Monday, March 23, 2009

SS&C buys Burlington’s Evare LLC

By Mass High Tech Staff

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Financial services software firm SS&C Technologies Inc. says it has acquired the assets of Burlington-based Evare LLC, a financial services technology company, for an undisclosed amount.

According to officials at Windsor, Conn.-based SS&C, the Evare buy complements SS&C’s middle- and back-office institutional outsourcing and hedge fund administration services. The deal will bring to SS&C more than 50 Evare clients and about 40 staff within the data and connectivity segment.

In Octber 2008, SS&C acquired Micro Design Services of Parsippany, N.J., for $17.9 million. The company specializes in real-time order routing and execution services for the large exchanges and brokerage firms around the world.

Founded in 1996, Evare is a managed utility service provider for financial data acquisition, enrichment, transformation and delivery.

For fiscal 2008, SS&C reported revenue of $280 million and a profit of $18.8 million.