For Immediate Release
SS&C Technologies Announces Acquisition of Achievement Technologies LLC, the Owners of SamTrak
Pushes Deeper into Real Estate Market by Making Strategic Investment in Mezz Cap
WINDSOR, CT - February 24, 2005 — SS&C Technologies, Inc. (Nasdaq: SSNC) today announced it has acquired substantially all of the assets of Achievement Technologies, LLC (ATLLC) for $470,000 in cash and the assumption of certain liabilities. ATLLC's SamTrak software is a comprehensive facilities maintenance and work order processing solution. SamTrak allows real estate property managers to fully integrate facilities maintenance with their property management and accounting system to achieve cost savings, improve customer service and streamline maintenance operations.
SS&C also announced it has made a $2 million strategic investment in CBA Mezzanine Capital Holdings, LLC, (Mezz Cap). Mezz Cap is a privately owned commercial real estate finance company that acts as a wholesale lender, providing their strategic lending partners with the ability to offer supplemental mezzanine financing in conjunction with their senior conduit loans.
SS&C Chairman and CEO Bill Stone commented, "SS&C's actions demonstrate our commitment to the real estate marketplace. The acquisition of ATLLC is a logical extension of our traditional real estate property management business. With SamTrak, we can now offer comprehensive facilities management and reach non-traditional real estate players with significant real estate holdings like municipalities, hospitals, universities and corporate and industrial campuses."
Bob Cummings, SKYLINE Product Manager at SS&C remarked, "We are excited about the acquisition of ATLLC. The real estate property and facility management market segments are extremely competitive. With the recent launch of SKYLINE 2005, we raised the bar for lease administration, accounting and reporting for the property management industry. With the addition of SamTrak, we are once again setting industry standards by offering the market a totally integrated property management and facilities management solution. We are confident our client base can grow as we show companies how they can improve their day-to-day work order requests as well as implement strategic long-term asset management of their facilities. We are also excited about being able to offer SamTrak as a stand-alone solution for enterprises with multiple properties."
"SamTrak gives us the ability to efficiently handle work order requests for our more than 900 retail facilities," Musicland's Senior Vice President of Real Estate, Debra Brummer said. "Using SamTrak services, we have streamlined the entire process, with problems resolved faster, resulting in cost-savings. We look forward to continuing our relationship with SS&C Technologies."
Commenting on SS&C's investment in Mezz Cap, Stone said, "We are confident in the upward trends in the CMBS market and are impressed with Mezz Cap's unique business model of acquiring commercial real estate mezzanine loans from conduit-lending partners. Our loan management system, LMS, has robust CMBS functionality for creating, servicing and reporting on CMBS pools. We think there are great potential synergies."About SS&C Technologies, Inc.
SS&C delivers investment and financial management software and related 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.
Chief Financial Officer