
+Added: The loss of any of the members of our senior management may cause a significant disruption in our business, jeopardize existing customer relationships, impair our
+Added: compliance efforts as a public company, and have a material adverse effect on our business objectives.
We do not maintain key man life insurance policies for any senior officer or manager.
−Removed: 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.
−Removed: Our success and ability to compete depends in part upon our ability to protect our proprietary technology and other confidential information.
−Removed: We rely on a combination of patent, trade secret, copyright and trademark law, and nondisclosure agreements, license agreements and technical measures to protect our proprietary technology and other confidential information.
−Removed: We have registered trademarks for some of our products and will continue to evaluate the registration of additional trademarks as appropriate.
−Removed: We generally enter into confidentiality agreements with our employees, distributors, clients and potential clients.
+Added: If we are unable to protect our intellectual property, 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.
+Added: Our success and ability to compete depends in part upon our ability to protect our intellectual property, proprietary technology and other confidential information.
+Added: We rely on a combination of patent, trade secret, copyright and trademark law, and nondisclosure agreements, license agreements and technical measures to protect our intellectual property, proprietary technology and other confidential information.
+Added: We have registered trademarks, service marks, domain names, and logos for some of our products and will continue to evaluate the registration of additional trademarks, service marks, domain names, and logos as appropriate.
+Added: We generally enter into confidentiality agreements or intellectual property assignment agreements with our employees, partners, independent contractors, consultants, distributors, clients and potential clients or other third parties that have or may have had access to our trade secrets or other proprietary or confidential information, or developed intellectual property on our behalf.
However, these efforts may be insufficient to prevent those parties or others from infringing, misappropriating, violating or asserting rights in our intellectual property, confidential information or other technology and our proprietary technology and confidential information may be subject to embezzlement, theft, or other similar illegal behavior by our employees or third parties.
−Removed: In addition, our employees, distributors, clients and potential clients may breach our confidentiality agreements and we may not have adequate remedies for any such breach.
+Added: In addition, our employees, partners, independent contacts, consultants, distributors, clients and potential clients may breach our confidentiality agreements and we may not have adequate remedies for any such breach.
Furthermore, unauthorized third parties may seek to copy portions of our products or to reverse engineer or otherwise obtain and use our proprietary information.
−Removed: If a third party were to gain unauthorized access to or independently develop the confidential or proprietary information we possess, we could suffer a loss of revenues, we could experience an adverse impact on our competitive position, and our relationships with our clients and our reputation could be materially adversely effected.
+Added: If a third party were to gain unauthorized access to or independently develop the confidential or proprietary information we possess, we could suffer a loss of revenues, we could experience an adverse impact on our competitive position, and our relationships with our clients and our reputation could be materially adversely affected.
Existing patent and copyright laws afford only limited protection.
3 unchanged sentences
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.
−Removed: 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.
+Added: An adverse determination in any intellectual property claim could require us to pay damages (compensatory or punitive) and/or temporarily or permanently stop using our technologies, trademarks, copyrighted works and other material found to be in violation of another party’s rights and could prevent us from licensing our technologies to others unless we enter into royalty or licensing arrangements with the prevailing party or are able to redesign our product offerings, services or processes to avoid infringing, misappropriating or otherwise violating such third party’s intellectual property rights, which may not be technically or commercially feasible.
Any of the foregoing could have a material adverse effect on our business, results of operation, and financial condition.
−Removed: We incorporate open source software into a limited number of our software products.
−Removed: We monitor our use of open source software in an effort to avoid subjecting our products to unfavorable conditions or conditions we do not intend.
+Added: We use open source software in connection with a limited number of our software products.
+Added: We monitor our use of open source software in an effort to avoid subjecting our products to unfavorable conditions or conditions that we do not intend, including the requirement to disclose our proprietary source code.
+Added: However, such a use could inadvertently occur or could be claimed to have occurred, in part because open source license terms can be ambiguous.
Some open source licenses require that source code subject to the license be disclosed to third parties, grant such third parties the right to modify and redistribute that source code and a requirement that the source code for any software derived from it be disclosed.
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
−Removed: 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 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.
+Added: Additionally, we could face claims from third parties claiming ownership of, or demanding the release of, any open source software or derivative works that we have developed using such software, which could include proprietary source code, or otherwise seeking to enforce the terms of the applicable open source license.
+Added: These claims could result in litigation and could require us to make our software source code freely available, purchase a costly license, or cease offering our platform unless and until we can re-engineer such source code in a manner that avoids infringement.
