What changed in this filing

/stocks — the workspaceLOADING

Item 1. Business

2026-02-26 compared with 2025-03-03 · 249 added, 232 removed, 894 unchanged (35% of the section changed)

SS&C Technologies Holdings, Inc.

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

SS&C’s unique business model combines end-to-end expertise across financial services operations with software and solutions to service even the most demanding customers in the financial services and healthcare industries.

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

SS&C’s unique business model combines end-to-end expertise across financial services operations with software and solutions to deliver value to customers of any size, scale, or complexity in the financial services and healthcare industries.

SS&C owns and operates the full technology stack across securities accounting, front-to-back-office operations, performance and risk analytics, regulatory reporting and healthcare information processes.

SS&C’s trusted and proven technology delivers an unparalleled level of scalable capabilities for the most complex portfolios, the most sophisticated strategies, and the highest volumes of transactions.

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

Founded in 1986 and headquartered in Windsor, Connecticut, the Company is home to more than 26,000 employees and has 110 offices in 35 countries globally.

Through a series of carefully selected acquisitions, lift outs, and focused research and development, the breadth and depth of SS&C’s expertise in financial services and healthcare technology are unmatched.

Founded in 1986 and headquartered in Windsor, Connecticut, the Company is home to more than 28,000 employees and has more than 100 offices in 35 countries globally.

With more than 23,000 clients spanning the health and financial services industries, our customers’ needs and requirements are always at the forefront of our strategy.

2 unchanged sentences

For example, we utilize our software to deliver comprehensive fund administration services to alternative and traditional asset managers, including fund manager services, transfer agency services, funds-of-funds services, tax processing and accounting.

We offer clients the flexibility to choose from multiple software delivery options, including on premise applications and hosted, multi-tenant or dedicated applications.

We offer clients the flexibility to choose from multiple software delivery options, including on-premise, cloud-based or hosted applications, as well as multi-tenant or dedicated applications.

Additionally, we provide clients with targeted, blended solutions based on a combination of software and software-enabled services.

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.

The core purpose of our health business is to enable our clients to provide better healthcare to their members.

With a demonstrated commitment to invest and innovate, our solutions include pharmacy and medical claims processing, clinical programs, population health analytics, digital workers and member engagement, all delivered in a cloud-enabled, cost-efficient service model at scale.

SS&C Health targets health plans and pharmacy benefit managers, specifically, those catering to government-funded member segments and those seeking a flexible and scalable alternative to larger integrated vendors.

As a comprehensive health partner, our range of solutions spans across health plan operations.

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

These solutions enable us to effectively meet the needs of a wide-ranging population of payer clients across all market segments .

SS&C operates the Intralinks business, a leading provider of secure virtual data room solutions that support mergers and acquisitions, capital raising, investor reporting, and other strategic transactions.

In addition, our 2022 acquisition of Blue Prism enables us to deploy intelligent automation and robotic process automation (“RPA”), including artificial intelligence (“AI”) driven and agentic solutions, to improve the efficiency of our own operations and help clients modernize workflows across financial services and healthcare.

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

The mission of SS&C Health is to help our clients deliver a better healthcare experience.

SS&C Health offerings include pharmacy and medical claims processing, clinical and care management programs, population health analytics, digital workforce solutions, and member engagement capabilities.

These solutions are delivered through a scalable, cloud-enabled, and cost-efficient operating model.

SS&C Health primarily serves health plans and pharmacy benefit managers, with a particular focus on organizations supporting government-sponsored programs and those seeking a flexible, high-performance alternative to large, fully integrated vendors.

As a comprehensive partner to payers, SS&C Health provides solutions across the health plan operating lifecycle, including core claims platforms, operational software, and value-added applications for risk adjustment quality management.

Together, these capabilities enable us to address the needs of a diverse payer client base across all major market segments.

Our business model is characterized by high revenue retention rates and significant cash flow.

3 unchanged sentences

Maintenance services are generally provided under annually renewable contracts.

Pricing in our software-enabled services businesses scales based on several factors which can include our clients’ assets under management, the complexity of asset classes managed, the number of accounts serviced, the volume of transactions, trading volume, medical claims and pharmacy claims volume and the level of service the client requires.

We have experienced average revenue retention rates in each of the last five years of greater than 95% on our software-enabled services and maintenance and term licenses contracts for our core enterprise products.

Pricing in our software-enabled services businesses scales based on several factors which can include our clients’ assets under management, the complexity of asset classes managed, the number of accounts serviced, the volume of transactions, number of medical claims, the volume of pharmacy claims and the extent and scale of service the client requires.

We have experienced average revenue retention rates in each of the last five years of greater than 95% on our software-enabled services and maintenance and term

licenses contracts for our core enterprise products.

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 $6,272.2 million for the year ended December 31, 2025 as compared to revenues of $5,882.0 million for the year ended December 31, 2024.

In 2024, we generated 73% of our revenues from clients in North America and 27% from clients outside North America.

In 2025, we generated 67% of our revenues from clients in the United States and 33% from clients outside the United States.

Our revenues are highly diversified, with our largest client in 2025 accounting for less than 5% of our revenues.

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

We serve a number of vertical markets within the financial services and healthcare industries.

We serve a number of vertical markets within the financial services and healthcare industries – the primary industries in which we operate.

Our financial services clients include alternative investment funds, investment management firms, institutional and retail asset managers, insurance companies, registered investment advisors (“RIAs”), wealth managers, banks and brokerage firms.

Our healthcare clients include individual and government sponsored health plans and healthcare providers.

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.

We believe financial services and healthcare providers will increasingly turn to IT solutions, inclusive of automated, agentic and AI, 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.

Healthcare providers are looking to improve their customers’ experience through better access to data and an enhanced user interface.

Healthcare providers are looking to improve their customers’ experiences through better access to data and an enhanced user interface.

As a result, we believe these industries will continue to invest in IT and outsourcing solutions.

1 unchanged sentence

The demand for our products and services comes from a number of distinct sources:

new formations in asset and wealth management and healthcare, new business lines and combinations of business lines at existing clients, replacement of legacy in-house operations and competitor systems and expansion of our existing client relationships.

new formations in asset and wealth management and healthcare, new business lines and combinations of business lines at existing clients, objectives to leverage technology to increase operational efficiency, merger and acquisition activity, replacement of legacy in-house operations and competitor systems and expansion of our existing client relationships.

Underlying these demand drivers are several industry trends, including:

● Diversification of business lines, product proliferation and complexity.

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

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

As investment managers look to grow through diversified offerings (alternative assets, real assets, and private equity) in global markets, they require technology investments and servicing partners with the depth, experience, and flexibility to deliver a return on their investment for different types of businesses models.

