SS&C Tech in talks to buy Advent Software for $2.3 billion: Bloomberg

Reuters News
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Posted: Jan 28, 2015 12:50 PM

(Reuters) - Financial software company SS&C Technologies Holdings Inc is in talks to buy accounting software maker Advent Software Inc for about $2.3 billion, Bloomberg reported, citing a person with knowledge of the matter.

SS&C plans to offer $45 per share for Advent, the Bloomberg report said.

That would represent a premium of 18.7 percent to the stock's closing price on Tuesday.

SS&C declined to comment on the report, while Advent could not immediately be reached.

Advent's shares were up 7.6 percent at $40.8 in afternoon trading on the Nasdaq on Wednesday, while SS&C's share were up 5 percent at $56.10.

Advent, whose revenue rose 2 percent to $99 million in the third quarter ended Sept. 30, decided not to sell itself in 2013 after a strategic review.

SS&C bought technology research firm DST Systems Inc's investment data analytics unit in December for $95 million.

(Reporting by Kshitiz Goliya in Bengaluru; Editing by Kirti Pandey and Ted Kerr)