+Added: This re-engineering process could require us to expend significant additional research and development resources, and we may not be able to complete the re-engineering process successfully.
+Added: In addition to risks related to license requirements, use of certain open source software can lead to greater risks than use of third-party commercial software, as open source licensors generally do not provide support, warranties, indemnification, or other contractual protection regarding infringement claims or the quality of the code.
We have acquired and may acquire important technology rights through our acquisitions and have often incorporated and may incorporate features of these technologies across many of our products and services.
13 unchanged sentences
● we may find it difficult or costly to update our software and services to keep pace with business, evolving industry standards, regulatory requirements and other developments in the industries in which our clients operate;
−Removed: ● we may be exposed to liability for security breaches that allow unauthorized persons to gain access to confidential information stored on our computers or transmitted over our network.
+Added: ● we may be exposed to liability for security breaches that allow unauthorized persons to gain access to confidential, proprietary or personal information stored on our computers or transmitted over our network.
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.
+Added: The development and use of machine learning and artificial intelligence presents risks and challenges that could impact our business.
+Added: We develop and incorporate machine learning and AI technology (collectively “AI”) in certain of our products, services and operations.
+Added: Issues related to AI may result in reputational harm, liability, increased costs, or other material adverse consequences to our business.
+Added: AI may produce inaccurate, insufficient or false outputs, and outputs with unintended biases.
+Added: Our AI algorithms and training methodologies may contain errors, biases or other flaws, or be limited by regulatory or contractual restrictions on using data to train our models.
+Added: Our AI offerings may fail to win market adoption for various reasons.
+Added: We face significant competition from other companies who may develop or deploy AI faster, at lower cost, or more effectively than we do.
+Added: In addition, third parties may deploy AI technologies in a manner that reduces customer demand for our products and services.
+Added: There may be legal uncertainty around the protectability of AI-generated works, which may limit our ability to obtain exclusive intellectual property rights in our products and innovations.
+Added: Further, the data we use to train AI may contain protected information, including personal data, or information belonging to third parties, for which we have insufficient rights.
+Added: Our use of AI may result in exposure to claims by third parties of copyright infringement or other intellectual property misappropriation, which may require us to pay compensation or license fees to third parties.
+Added: Vendors who provide AI technology to us, and who utilize AI technology to provide other products and services to us, and their vendors, may not meet existing or rapidly evolving regulatory or industry standards for privacy and data protection, and level of service and experience.
+Added: If we, our vendors, or our or their third-party partners experience an actual or perceived breach of privacy or a security incident involving the use of AI, we may lose valuable intellectual property and confidential information, and our reputation could be harmed.
+Added: Malicious actors around the world may use AI for cyberattacks, data theft, and other harmful activities, including AI-powered automated attacks targeting our systems or employees and resulting in the theft and misuse of personal information, confidential information, and intellectual property.
+Added: AI-generated disinformation could also be used to damage our brand or manipulate market perception of our company.
+Added: The regulatory landscape surrounding AI is evolving and uncertain.
+Added: AI regulations are emerging globally, including in the European Economic Area and other jurisdictions in which we operate.
+Added: These regulations may not be consistent across jurisdictions and will be subject to change and evolving interpretations.
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.
17 unchanged sentences
We sell certain of our products primarily outside the U.S.
−Removed: 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”).
−Removed: A new bilateral trade and cooperation agreement governing the future relationship between the U.K.
−Removed: was announced on December 24, 2020 and formally approved by the 27 member states of the E.U.
−Removed: on December 29, 2020.
−Removed: In March 2021, the U.K.
−Removed: agreed on a framework for voluntary regulatory cooperation and dialogue on financial services issues in a memorandum of understanding.
−Removed: While these events provide some clarity regarding the future relationship between the U.K.
+Added: In addition, international trade tensions have created political and economic uncertainty and instability in global financial and foreign currency markets.
+Added: While Brexit events provide some clarity regarding the future relationship between the U.K.
and the E.U., there remains uncertainty, which may adversely affect our operations and financial results, as we generated approximately $673.4 million, $638.6 million and $573.1 million in revenues from the U.K.
1 unchanged sentence
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 ongoing situation involving Ukraine and Russia, and the Israel-Hamas conflict;
+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 conflict in the Middle-East;
● the need to comply with a variety of local regulations and laws, U.S.
−Removed: export controls, the FCPA and the Bribery Act;
+Added: export controls, the U.S.
+Added: Foreign Corrupt Practices Act
+Added: (“FCPA”) and the U.K.