Our scalable solutions allow clients to focus on growth, diversification, and other strategic business imperatives.

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

3 unchanged sentences

Our clients rely on us to navigate new requirements and facilitate compliance in today’s dynamic and evolving regulatory environment.

We are uniquely positioned in our ability to interpret regulations and impact to clients and to implement technology solutions.

We expect regulatory changes to increase the complexity of compliance and the demand for our products and services and motivate clients to develop systems infrastructure and research management processes to comply with regulatory requirements.

● Focus on digital transformation .

We are uniquely positioned to interpret regulations and impact on clients, enabling the implementation of technology solutions.

We expect regulatory changes to increase the complexity of compliance and the demand for our products and services.

● Focus on digital transformation with Artificial Intelligence.

Evaluating the implications of new technologies is a challenge for our clients.

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

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

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

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

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.

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

In addition, new technology incorporating AI, including agentic AI, is gaining traction, including within the financial services and healthcare industries.

These next generation tools are driving digital transformation, with significant investments being made in AI-powered solutions to improve customer experience, reduce costs, and enhance operational efficiency.

In financial services, intelligent automation and agentic AI are being used, for example, to enhance risk management, optimize loan and credit processing, and provide personalized customer support, while in healthcare, these technologies are being used, for example, to improve clinical decision support, enhance patient engagement, and triage medical imaging appointments.

However, the increasing autonomy of AI systems also raises important questions about accountability, transparency, and potential risks.

Our Blue Prism services-led Agent Solutions offer domain-specific, production-tested and outcome-focused AI agents to fit specific business needs.

We have also adopted our own automation technology across SS&C operations, which is our Customer Zero program, meaning our solutions are tested in real-world use cases with tangible, proven outcomes.

Learning from our deployment of these technologies helps our customers fast-track their own AI programs.

SS&C has also developed AI Gateway, our enterprise-grade governance platform that accelerates the safe integration of AI into complex business processes.

Unlike some public large language model (“LLM”) solutions, AI Gateway is a vertically integrated stack that keeps data fully

protected, enabling organizations to scale AI with confidence.

● Increased demands for transparency, efficiency and risk management in financial services .

2 unchanged sentences

On the wealth management and advisory sides of our business, we have further evolved the relationship between the end client and a firm, with investors demanding transparency and a customized client experience.

In addition, we expect wealth managers to become familiar with their clients’ preferences for account access and communication and cater to them.

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

In addition, we expect wealth managers to continue addressing their clients’ preferences for transparency and communication.

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

● Accelerated adoption of outsourcing and cloud-based solutions.

2 unchanged sentences

SS&C offers a holistic approach to outsourcing as a single partner with various end solutions.

● Transformation of healthcare industry’s business model.

The National Committee for Quality Assurance, Centers for Medicare & Medicaid Services and state regulations around health equity resulted in a need for in-depth, whole-person population segmentation with the ability to include social determinants of health characteristics.

New and more stringent guidelines are still evolving to satisfy quality ratings and protect revenue.

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

(“Centers for Medicare & Medicaid Services”) requirement for digital data availability, and the Inflation Reduction Act, which gives the federal government control of drug pricing for (among others) high-spending brands.

These changes enforce the need for streamlined technology 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.

● Technology integration in healthcare industry’s operating model.

In 2026, health technology is reshaping delivery and operational models across the healthcare industry.

AI has evolved from pilot programs to widespread deployment, supporting, among other processes, claims adjudication.

Cybersecurity has become a strategic imperative as threats escalate, and AI-specific security measures are emerging to protect intellectual property and prevent prompt-injection attacks.

Interoperability initiatives are accelerating, with integrated platforms replacing siloed systems to unify electronic health records, telehealth, pharmacy, and laboratory data through Fast Healthcare Interoperability Resources standards.

Legacy systems are being replaced by cloud-native, modular platforms that offer scalability and real-time data integration.

This shift allows health plans to unbundle services and select best-in-class vendors for claims processing, rebate management, specialty pharmacy, and mail-order operations.

Collectively, these trends position health tech companies as strategic partners in cost containment, compliance, and member experience, leveraging transparency, modularity, and advanced technology to meet the demands of an increasingly complex environment.

Competitive Strengths

2 unchanged sentences

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.

Because we primarily use our proprietary software to execute our software-enabled services and generally own and control our products’ source code, we can quickly enable continuous updates in a highly scalable, reliable and secure manner.

This continuous feedback process provides us with a significant advantage over many of our competitors, specifically those software competitors that do not offer a comparable model and therefore do not have the same level of hands-on experience with their products.

This continuous feedback process provides us with a significant advantage over many of our competitors, specifically those software and business process outsourcing competitors that do not offer a comparable model and therefore do not have the same level of hands-on experience with their products.

In addition, our 2022 acquisition of Blue Prism enables us to deploy RPA and agentic automation capabilities to our customers, as well as gain internal efficiencies and productivity improvements.

Our adoption of our own automation technology across SS&C operations, or our Customer Zero program, means our solutions are tested in real-world use cases with tangible, proven outcomes.

Global industry leader with a strong market position focused on software and software-enabled services for financial services.

We are a global business providing a broad portfolio of software products and software-enabled services and have 110 offices worldwide.

We are a global business providing a broad portfolio of software products and software-enabled services and have more than 100 offices worldwide.

As of December 31, 2025, we had more than 25,000 development, service and support professionals with significant expertise across the industries we serve and deep working knowledge of our clients’ businesses.

5 unchanged sentences

Our clients include some of the largest and most well-recognized financial services firms.

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.

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.

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.

Leading independent alternative fund administration services provider and mutual fund transfer agent.

The third-party service providers participating in the alternative investment market include fund managers, auditors, fund administrators, attorneys, custodians and prime brokers.

2 unchanged sentences

The industry is increasingly recognizing these conflicts and, as a result, seeking independent fund administrators such as SS&C.

SS&C is currently the largest fund administrator for alternative investment managers, including hedge funds, private equity, real assets and fund of funds.

We are the largest third-party mutual fund transfer agent.

SS&C is the leading fund administrator for alternative investment managers, including hedge funds, private equity, real assets and fund of funds.

We are the leading third-party mutual fund transfer agent.

Through our Global Investor and Distribution Solutions (“GIDS”) business, we deliver global transfer agency and investor servicing powered by a single global servicing platform.

5 unchanged sentences

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

Experienced management team with strong integrating and operating track record.

