For Immediate Release
SS&C Announces Acquisition of DBC, a Thomson Business, the Leader in Municipal Finance Structuring Tools
WINDSOR, CT - November 18, 2002 — SS&C Technologies, Inc. (Nasdaq: SSNC) today announced the acquisition of the assets and business of DBC, a business within The Thomson Corporation, for $4.5 million in cash and the assumption of certain liabilities. DBC, founded in 1980, is the leading provider of financial software for fixed income analysis in municipal finance in the United States. DBC products are widely used for structuring general obligation and revenue bond issues, including asset-backed housing and student loan securitizations. A substantial majority of the approximately $300 billion in negotiated new municipal bonds issued thus far in 2002 has been structured using DBC software.
"Our acquisition strategy continues to be to find complementary products that can both add value to our existing clients and expand our reach into new markets like municipal finance," said Bill Stone, SS&C's President, CEO, and Chairman of the Board. "DBC's applications are used by underwriters, investment banks, municipal issuers, and financial advisors for structuring new issues, securitizations, strategic planning, and asset/liability management. We expect this acquisition to be accretive to earnings in 2003," continued Stone.
Richard Shalowitz, Executive Vice President of DBC, will join SS&C as Senior Vice President and General Manager of SS&C's New York office. It is also expected that the entire DBC staff of 20 will be joining SS&C. "The combination of our products and team of employees with SS&C's broad range of products and support infrastructure makes this deal a terrific event for both of us, our clients and market participants," said Shalowitz.This press release contains forward-looking statements relating to the expectation that the DBC acquisition will be accretive to earnings in 2003, and such statements involve a number of risks and uncertainties. Among the important factors that could cause actual results to differ materially from those indicated are delays, difficulties or unexpected costs in integrating the operations and personnel of the two businesses, the potential disruption to SS&C's ongoing business associated with the DBC acquisition, customer demand for additional products and services, market fluctuations, general economic conditions, and the risk factors detailed from time to time in SS&C's periodic reports and registration statements filed with the Securities and Exchange Commission, including without limitation SS&C's Quarterly Report on Form 10-Q for the quarter ended September 30, 2002. SS&C cautions investors that it may not update any or all of the foregoing forward-looking statements.