For Immediate Release
SS&C Technologies Finalizes Acquisition of Financial Models Company
1651943 Ontario Inc. Pays for FMC Shares Taken Up Pursuant to Take-Over Bid and Plans to Mail Notice of Compulsory Acquisition
TORONTO & WINDSOR, CT - April 19, 2005 — SS&C Technologies, Inc. today announced that, pursuant to the offer made March 7, 2005 by its wholly-owned subsidiary, 1651943 Ontario Inc., to purchase all the outstanding common and class C shares of Financial Models Company Inc. (the "Offer"), 1651943 Ontario Inc. paid, on April 19, 2005, for all FMC shares taken up on April 14, 2005.
On April 20, 2005, 1651943 Ontario Inc. intends to mail a notice of compulsory acquisition to acquire the remaining outstanding common shares of FMC not deposited under the Offer. This compulsory acquisition is to be made in accordance with the provisions of section 188 of the Ontario Business Corporations Act.
At the expiry of the offer, at 5:00 p.m. (Toronto time) on April 14, 2005, an aggregate of 9,678,574 common shares were tendered to the Offer, representing approximately 99.8% of the outstanding common shares of FMC, and an aggregate of 1,344,400 class C shares were tendered to the Offer, representing 100% of the class C shares of FMC. The aggregate purchase price for the outstanding FMC shares, including those shares not tendered, is approximately US$159,000,000.About SS&C Technologies, Inc.
SS&C delivers investment and financial management software and related services focused exclusively on the financial services industry. By leveraging expertise in common investment business functions, SS&C cost effectively serves clients in various industry segments. SS&C is publicly traded on NASDAQ under the symbol "SSNC". Additional information on SS&C is available at www.ssctech.com.About 1651943 Ontario Inc.
1651943 Ontario Inc., a wholly-owned subsidiary of SS&C Technologies, Inc., was incorporated on March 4, 2005 and as of the date hereof, has not carried on any business other than matters directly related to the Offer.About Financial Models Company Inc.
Financial Models provides comprehensive investment management systems and services to the international investment management industry. FMC brings together experts in investment management process and technology and offers its solutions from locations in Toronto, Montreal, U.S., Australia and Europe.This press release contains forward-looking statements, including statements relating to the compulsory acquisition of the remaining outstanding shares of FMC common stock. Such statements reflect management's best judgment, based on factors currently known, but are subject to risks and uncertainties, which could cause actual results to differ materially from those anticipated. Such risks and uncertainties include those risks described in the Company's filings with the United States Securities and Exchange Commission, including without limitation, the Company's Annual Report on Form 10-K for the year ended December 31, 2004. SS&C cautions investors that it may not update any or all of the foregoing forward-looking statements.
Chief Financial Officer