Our senior management team has a track record of operational excellence, an average of more than 20 years of experience in the financial services and healthcare industries and a proven ability to acquire and integrate complementary businesses, as demonstrated by the 70 businesses we have acquired since 1995.

By leveraging our domain expertise and knowledge, we have developed, and continue to improve, our mission-critical software products and services to enable our clients to overcome the complexities inherent in their businesses.

Data center ownership and SS&C private cloud.

7 unchanged sentences

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.

In addition, all of our senior executives are compensated based on our financial success.

Business Strategies

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

Our strategy is to deliver compelling solutions and value propositions to our customers.

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

5 unchanged sentences

In addition, we intend to continue to develop our products cost-effectively by leveraging common components across product families.

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.

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.

Furthermore, we believe our client base represents a fraction of the total number of financial services providers globally.

We believe we can grow our client base over time as our products become more widely adopted.

We believe we can grow our client base over time as our products and services become more widely adopted.

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.

16 unchanged sentences

Strengthen our international presence.

We believe there is a significant market opportunity to provide software and services to financial services providers outside North America.

In the year ended December 31, 2024, we generated 27% of our revenues from clients outside North America.

We are building our international operations to increase our sales outside North America.

We believe there is a significant market opportunity to provide software and services to financial services providers outside of the United States.

During the year ended December 31, 2025, we generated 33% of our revenues from clients outside of the United States.

We are building our international operations to increase our sales outside of the United States.

We plan to continue to expand our global market presence by leveraging our existing software products and software-enabled services.

We also plan to leverage our growing presence in the Asia Pacific region due to recent acquisitions and large client wins.

Over the last three years, revenue from the Asia Pacific region has increased 18.4% to $305.8 million.

We also plan to leverage our growing presence in the Asia Pacific region due to recent acquisitions, lift outs, and other large client wins.

From 2023 to 2025, our revenue from the Asia Pacific region has increased 22.9% to $344.0 million.

We believe this region presents a compelling growth opportunity.

1 unchanged sentence

We expect to drive increased margins by delivering innovative end-to-end solutions which provide significant value to customers and warrant premium pricing.

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.

We have significant scale with best-in-class solutions and software-enabled services across the delivery spectrum, which, when combined with a diversified service offering and client base, drives stable revenues and increased operating leverage.

We believe our operating flexibility allows us to scale our costs based on client demands.

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

61 unchanged sentences

Added expertise in in all stages of filing and processing settlement claims in connection with antitrust, securities litigation and settlement recovery services

Calastone Limited

Expanded global funds network that connects asset managers and market participants to automated mutual fund and ETF fund transaction processing

Products and Services

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

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

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

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

1 unchanged sentence

Software-enabled Services

• 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.

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.

• SS&C GlobeOp – SS&C GlobeOp provides a full suite of comprehensive fund accounting capabilities, serving worldwide

Strategies include hedge funds, private equity funds, retail alternative funds, funds of funds, real asset funds, managed accounts, family office and undertakings for collective investments in transferable securities (“UCITS”), with more than $2.9 trillion in alternative assets under administration.

GlobeOp ranked a “Top Global Fund Administrator by AUA” based on Convergence’s 2025 Global Fund and AUA, and winner of “Best Administrator – Technology in Private Equity Administration” in Global Custodian’s 2025 Industry Leaders Awards.

Our capabilities include:

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.

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.

6 unchanged sentences

Integrated with intelligent business process management and digital applications, it facilitates effective customer engagement and product deployment flexibility.

• 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.

o SS&C Retirement Solutions – SS&C’s retirement solutions business provides technology, administration, and record-keeping processes on TRAC’s end-to-end digital platform.

SS&C supports organizations representing more than 12 million participants and approximately 400,000 plan sponsors.

2 unchanged sentences

The UK and Australian markets include pensions and actuarial services, superannuation and transfer value analysis.

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

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

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

SS&C’s Tier1 supplies CRM capabilities to sell-side financial services firms, including research, trading, and sales teams within capital markets groups, and provides a deal management CRM experience to investment banks.

o Calastone – Calastone operates the world’s largest global funds network, connecting asset managers, distributors, platforms, transfer agents, custodians and other market participants across key international markets.

The network enables distribution through the automated, straight-through processing of investment fund transactions, including order routing and settlement workflows, reducing manual complexity and operational risk.

Calastone supports mutual funds and also enables exchange-traded funds (“ETFs”) processing and servicing (creation/redemption workflows), delivering scalable, cloud-native connectivity and real-time operational visibility at market scale.

The network has expanded its capabilities to enable tokenized fund issuance and distribution, enabling participants to extend distribution to digitally native investors and issuers operating within decentralized finance ecosystems.

• 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.

• 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.

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.

3 unchanged sentences

investment products through financial intermediaries.

We serve as the asset manager to proprietary open-end mutual funds, closed-end funds and exchange-traded funds through active management and the utilization of sub-advisors and index providers.

We serve as the asset manager

to proprietary open-end mutual funds, closed-end funds and exchange-traded funds through active management and the utilization of sub-advisors and index providers.

Additionally, we offer data analytics and consulting services in the U.S.

4 unchanged sentences

For alternative investments, VDRs are used to facilitate fundraising and fund reporting.

Customers working in debt capital markets use VDRs for managing the lifecycle of financing deals.

Customers working in capital markets use VDRs for managing the lifecycle of financing deals.

• Healthcare Services

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

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

▪ DomaniRx – Domani Rx, LLC, our joint venture with Humana and Elevance Health provides healthcare organizations with end-to-end transparency and data analytics to help them keep up with an ever-changing regulatory environment.

This claims adjudication platform leverages SS&C’s technology capabilities and resides on SS&C’s private cloud.

The outcome is a unified, cloud-native user experience featuring demonstrated scalability, resilience and best-in-class transactional processing capabilities.

o Healthcare Administration – Our proprietary software applications deliver medical claim administration services, health plan compliance and revenue integrity services for payers and providers in the domestic healthcare industry.

Healthcare administration services are offered via software license, remote or business process outsourcing.

Solutions are offered as stand-alone components to complement existing operations/systems or integrated into a core administration package.

o Healthcare Optimization – We offer comprehensive care management, population health analytics applications and a customizable member portal to optimize client revenue.

o SS&C Health provides end to end healthcare technology and operations solutions that help payers, pharmacy benefit administrators, providers, and related stakeholders manage cost, improve care delivery, and enhance member engagement.

Our offerings span medical and pharmacy claims processing through our DomaniRx claims adjudication platform, workflow management, call center operations, care management analytics, and consumer engagement tools.

Our cloud native architecture, integration capabilities, and automation enable high volume transaction processing and real time insights.