+Added: Bribery Act (“Bribery Act”);
+Added: ● global trade issues and uncertainties arising from geopolitical tensions, governmental policy changes, and other factors;
● potential expropriation of assets by foreign governments;
2 unchanged sentences
● application of discriminatory fiscal policies;
−Removed: ● potential changes in tax laws and the interpretation of such laws;
+Added: ● potential changes in tax laws and the interpretation and application of such laws;
● potential difficulty enforcing third-party contractual obligations and intellectual property rights.
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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’ 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
+Added: 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.
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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: amount of transactions processed or cleared is vastly in excess than the revenues we derive from providing these services.
+Added: The dollar amount of transactions processed or cleared is vastly in excess than the revenues we derive from providing these services.
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.
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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.
−Removed: As a result, our relationships with our clients may subject us to increased scrutiny from a number of regulators, including the Federal Financial Institutions Examination Council (and its constituent members, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the National Credit Union Administration, the Office of the Comptroller of the Currency and the Consumer Financial Protection Bureau), Australian Securities & Investments Commission, Bermuda Monetary Authority, British Virgin Islands Financial Services Commission, Centrale Bank van Curacao en Sint Maarten, Commodity Futures Trading Commission, Federal Trade Commission, Cayman Islands Monetary Authority, Luxembourg Commission de Surveillance du Secteur Financier, Financial Industry Regulatory Authority, U.K.
−Removed: Financial Conduct Authority, Central Bank of Ireland, National Futures Association, Guernsey Financial Services Commission, Jersey Financial Services Commission, Ontario Securities Commission, U.S.
−Removed: Securities and Exchange Commission, Securities Commission of the Bahamas, State Departments of Insurance through Third Party Administrator licenses, U.S.
−Removed: Department of Health & Human Services, U.S.
−Removed: Center for Medicare & Medicaid Services, U.S.
−Removed: Department of Defense, U.S.
−Removed: Office of Inspector General, U.S.
−Removed: Office of Civil Rights, U.S.
−Removed: Treasury Department and other government entities that regulate the financial services, hedge fund and hedge fund services industry in the U.S., the U.K.
+Added: As a result, our relationships with our clients may subject us to increased scrutiny from a
+Added: number of regulators and government entities that regulate the financial services industry in the U.S., the U.K.
and the other jurisdictions in which we operate.
As a result of the changes in the global economy and the turmoil in global financial markets in recent years, the risk of additional government regulation has increased.
−Removed: In addition, the final outcome of negotiations between the U.K.
−Removed: relating to Brexit remains uncertain.
−Removed: withdrew from the E.U.
−Removed: on January 31, 2020, and the transition period ended on December 31, 2020.
−Removed: While a new bilateral trade and cooperation deal governing the future relationship between the U.K.
−Removed: was formally approved by the 27 member states of the E.U.
−Removed: on December 29, 2020, and the U.K.
−Removed: agreed on a framework for voluntary regulatory cooperation and dialogue on financial services issues in March 2021.
−Removed: The impact of potential changes on the U.K.
−Removed: regulatory regime remains uncertain.
Moreover, our healthcare business is subject to evolving and increasing federal and state regulation.
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The impact of these regulatory changes remains uncertain.
−Removed: If we fail to comply
−Removed: 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 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: The FCPA and anti-bribery laws in other jurisdictions, including the 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.
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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.
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’ 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, store, handle, transmit or otherwise process 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.
and in many other countries where we offer our solutions or may offer them in the future.
−Removed: The regulatory framework for privacy issues worldwide is currently evolving, is not uniform and is likely to remain uncertain for the foreseeable future.
−Removed: 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.
+Added: The global data protection landscape is rapidly evolving, is not uniform and is likely to remain uncertain for the foreseeable future, and there has been an increasing focus on data privacy and protection issues with the potential to affect our business.
+Added: 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 and other processing of personal information.
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.
−Removed: Additionally, the California Consumer Privacy Act of 2018, which came into effect on January 1, 2020, affords consumers expanded privacy protections.
−Removed: There may be additional amendments to this legislation, and it remains unclear what, if any, modification will be made to this legislation or how it will be interpreted.
−Removed: The effects of this legislation potentially are far-reaching, however, and may require us to modify our data processing practices and policies and to incur costs to comply.
−Removed: Internationally, most of the jurisdictions in which we operate have established their own data security and privacy legal frameworks, many of which are broader in scope, more restrictive and impose greater obligations on us and our customers.
−Removed: 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.
−Removed: 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.
−Removed: Such penalties are in addition to any civil litigation claims by data controllers, data processors, customers and data subjects.
−Removed: 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
−Removed: requirements remains unclear and regulatory guidance on several topics is still forthcoming.
