SS&C Tech (SSNC) to Buy Thomson Reuters' (TRI) PORTIA Unit for $170M

SS&C Technologies Holdings, Inc. (Nasdaq: SSNC) today announced it has entered into a definitive agreement to acquire Thomson Reuters (NYSE: TRI) PORTIA business, an industry leading middle-to-back office investment operations platform, for $170 million. The transaction is scheduled to close in the second quarter of 2012, subject to regulatory approval and satisfaction of customary closing conditions.

PORTIA provides a broad set of middle-to-back office capabilities that allow investment managers to track and manage the day-to-day activity in their investment portfolios. Its offering will complement SS&C's existing solutions portfolio, and build upon SS&C's history of success in financial technology development. The acquisition adds over 140 staff across locations in Boston, Bangalore, London, Hong Kong, Singapore, Dubai, Tokyo and Bangkok. Christy Bremner, President, PORTIA, will continue in her current leadership role.

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