During the year, we processed over 600 million claims across Commercial, Exchange, Medicare, and Medicaid markets.

We offer flexible commercial models—including full service outsourcing, SaaS solutions, lift outs, and joint ventures—to meet diverse client requirements.

SS&C Health’s technology stack is purpose driven and spans medical and pharmacy claims adjudication.

Our scalable, cloud-agnostic infrastructure that supports real-time, event-driven processing, modular plug-and-play integrations, self-service system configuration, holistic data access via open APIs and data streaming and a standalone solution, without channel conflict by insurer or PBM ownership.

o We also offer comprehensive care management, population health analytics applications and a customizable member portal to optimize client revenue.

Our integrated care management solution comprises a real-time, intuitive, and workflow-driven suite supporting clients in enhancing member outcomes and effectively managing costs.

3 unchanged sentences

Software license, maintenance and related

• Portfolio/Investment Accounting and Analytics Software – We provide comprehensive, integrated software solutions to help

our clients streamline operations and accelerate global accounting processes.

• Portfolio Management, Operations, and Accounting Software – We provide comprehensive, integrated software solutions to help our clients streamline operations and accelerate global accounting processes.

Our portfolio accounting solutions provide seamless front-to-back-office integration, with the flexibility to meet the unique accounting needs of our customers and virtually unlimited scalability to accommodate growth.

1 unchanged sentence

We also have solutions catered to insurance accounting and commercial, consumer and residential loan accounting.

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.

o Black Diamond Wealth Platform – Black Diamond Wealth Platform is a comprehensive single-source suite combining industry-leading wealth and trust management technology and solutions.

▪ Black Diamond – Black Diamond offers independent advisors, wealth managers, independent broker-dealers (“IBDs”) and aggregators an innovative and dynamic portfolio management and reporting solution delivered through an easy-to-use, feature-rich web-based application.

As a cloud-based product offering, advisors can access Black Diamond’s customizable portfolio management and reporting online from anywhere, anytime without the need to maintain costly technology infrastructures.

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

▪ 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.

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

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

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

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.

6 unchanged sentences

o SS&C Singularity – Our first intelligent investment operations, accounting and analytics system – a cloud-based solution designed to support the operating model of financial institutions.

Singularity uses artificial intelligence, machine learning, robotic process automation, intelligent workflow optimization and advanced predictive analytics to drive significant cost savings and continuous operational improvements for our clients.

SS&C Singularity uses AI, robotic process automation, intelligent workflow optimization and advanced predictive analytics to drive significant cost savings and continuous operational improvements for our clients.

o Global Wealth Platform (“GWP”) – GWP is our comprehensive, cloud-based solution that enables wealth managers to manage the entire investment process on a single platform, leveraging a single database.

2 unchanged sentences

In addition, automation and integration eliminate offline workarounds and manual processes.

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.

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.

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.

1 unchanged sentence

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

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.

4 unchanged sentences

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.

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.

o Reconciliation (Recon) – SS&C’s Recon is a highly scalable reconciliation and exception management system that gives our customers more control over the accounting lifecycle, including account, cash and position reconciliations.

With data translation, rules-based matching and superior investigative tools, our Recon solution streamlines operational efficiency delivering full visibility into cash, holdings, transactions, trial balances and security masters.

• Trading Software

o Order Management (Moxy, Eze OMS) – SS&C’s trade order management systems provide centralized platforms for making and managing trade order decisions quickly and confidently.

o Order Management (Eze OMS) – SS&C’s trade order management systems provide centralized platforms for making and managing trade order decisions quickly and confidently.

The platforms have built-in connectivity between asset managers and multiple brokers, counterparties, custodians and trading venues, giving our clients control and visibility across the entire trading process, from asset allocation to settlement.

3 unchanged sentences

o FIXLink - A FIX messaging community that provides access to a network of brokers and trading platforms.

It's designed to help capital market participants connect with other parties quickly and efficiently.

It is designed to help capital market participants connect with other parties quickly and efficiently.

It is one of the largest and most robust FIX networks in the industry, with market participants in more than 80 countries.

• Automation Solutions

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

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

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

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

o SS&C Chorus – Chorus is our digital process automation product suite, encompassing intelligent automation, business process management, content management, case management, outbound communications and a low code development platform.

• Intelligent Automation Solutions – Blue Prism provides automation capabilities that help our clients serve their customers in today's demanding world with a secure, stable and compliant environment that propels smarter business operations and delivers higher levels of productivity, growth and experiences.

This includes teams of automation specialists, pre-built automations, training and certification, an automation operating model, professional services, and customer support services.

o AI Agents – Our services-led Agent Solutions offer domain-specific, production-tested and outcome-focused AI agents, developed on pre-built templates or custom developed to fit specific business needs.

They help customers deliver tangible business results and fast-track their AI programs, without the heavy lift of building infrastructure and complex governance frameworks or hiring specialist teams.

Supporting core operational functions within highly regulated industries, many of these agents are focused on reading and interpreting inbound documents to find, extract, and validate key information, transforming unstructured documents into structured, actionable data.

This includes a catalog of AI Agents already built, tested, and running live within SS&C Technologies that support our large-scale, highly regulated business process outsourcing operations.

Our AI Agents are underpinned by the SS&C AI Gateway to ensure responsible and safe AI application and can be built on top of existing automation investments to rapidly expand value.

o Agentic Orchestration – SS&C Blue Prism offers an agentic automation platform for enterprise-wide automation.

It connects, orchestrates and executes automated work across AI agents, digital workers, people, and applications in one connected, managed operational workflow.

This ensures the right work is done by the right resource at the right time.

The platform brings together the following high-level capabilities:

• Agentic Workflows – A central workflow designer and engine where customers can connect and orchestrate digital workers, people, APIs, and AI agents in one intelligent flow.

• AI Agents – Ability to design and build custom AI agents, with the option to leverage SS&C AI Gateway for private models, and advanced guardrails and auditing for LLMs.

• Digital Workers – Core RPA capabilities that provide deterministic execution of automated work and enable access to applications where API-based integrations are not supported.

• Human-in-the-Loop – Support for real-time human decisions through no-code forms, 3rd party applications, chat interfaces and inboxes.

• Connectors - Hundreds of out-of-the-box API connectors to improve connectivity to 3rd-party systems and SS&C applications, including the ability for customers to create and manage their

custom connectors.

o AI Governance – Our governance solutions include an operating model and methodology for AI adoption, together with specialized business and technology expertise to help our customers use AI responsibly and safely.

From a technology standpoint, the SS&C AI Gateway, is an enterprise-scale AI governance platform, providing secure, auditable, and compliant access to LLMs, with real-time guardrails for advanced security and data loss protection, real-time risk monitoring, and explainability of actions.