−Removed: Therefore, we cannot assure you that such steps will be sufficient.
−Removed: Moreover, Brexit has led and could continue to lead to additional compliance costs.
−Removed: As of January 1, 2021, upon the expiry of temporary arrangements between the U.K.
−Removed: and the E.U., data processing in the U.K.
−Removed: is governed by a U.K.
−Removed: version of the GDPR, thereby exposing us to two parallel regulatory regimes, each of which authorizes similar fines and other potentially divergent enforcement actions for certain violations.
−Removed: On June 28, 2021, the European Commission adopted an adequacy decision for the U.K., allowing for a somewhat free exchange of personal information between the E.U.
+Added: In certain circumstances in the U.S., we are also subject to the federal Gramm-Leach-Bliley Act (“GLBA”), which, among other things, requires certain of our businesses, including, without limitation, broker-dealers, transfer agents, and registered investment advisers, to maintain written policies and procedures to protect certain non-public personal information of individuals who are clients of certain of our financial
+Added: institution customers, to notify such individuals if certain of their sensitive non-public personal information has been accessed or used without authorization, and to take reasonable measures to protect against unauthorized access to or use of certain non-public personal information of individuals who are clients of certain of our financial institution customers in connection with its disposal.
+Added: In certain circumstances in the U.S., we are subject to the U.S.
+Added: Health Insurance Portability and Accountability Act of 1996 (“HIPAA”), which governs the use and disclosure of protected health information of individuals who are clients of or otherwise serviced by certain of our healthcare industry customers.
+Added: In the U.S., new or evolving laws and regulations governing data privacy and the use and disclosure of non-public, confidential or protected personal information, including the California Consumer Privacy Act, as amended by the California Privacy Rights Act (collectively, “CCPA”), State biometric laws, and other emerging U.S.
+Added: state privacy laws, pose increasingly complex compliance challenges and could potentially elevate our compliance risks and costs.
+Added: Internationally, most of the jurisdictions in which we operate have established their own data security and privacy legal frameworks, many of which are broader in scope, more restrictive and impose greater obligations on us and our customers than in the U.S., including, without limitation, the E.U.
+Added: ’ s General Data Protection Regulation (“GDPR”) which imposes strict privacy and data security requirements and provides for robust regulatory enforcement and sanctions for non-compliance.
+Added: The GDPR also imposes strict rules on the transfer of personal data to countries outside of the European Economic Area (“EEA”), including the United States, in respect of which the European Commission or other relevant regulatory body has not issued a so called ‘adequacy decision,’ unless the parties to the transfer have implemented specific safeguards to protect the transferred personal data.
+Added: Recent legal developments in Europe have created complexity, uncertainty and risk regarding such transfers, in particular in relation to transfers to the United States.
+Added: Moreover, following Brexit, the GDPR was transposed into UK law (“UK GDPR”) as supplemented by the UK Data Protection Act 2018, which currently imposes the same obligations as the GDPR in most material respects.
+Added: However, the UK GDPR will not automatically incorporate changes made to the GDPR going forward (which would need to be specifically incorporated by the UK Government), which creates a risk of divergent parallel regimes and related uncertainty and compliance risk.
+Added: We cannot predict how the UK GDPR and other UK privacy and data security laws, rules or regulations may develop, including as compared to the GDPR, nor can we predict the effects of divergent laws and related guidance.
+Added: Moreover, we face similar issues and risks of compliance with divergent data privacy laws in India, Thailand, Brazil, China, and other countries in which we operate.
+Added: Additionally, many statutory requirements, both in the U.S.
+Added: and abroad, include obligations for companies to notify individuals of data breaches involving certain personal information.
+Added: For example, certain federal laws and laws in all 50 U.S.
+Added: states require certain businesses to provide notice to consumers whose personal information has been disclosed as a result of a data breach.
+Added: These laws are not consistent, and compliance with such state laws and applicable U.S.
+Added: federal laws in the event of a widespread data breach is difficult and may be costly.
+Added: Moreover, states and U.S.
+Added: regulatory agencies frequently amend existing laws, requiring attention to changing state and federal regulatory requirements.
+Added: We also may be contractually required to notify consumers or other third parties of a security breach.
In addition to government regulation, privacy advocacy and industry groups may propose new and different self-regulatory standards that either legally or contractually apply to us.
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If so, in addition to the possibility of fines, lawsuits and other claims, each of which may be material, we could be required to fundamentally change our business activities and practices or modify our solutions, which could have an adverse effect on our business.
