Thursday, October 30, 2008

SS&C pulls the plug on planned IPO

By Mass High Tech Staff

SS&C Technologies Inc., a Windsor, Conn.-based maker of financial services software and outsourcing solutions, is withdrawing its plans for an initial public offering, the company indicated in a document filed yesterday afternoon with the U.S. Securities and Exchange Commission.

“The Company requests withdrawal of the Registration Statement because it does not intend to conduct the offering of shares of Common Stock contemplated in the Registration Statement at this time due to market conditions,” the filing stated. “The Company confirms that no securities of the Company have been sold under the Registration Statement.”

In April, SS&C filed a registration statement indicating its intent to make a public offering of common stock. Company officials could not immediately be reached for comment.

In July, SS&C bought the assets of Micro Design Services LLC, a New Jersey software design and development firm, for an undisclosed amount. The acquisition, SS&C officials announced, should add mobile computing and messaging expertise to the company.

SS&C was founded in 1986 and completed an initial public offering in 1996. In 2005, the company was acquired by entities affiliated with the Washington, DC-based Carlyle Group LLC, and converted to a privately held company, according to company officials.