Jefferies Reiterates Buy as SS&C Technologies (SSNC) Announces Wells Fargo Fund Services Acquisition
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Jefferies reiterated a Buy rating and $36.00 price target on SS&C Technologies Holdings, Inc. (NASDAQ: SSNC) as the company prepares to acquire Wells Fargo Global Fund Services. While no financial terms were disclosed, Jefferies assess' the acquisition cost to be relatively immaterial. Wells Fargo's $42 billion AUA is only about 4% of SSNC's current $1.056 trillion. As such, this deal does little to advance SSNC's total AUA.
Analyst John DiFucci commented, "SSNC is to acquire Wells Fargo Global Fund Services. While $42B AUA is only 4% of SSNC's current total, this expands SSNC's capabilities with sophisticated asset classes, and furthers its stance as the #2 global fund administrator. While no financial terms were disclosed, we estimate the acquisition cost will be $35-50M. We believe the fund admin market will continue to consolidate and SSNC will continue to be an active acquirer, which is a core competency."
Shares of SS&C Technologies Holdings, Inc. closed at $31.89 yesterday.
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