Designed for highly regulated industries, it provides robust security, compliance, visibility and control capabilities, that enables safe AI adoption and operation within the most sensitive workloads.

o RPA-Based Automation – Blue Prism’s Intelligent Automation Platform (“IAP”) combines the power of AI and machine learning to deliver digital workers that removes the work human workers are overloaded with, empowering them to focus on the profit-driving initiatives only people can do.

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

o Enterprise Process Management – SS&C Chorus BPM provides advanced capabilities for organizations requiring enterprise-wide, complex process management including case management, content management, outbound communications, low code development, operational analytics, and end-to-end journey orchestration.

Chorus is deployed globally in many industries, including asset management, life insurance, variable annuities, healthcare, property and casualty insurance, banking and wealth management.

The value proposition combines the core software with our global professional services organization and secure private cloud application hosting.

It works in complementary fashion with all the other solutions within our portfolio including WorkHQ, AI Gateway and our AI Agent Solutions.

• Banking and Lending Solutions

6 unchanged sentences

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.

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

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

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

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

27 unchanged sentences

Our dedicated direct sales and support personnel are located in offices worldwide and regularly undergo product and sales training.

Our marketing team has extensive experience in the financial services and healthcare industries.

Our marketing team has extensive experience in the financial services

and healthcare industries.

They identify market trends and create targeted programs to engage our prospects and further develop our client relationships.

19 unchanged sentences

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

Our strengths in this market include our expertise, our independence, our

transparency, our ability to deliver functionality by multiple methods and our technology, including the ownership of our own software.

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

In the field of hedge fund and private market investor portal technology , we compete with point solutions providers, as well as full-suite providers of alternative investments software solutions, such as eFront, a Blackrock Company, and Allvue Systems.

7 unchanged sentences

Our strengths in this market include our technology, our ability to deliver functionality by multiple delivery methods and our ability to provide cost-effective solutions for clients.

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

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

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

This structure allows us to demonstrate we do not have business model or channel conflicts that drive membership to a particular channel (such as retail, mail or specialty pharmacies), nor do we compete with our health plan clients.

Our independent model enables us to be a client’s strategic partner versus a potential competitor.

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

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

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

Competitors include organizations offering comprehensive healthcare administration platforms and health outcomes optimization services, often delivered through full replacement of a payer’s core system.

SS&C Health operates as an independent technology and services provider and is not integrated, owned, controlled, or merged with any specific health plan.

This structure eliminates potential business model or channel conflicts—such as steering membership toward retail, mail-order, or specialty pharmacies—and ensures we do not compete with our health plan clients.

Our independence positions us as a strategic partner rather than a potential competitor.

Unlike competitors that require complete system replacement, our component-based approach allows health payer clients to select either full core application replacement or adopt targeted components to address areas with the greatest opportunity for improvement.

This flexibility minimizes disruption to business operations while enabling incremental modernization and cost efficiency.

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

4 unchanged sentences

Wealth Management:

We define the advisory market as independent and regional broker-dealers, wealth managers, trust companies, advisory firms and registered investment advisers.

We define the wealth management market as independent and regional broker-dealers, wealth managers, trust companies, advisory firms and registered investment advisers.

We compete with a variety of vendors, which are generally smaller firms focused solely on the advisory market.

6 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.

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.

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.

We also compete with outsource providers like Infosys, TCS and Wipro.

10 unchanged sentences

In addition, we compete with a range of niche and region-specific competitors depending on client size, location and requirements.

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

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

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

Key competitive factors in the VDR market include platform flexibility and

fit-for-purpose workflow capabilities and services delivery.

6 unchanged sentences

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

Robotic Process Automation:

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

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

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

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

Intelligent Automation and AI Solutions:

Intelligent Automation, including agentic AI, is a fast-growing market attracting increasing enterprise adoption and investment capital.

SS&C competes with a range of technology providers including companies such as Microsoft, Pega, UiPath, Appian, and emerging agentic AI providers such as n8n and Lyzr.

Key competitive factors in the Intelligent Automation and AI Solutions market include the depth and scalability of AI capabilities, integration with enterprise systems and data, security and governance, and the ability to deliver demonstrable return on investment.

Our strengths in this market include deep domain expertise in highly regulated, data-intensive environments including financial services and healthcare, and our focus on a unified platform with built-in, enterprise-grade governance, position us to deliver customizable or workflow-specific solutions that deliver compelling returns on investment, safely and responsibly.

This is extended through our ability to integrate automation solutions across not just the SS&C product portfolio but also the diverse enterprise application ecosystem our customers operate in.

Examples include integration into applications which are not API-enabled but where UI-based automations provide a seamless, low disruption solution, which is particularly relevant in regulated industries like Healthcare and FS where many critical systems remain intentionally closed and tightly controlled due to compliance and risk considerations.

Our extensive adoption of our own automation technology across the SS&C operations (our Customer Zero program) means our solutions are tested in real-world use cases with tangible, proven outcomes.

Proprietary Rights

16 unchanged sentences

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.

Our employees have widely diverse cultural backgrounds and life experiences.

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.

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.

We value a workforce with a wide range of skills, experiences and background, comprising talented individuals and advanced technology.

We believe that strong

collaboration and innovation allow us to be successful.

Our employees have a wide range of backgrounds and experiences, and we regard the diversity of perspectives, skills and experiences of our employees as one of our greatest strengths and advantages as a global organization.

We value individuality and breadth of perspectives, and we believe that we can all learn something from each other.

We have a robust Global Mobility program that leverages talent across geographies, aligning top performers with strategic roles in other regions.

The extensive range of our products and services, our global office network and our clientele affords opportunities for mobility and advancement within the Company for people who positively impact our organization.

We monitor and evaluate various turnover and attrition metrics throughout our organization.

3 unchanged sentences

We provide benefits programs that are flexible, comprehensive and competitive.

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

We embrace a hybrid work model and encourage employees to take time off to maintain a healthy work/life balance.

