For Immediate Release
SS&C Technologies Expands in Hedge Fund and Fund of Funds Outsourcing
Acquires Eisnerfast LLC, an Affiliate of Eisner LLP
WINDSOR, CT - February 28, 2005 — SS&C Technologies, Inc. (Nasdaq: SSNC) today announced it has acquired all of the membership interests in Eisnerfast
LLC, a fund accounting and administration affiliate of Eisner LLP, a leading accounting firm in the Northeast, for $25.3 million in cash. Eisnerfast
delivers back-office accounting and administration services to on- and off-shore hedge and private equity funds, funds of funds, and investment advisors. Located in New York City, Eisnerfast
provides over 250 funds with an internal accounting infrastructure, including portfolio accounting, investor accounting, books and records, tax reporting and performance analysis.
SS&C Chairman and CEO Bill Stone commented, "Eisnerfast
is a quality organization with quality people, they are a long-term client of SS&C, and we believe this is an excellent strategic fit. Two years ago, our board endorsed an aggressive plan to build our fund administration outsourcing business and Eisnerfast
is one more part of the plan. This acquisition fits strategically, and Eisnerfast
is a well run business with excellent prospects."
Eisner LLP's managing partner, Charles Weinstein, said, "We put together an aggressive business plan for Eisnerfast
and our team executed. With today's regulatory environment, we made the decision to strategically focus on our core audit and tax services. Eisner will continue to provide the highest quality audit services to hedge and private equity funds and the rest of the financial services industry. SS&C has been a great technology partner and we wish them great success."
Rahul Kanwar, Managing Director of Eisnerfast
, will continue to manage the business unit. Commenting on the acquisition, Kanwar said, "For several years we have successfully supported our clients using Total Return, one of SS&C's comprehensive technology platforms for the hedge fund industry. We are excited about becoming a part of the SS&C family. SS&C's commitment to the alternative investment industry, depth of product offerings, and robust support infrastructure are key elements for our continued growth."
Ward McGraw, SS&C's Senior Vice President, Hedge Fund and Family Office, stated, "In the last few years, SS&C has decisively grown its fund administration outsourcing business, both organically and through acquisitions. The acquisition of Eisnerfast
gives us a larger presence in the New York market, as well as a talented and experienced staff of professionals, a solid client base and a specific expertise with private equity funds."About SS&C Technologies, Inc.
SS&C delivers investment and financial management software and outsourcing services focused exclusively on the financial services industry. With a global client base that manages over $4 trillion in assets, each of the products in SS&C's suite of highly specialized solutions is in the top tier of competitive offerings in the marketplace. By leveraging expertise in common investment business functions, SS&C cost-effectively serves clients in the different industry segments, including: 1) commercial lending, 2) financial institutions, 3) hedge funds and family offices, 4) insurance entities and pension funds, 5) institutional asset management, 6) municipal finance and 7) real estate property management. SS&C is publicly traded on NASDAQ under the symbol "SSNC". Additional information is available at www.ssctech.com.About Eisner LLP
Eisner LLP is one of the premier accounting and advisory firms in the country. Eisner provides auditing, accounting and tax services, as well as corporate finance, information technology, and other professional services to a broad range of clients, with a special focus on financial services, corporate governance, real estate, law firms and sports-media and entertainment. We work with businesses ranging from start-ups to Fortune 500 companies, including approximately 70 public companies. Headquartered in New York City, with offices in New Jersey, Long Island, and the Cayman Islands, we serve companies throughout North America and overseas. As an independent member of Baker Tilly International, Eisner is helping clients succeed worldwide. More information on the firm can be found online at www.eisnerllp.com.
Chief Financial Officer