−Removed: Any inability to adequately address privacy or data protection-related concerns, even if unfounded, or comply with applicable privacy or data protection-related laws, regulations and policies, could result in additional cost and liability to us, damage our reputation, inhibit sales and harm our business.
−Removed: Furthermore, the costs of compliance with, and other burdens imposed by, the laws, regulations, standards and policies that are applicable to the businesses of our customers may limit the use and adoption of, and reduce the overall demand for, our solutions.
+Added: Any inability to adequately address privacy or data protection-related concerns, even if unfounded, or comply with applicable privacy or data protection-related industry standards, laws, rules, regulations, policies and other obligations, could result in additional cost and liability to us, damage our reputation, inhibit sales and harm our business.
+Added: Furthermore, the costs of compliance with, and other burdens imposed by, the industry standards, laws, regulations, policies and other obligations that are applicable to us and the businesses of our customers may limit the use and adoption of, and reduce the overall demand for, our solutions.
Also, privacy concerns, whether valid or not valid, may inhibit market adoption of our solutions, particularly in foreign countries.
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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 also may be contractually required to defend and indemnify our clients against third-party infringement claims related to our intellectual property.
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.
These claims and any resulting lawsuit, if successful, could subject us to significant liability for damages and our intellectual property rights being reduced, narrowed or held unenforceable or invalid.
−Removed: 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: These lawsuits,
+Added: 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.
+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, or incur substantial costs to develop non-infringing intellectual property to make it or our related products or services available under contracts with our customers.
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.
35 unchanged sentences
● incur liens.
−Removed: In addition, the Credit Agreement also requires us, in certain instances, to maintain compliance with specified leverage ratios.
+Added: In addition, the Credit Agreement also requires us to maintain a specified leverage ratio.
Our ability to comply with these provisions may be affected by events beyond our control, and these provisions could limit our ability to plan for or react to market conditions, meet capital needs or otherwise conduct our business activities and plans.
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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.
−Removed: 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
−Removed: “fallback provisions” to be automatically replaced by a benchmark recommended by the Federal Reserve.
−Removed: 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.
SOFR has a limited history, and the future performance of SOFR cannot be predicted based on its limited historical performance.
26 unchanged sentences
If any of the foregoing occurs, it could cause our stock price to fall and may expose us to class action lawsuits that, even if unsuccessful, could be costly to defend and a distraction to management.
−Removed: Stone, our Chairman of the Board and Chief Executive Officer, exerts significant control over our Company.
+Added: Stone, our Chairman of the Board and Chief Executive Officer, exerts significant influence over our Company.
As of February 19, 2025, William C.
34 unchanged sentences
In conducting our business activities, we are entrusted with confidential information from our clients, business partners and employees.
−Removed: Confidential information may include sensitive business and technical information, as well as personal information.
+Added: Confidential information may include sensitive business, proprietary and technical information, as well as personal information.
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.
The ISMS is operated by our Global Information Security team headed by our Global Chief Information Security Officer (“CISO”).
−Removed: 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 maintain physical, electronic and procedural safeguards designed to guard confidential and proprietary information contained within our information systems from loss, misuse, unauthorized access, disclosure, alteration or destruction.
We have layered defenses designed to protect against intrusions that could affect the confidentiality, integrity and availability of information.
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We perform information technology supplier risk assessments on a periodic basis.
−Removed: 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: Information technology suppliers to SS&C that access, handle, transmit, process or store personal information or other customer data on our behalf are assessed and are also subject to periodic due diligence procedures.
Cybersecurity risk is overseen by the board of directors, with additional oversight of the relevant risk framework and controls provided by the Audit Committee.
4 unchanged sentences
Our CISO has over 20 years of industry experience, including serving in similar roles leading and overseeing cybersecurity programs at other companies.
−Removed: 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.
−Removed: Cybersecurity team members have relevant education, certifications, and industry experience.
+Added: Global Information Security 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: Global Information Security team members have relevant education, certifications, and industry experience.
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.
−Removed: Such cybersecurity incidents could lead to disruptions in our systems;
+Added: Such cybersecurity
+Added: 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;
1 unchanged sentence
We regularly re-evaluate, modify and enhance our information security processes as new technologies emerge or new risks are identified.
+Added: In 2024, we did not identify any cybersecurity threats that have materially affected or are reasonably likely to materially affect our business, operating results, cash flows or financial condition.
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.
−Removed: 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.
+Added: See “Risk factors - Risks Relating to Our Business - We face risks from cyber-attacks, breaches of digital security, IT system failures and network disruptions 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.
4 unchanged sentences
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.