20 unchanged sentences

● we may not achieve the anticipated benefits from our acquisitions and may face difficulties in integrating them;

● consolidations or failures among our clients or within their respective industries could adversely affect us by causing a decline in demand for our products and services;

● consolidations or failures among our clients or within their respective industries could adversely affect us by causing declines in demand for our products and services;

● our revenues may decrease due to declines in the levels of participation and activity in the securities markets;

3 unchanged sentences

● 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;

● 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;

● 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 face direct and indirect (through our third-party service providers) risks from cyber-attacks, breaches of digital security, IT system failures, disruptions to IT systems and network disruptions that could adversely affect our reputation and our business;

● we expect that our operating results, including our profit margins and profitability, may fluctuate over time;

4 unchanged sentences

● we are dependent on our senior management and their continued performance and productivity;

● 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;

● 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 uses of our technology, disclosures of our proprietary information, increased competition, loss of customers, loss of revenue, or inabilities to license technology from third parties;

● we may be unable to adapt to rapidly changing technology and evolving industry standards and regulatory requirements;

● 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;

● the development and use of AI presents risks and challenges that could impact our business;

● undetected software design defects, errors or failures, or employee errors, may result in defects, delays, losses of our clients’ data, litigation against us and harm to our reputation and business;

● investment decisions with respect to cash balances, market returns or losses on investments, and limits on insurance applicable to cash balances held in bank and brokerage accounts, including those held by us and as agent on behalf of our clients, could expose us to losses of such cash balances and adversely affect revenues attributable to cash balance deposit investments;

● a substantial portion of our revenues are derived, and a substantial portion of our operations are conducted, outside the U.S.;

● a substantial portion of our revenues are derived, and a substantial portion of our operations are conducted, outside the U.S., subjecting our business to a variety of international political, geopolitical, economic, security, regulatory and other related risks;

● we are exposed to fluctuations in currency exchange rates that could negatively impact our operating results and financial condition;

7 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;

● 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.

4 unchanged sentences

● restrictive covenants in the agreements governing our indebtedness may restrict our ability to pursue our business strategies.

● loans under our Credit Agreement bear interest based on SOFR, and SOFR has a limited history.

Risks Relating to Ownership of Our Common Stock

● if equity research analysts do not publish or cease publishing research or reports about our business or if they issue unfavorable commentary or downgrade our common stock, the price and trading volume of our common stock could decline;

● the market price of our common stock may be volatile, which could result in substantial losses for investors in our common stock;

● the market price of our common stock may be volatile for a variety of reasons, which could result in substantial losses for investors in our common stock;

Stone, our Chairman of the Board and Chief Executive Officer, exerts significant influence over our Company;

6 unchanged sentences

Demand for our products and services among companies in those industries could decline for many reasons.

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

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

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

17 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.

For example, in September 2024, we completed our acquisition of Battea-Class Action Services, LLC (“Battea”).

Recently, we completed our acquisitions of FPS Trust Company in February 2025, Colossus Topco Limited, the parent company of Calastone Limited, in October 2025 and Curo Fund Services in November 2025.

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.

12 unchanged sentences

Acquisitions may also expose us to litigation from our stockholders arising out of the acquisition, which, even if unsuccessful, could be costly to defend and serve as a distraction to management.

Consolidations or failures among our clients or within their respective industries could adversely affect us by causing a decline in demand for our products and services.

If banks and financial services firms fail or consolidate, there could be a decline in demand for our products and services.

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.

Consolidations or failures among our clients or within their respective industries could adversely affect us by causing declines in demand for our products and services.

If banks, asset management and other financial services firms fail or consolidate, there could be declines in demand for our products and services.

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

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

11 unchanged sentences

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.

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.

Assets under management, assets under administration or the number of transactions processed may decline for various reasons, causing results to vary.

23 unchanged sentences

In the financial and healthcare markets we serve, we compete based on a variety of factors, including investment performance, the range of products or services offered, brand recognition, business reputation, financial strength, stability and continuity of client and other intermediary relationships, quality of service, and level of fees charged for products and services.

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

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

1 unchanged sentence

Some of our current and potential competitors may have significantly greater financial, technical, distribution and marketing resources, generate higher revenues and have greater name recognition.

Our current or potential competitors may develop products comparable or superior to those developed by us, or adapt more quickly to new technologies, evolving industry trends or changing client or regulatory requirements.

Our current or potential competitors may develop products comparable or superior to those developed by us, or adapt more quickly to new technologies such as artificial intelligence, or to evolving industry trends or changing client or regulatory requirements.

It is also possible that our competitors may enter into alliances with each other or other third parties, and through such alliances, acquire increased market share.

1 unchanged sentence

Accordingly, our failure to successfully compete in any of our material businesses could have a material adverse effect on results of operations.

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.

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.

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.

We face direct and indirect (through our third-party service providers) risks from cyber-attacks, breaches of digital security, IT system failures, disruptions to IT systems 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.

10 unchanged sentences

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.

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.

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

personal information, financial loss, harm to their reputation and significant business interruption.

Although we expend significant resources, oversight and governance 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.

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.

1 unchanged sentence

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.

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.

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.

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.

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.

In providing our software-enabled services to our customers, we depend on third-party service providers to provide some of the IT infrastructure on which we rely.

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 above, 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, disruptions to IT systems, and network disruptions.

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 above (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.

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

numerous jurisdictions.

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

14 unchanged sentences

In addition, the effects of global climate change, resulting in increased likelihood and severity of natural disasters and extreme weather events, could disrupt our operations.

A catastrophic event could have a direct negative impact on us or an indirect impact on us by, for example, affecting our clients, the financial markets or the overall economy and reducing our ability to provide, our clients’ ability to use, and the demand for, our products and services.

A catastrophic event could have a direct negative impact on us or an indirect impact on us by, for example, affecting our

clients, the financial markets or the overall economy and reducing our ability to provide, our clients’ ability to use, and the demand for, our products and services.

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

15 unchanged sentences

We are dependent on the continued efforts of the members of our senior management.

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.

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.

We do not maintain key man life insurance policies for any senior officer or manager.

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.

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 uses of our technology, disclosures of our proprietary information, increased competition, loss of customers, loss of revenue, or inabilities to license technology from third parties.

Our success and ability to compete depends in part upon our ability to protect our intellectual property, proprietary technology and other confidential information.

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.

We rely on a combination of patent, trade secret, copyright and trademark law, and nondisclosure agreements, license agreements, and intellectual property assignment agreements, as well as technical measures, to protect our intellectual property, proprietary technology, and other confidential information.

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.

1 unchanged sentence

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

In addition, our employees, 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.

In addition, our employees, partners, independent contractors, 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.

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.

If our employees or former employees, partners, independent contractors, consultants or other persons misappropriate or otherwise violate our intellectual property or other proprietary rights, or if a third party were to gain unauthorized access to or independently develop the confidential or proprietary information we possess, whether alone or with the unauthorized assistance of our employees or former employees, partners, independent contractors, consultants or other persons, we could experience increased competition, loss of customers, loss of revenues, and our relationships with our clients and our reputation could be materially adversely affected.

