SS&C Completes Buy of Black Diamond Maker Advent
SS&C Technologies Holdings has completed its $2.63 billion acquisition of Advent Software, expanding its customer base by thousands of wealth managers, brokers, family offices and other practices, ThinkAdvisor reports.
One of the main drivers for the acquisition was Advent’s popularity among independent advisors, Advent’s general manager Dave Welling tells ThinkAdvisor. The deal is also a testament to the growth in the advisor space, Joel Bruckenstein, producer of the Technology Tools for Today events, tells the website.
Advent has more than 4,300 institutional clients. Last month it unveiled the latest iteration of its popular Black Diamond wealth-management platform, which combines portfolio management and rebalancing, reporting and client communications, ThinkAdvisor writes. The company’s recent product launches geared toward advisors include Black Diamond Advisor Experience and Black Diamond Link.
SS&C intends to support further technological development of Black Diamond, delving into visualization tools such as heat maps, Bill Stone, chairman and CEO of SS&C, tells ThinkAdvisor. The Windsor, Conn.-based company will exist as a business unit of SS&C, and Pete Hess will continue as CEO of the unit — reporting to Norm Boulanger, COO and president of SS&C, an Advent spokesman says. SS&C has racked up 40 acquisitions around the world, including its purchase of GlobeOp in 2012 and DST Global Solutions in 2014.