For Immediate Release
SS&C Technologies, Inc. Announces Acquisition of Investment Advisory Network, LLC
Taps Into Private Wealth Market
WINDSOR, CT - January 20, 2004 — SS&C Technologies, Inc. (Nasdaq: SSNC) today announced it has acquired Investment Advisory Network, LLC (IAN) for $3 million in cash and the assumption of certain liabilities. IAN provides web-based wealth management services to financial institutions, broker-dealers and financial advisors who offer managed accounts to the private wealth market. IAN's integrated applications, functionality and data sources fully support clients' pre-sale investment selection processes and post-sale portfolio management requirements.
SS&C Chairman and CEO Bill Stone commented, "We are excited about this acquisition. The private wealth market has over $550 billion in assets and continues to grow. Today's high-net-worth investor is sophisticated and looking for increased access to their financial activity. We like IAN's approach of providing large-scale wealth management providers an ASP/BPO solution. IAN gives advisors a feature-rich solution for meeting the growing demands of this mushrooming market. The acquisition of IAN is consistent with our ongoing strategy of acquiring companies with the potential for increasing our reach in emerging financial services markets."
"IAN's wealth management services provides us with the tools and technology to give our clients and advisors what they want," commented Ken Bradle, Senior Vice President, Dreyfus Service Corporation. "We look forward to leveraging the additional resources the SS&C acquisition will provide."
Michael Winnick will manage the business unit as Vice President and General Manager. "We offer our clients efficient, state of the art wealth management services," said Winnick. "High net-worth investors have a variety of needs and we have the talent and technology to meet these needs. IAN provides an Internet based platform which covers the advisor's initial plan of asset allocation through trade execution and client reporting. The advisory market is demanding a sophisticated planning and account management tool which is integrated with their business. IAN offers this tool today. We are excited about becoming a member of the SS&C family. The management, scale and robust financial strength of SS&C are three key elements of delivering the IAN platform nationwide."
Chief Financial Officer