We may not have adequate remedies for any such matters, as existing patent and copyright laws afford only limited protection, law enforcement typically does not treat intellectual property misappropriation or theft as a criminal matter,

and the process to seek protection and remedies in civil litigation is time-consuming, costly and the results are unpredictable.

Third parties may develop substantially equivalent or superseding proprietary technology or may offer equivalent products in competition with our products in a manner that does not infringe, misappropriate or otherwise violate our intellectual property or other proprietary rights, thereby substantially reducing the value of our proprietary rights.

A number of third parties hold patents and other intellectual property rights with application in the financial services field.

A number of third parties also hold patents and other intellectual property rights with application in the financial services field.

Consequently, we are subject to the risk that such third parties will claim that our products infringe, misappropriate or otherwise violate their intellectual property rights, including their patent rights.

20 unchanged sentences

We may be unable to adapt to rapidly changing technology and evolving industry standards and regulatory requirements.

Rapidly changing technology, evolving industry standards and regulatory requirements and new product and service introductions characterize the market for our products and services.

Rapidly changing technology, including developments related to AI, evolving industry standards and regulatory requirements and new product and service introductions characterize the market for our products and services.

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

6 unchanged sentences

● 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.

The development and use of machine learning and artificial intelligence presents risks and challenges that could impact our business.

We develop and incorporate machine learning and AI technology (collectively “AI”) in certain of our products, services and operations.

Our failure to enhance our existing products and services, including the integration and adoption of AI, 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.

The development and use of AI presents risks and challenges that could impact our business.

We develop and incorporate AI in certain of our products, services and operations.

Issues related to AI may result in reputational harm, liability, increased costs, or other material adverse consequences to our business.

Our AI offerings may fail to win market adoption for various reasons.

AI may produce inaccurate, insufficient or false outputs, and outputs with unintended biases.

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.

Our AI offerings may fail to win market adoption for various reasons.

We face significant competition from other companies who may develop or deploy AI faster, at lower cost, or more effectively than we do.

In addition, third parties may deploy AI technologies in a manner that reduces customer demand for our products and services.

In addition, third parties may deploy AI technologies that disrupts our business models, or in a manner that reduces customer demand for, or affects the desirability, pricing or structure of, our products and services.

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.

8 unchanged sentences

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.

Undetected software design defects, errors or failures, or employee errors, may result in defects, delays, losses of our clients’ data, litigation against us and harm to our reputation and business.

Our software products are highly complex and sophisticated and could contain design defects or software errors that are difficult to detect and correct.

3 unchanged sentences

Employee errors, poor employee performance or misconduct may be difficult to detect and deter.

These product defects or errors in the product operations, or employee errors, poor performance or misconduct, could cause damages to our clients for which they may assert claims or lawsuits against us.

These product defects or errors in the product operations, or employee errors, poor performance or misconduct, could cause damages to our clients for which they may

assert claims or lawsuits against us.

The cost of defending such a lawsuit, regardless of its merit, could be substantial and could divert management’s attention and result in reputational harm.

7 unchanged sentences

Any substantial loss would have a material adverse impact on our business, results of operations and our financial condition.

A substantial portion of our revenues are derived, and a substantial portion of our operations are conducted, outside the U.S.

For the years ended December 31, 2024, 2023 and 2022 international revenues accounted for 31%, 31% and 29%, respectively, of our total revenues.

A substantial portion of our revenues are derived, and a substantial portion of our operations are conducted, outside the U.S., subjecting our business to a variety of international political, geopolitical, economic, security, regulatory and other related risks.

We sell certain of our products primarily outside the U.S.

In addition, international trade tensions have created political and economic uncertainty and instability in global financial and foreign currency markets.

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.

in the years ended December 31, 2024, 2023 and 2022, respectively.

Our international business is also subject to a variety of other risks, including:

● 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.

For the years ended December 31, 2025, 2024 and 2023 international revenues accounted for 33%, 31% and 31%, respectively, of our total revenues.

Our international business is subject to a variety of risks, including:

● potential changes in a specific country’s or region’s political or economic climate or security environment, including the ongoing conflict between Ukraine and Russia, as well as heightened tensions and armed conflicts in Latin America and the Middle-East, and the indirect effects of such events on global markets, energy prices and financial systems;

● the need to comply with a variety of local regulations and laws, evolving sanctions regimes, U.S.

export controls, the U.S.

Foreign Corrupt Practices Act

(“FCPA”) and the U.K.

Foreign Corrupt Practices Act (“FCPA”) and the U.K.

Bribery Act (“Bribery Act”);

● global trade issues and uncertainties arising from geopolitical tensions, governmental policy changes, and other factors;

● potential expropriation of assets by foreign governments;

● global trade issues and uncertainties arising from geopolitical tensions, armed conflicts, tariffs, trade restrictions, governmental policy changes, and other factors;

● potential expropriation, nationalization or increased state intervention affecting assets or operations by the U.S.

or foreign governments;

● difficulty repatriating any international profits;

● fluctuations in foreign currency exchange rates;

● application of discriminatory fiscal policies;

● increased volatility in foreign currency exchange rates or interest rates;

● application of discriminatory or punitive fiscal policies, including targeted or sector-specific levies;

● potential changes in tax laws and the interpretation and application of such laws;

33 unchanged sentences

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.

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.

These arrangements could also allow us to purchase the other owners’ interests to prevent someone else from acquiring them and we cannot control the timing of occasions to do so.

The businesses or other owners may encourage us to increase our investment in or make contributions to the businesses at an inopportune time.

30 unchanged sentences

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.

As a result, our relationships with our clients may subject us to increased scrutiny from a

number of regulators and government entities that regulate the financial services industry in the U.S., the U.K.

As a result, our relationships with our clients may subject us to increased scrutiny from a 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.

16 unchanged sentences

Demand could also decrease if we do not continue to offer products and services that help our clients comply with regulations.

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.

For example, our accounts in the healthcare industry are impacted by the Patient Protection and Affordable Care Act of 2010, including the Health Insurance Marketplace.

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.

11 unchanged sentences

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.

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

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.

In certain circumstances in the U.S., we are also subject to the federal Gramm-Leach-Bliley Act (“GLBA”) and Regulation S-P enacted by the U.S.

Securities and Exchange Commission (“SEC”), 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 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.

In certain circumstances in the U.S., we are subject to the U.S.

6 unchanged sentences

Recent legal developments in Europe have created complexity, uncertainty and risk regarding such transfers, in particular in relation to transfers to the United States.

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.

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.

Moreover, the GDPR has been transposed into UK law (“UK GDPR”) and it currently imposes the same obligations as the GDPR in most material respects.

However, the UK GDPR does not automatically incorporate changes made to the GDPR, and such changes need to be specifically incorporated by the UK Government.

This creates a risk of divergent parallel regimes and related uncertainty and compliance risk.

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.

22 unchanged sentences

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

These lawsuits,

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

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

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

19 unchanged sentences

Our ability to generate cash depends on many factors beyond our control.

We estimate that our current levels of indebtedness as of December 31, 2024 will result in annual interest payments of approximately $431.1 million.

We estimate, based on our current levels of indebtedness and interest rates in effect as of December 31, 2025, we will incur annual interest payments of approximately $427.8 million.

Our ability to make payments on and to refinance our indebtedness and to fund planned capital expenditures will depend on our ability to generate cash in the future.

21 unchanged sentences

If the indebtedness under our Credit Agreement were to be accelerated, we cannot assure you that our assets would be sufficient to repay in full that indebtedness and our other indebtedness.

Loans under our Credit Agreement bear interest based on SOFR, and SOFR has a limited history.

Loans under our Credit Agreement bear interest at a rate based on the Secured Overnight Financing Rate (“SOFR”).

Previously, our Credit Agreement could bear interest at U.S dollar London Interbank Overnight (“LIBOR”) rates.

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.

SOFR has a limited history, and the future performance of SOFR cannot be predicted based on its limited historical performance.

Prior observed patterns, if any, in the behavior of market variables and their relation to SOFR, such as correlations, may change in the future.

There could be unanticipated difficulties or disruptions with the calculation and publication of SOFR-based rates.

This could result in increased borrowing costs for SS&C.

Risks Relating to Ownership of Our Common Stock

If equity research analysts do not publish or cease publishing research or reports about our business or if they issue unfavorable commentary or downgrade our common stock, the price and trading volume of our common stock could decline.

If equity research analysts cease publishing research or reports about our business or if they issue unfavorable commentary or downgrade our common stock, the price and trading volume of our common stock could decline.

The trading market for our common stock is influenced by the research and reports that equity research analysts publish about us and our business.

We do not control these analysts.

The price of our stock or trading volume in our stock could decline if one or more equity analysts downgrade our stock or if those analysts issue other unfavorable commentary or cease publishing regular reports about us or our business.

The market price of our common stock may be volatile, which could result in substantial losses for investors in our common stock.

Shares of our common stock were sold in our initial public offering at a price of $7.50 per share on March 31, 2010, and through December 31, 2024, our common stock has traded as high as $84.85 and as low as $6.64.

An active, liquid and orderly market for our common stock may not be sustained, which could depress the trading price of our common stock.

In addition, the market price of our common stock may fluctuate significantly.

The price of our stock or trading volume in our stock could decline if one or more equity research analysts downgrade our stock or issue other unfavorable commentary or cease publishing regular reports about us or our business.

The market price of our common stock may be volatile, for a variety of reasons, which could result in substantial losses for investors in our common stock.

The market price of our common stock has in the past, and may in the future, fluctuate significantly.

Our common stock has historically traded as high as $91.07 and as low as $6.64.

Some of the factors that may cause the market price of our common stock to fluctuate include:

● fluctuations in our quarterly financial results or the quarterly financial results of companies perceived to be similar to us;

● changes in estimates of our financial results or recommendations by securities analysts;

● fluctuations in our quarterly financial results or the quarterly financial results of similar companies;

● changes in estimates of our financial results or recommendations by equity research analysts;

● failure of any of our products to achieve or maintain market acceptance;

6 unchanged sentences

● additions or departures of key personnel;

● geopolitical instability and financial market disruptions

● investors’ general perception of us;

● changes in general economic, industry and market conditions.

● changes in inflation, tariffs, interest rates, reduced investor risk appetite and other economic, industry and market conditions.

In addition, if the market for technology stocks, financial services stocks or the stock market in general experiences a loss of investor confidence, the trading price of our common stock could decline for reasons unrelated to our business, financial condition or results of operations.

13 unchanged sentences

See “Risk factors - Risks relating to our indebtedness - Restrictive covenants in the agreements governing our indebtedness may restrict our ability to pursue our business strategies.” Moreover, none of the subsidiaries of SS&C Holdings are obligated to make funds available to SS&C Holdings for the payment of dividends or otherwise.

In addition, Delaware law imposes requirements that may restrict the ability of our subsidiaries, including SS&C, to pay dividends to SS&C Holdings.

In addition, Delaware law imposes

requirements that may restrict the ability of our subsidiaries, including SS&C, to pay dividends to SS&C Holdings.

These limitations could reduce our attractiveness to investors.

27 unchanged sentences

We prepare for security incidents by analyzing threat intelligence, holding periodic cybersecurity incident tabletop exercises, and reviewing lessons learned on a regular basis.

Our incident management process is communicated to employees during periodic security awareness training.

Our incident management process is communicated to employees during periodic security awareness trainings.

Our employees are trained to report incidents, including security weaknesses, malfunctions, threats and breaches immediately to the concerned internal departments and to our information security group.

1 unchanged sentence

We conduct systematic and manual assessments designed to identify information security vulnerabilities, such as external party penetration tests , internal manual penetration tests, source code scanning and other techniques.

We perform information technology risk assessments on a periodic basis designed to detect risks for which controls and mitigation strategies are developed.

We perform information technology

risk assessments, on a periodic basis, that are designed to detect risks for which controls and mitigation strategies are subsequently developed.

We engage with external experts, including cybersecurity assessors and consultants, in evaluating and testing our information systems and information security controls, enabling us to obtain specialized knowledge and insights.

8 unchanged sentences

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.

Global Information Security team members have relevant education, certifications, and industry experience.

Global Information Security team members have relevant industry experience gained through their roles with SS&C and similar roles at other organizations, as well as the education and certifications necessary to perform their responsibilities effectively.

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.

Such cybersecurity

incidents could lead to disruptions in our systems;

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;

3 unchanged sentences

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.

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.

See “Risk factors - Risks Relating to Our Business - We face direct and indirect (through our third-party service providers) risks from cyber-attacks, breaches of digital security, IT system failures, disruptions to IT systems 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.

We utilize offices in 109 other locations in North America, South America, Europe, Asia, Australia and Africa.

We lease approximately 65% of our office space as compared to owning 35% of our office space.

We utilize offices in more than 100 other locations in North America, South America, Europe, Asia, Australia and Africa.

We lease approximately 65% of our office space and own the remaining 35%.

We believe that our offices are in good condition and generally suitable to meet our needs for the foreseeable future;

1 unchanged sentence

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

What changed 10-K

Item 1. Business