Windsor, CT -- SS&C Technologies Holdings, a financial services software provider, has acquired Gravity Financial, a full-service fund administrator based that focuses primarily in the northeast of the United States.
In a press release, SS&C preens: "The transaction, which adds 40 fund services customers and 10 staff, supports SS&C's strategy of targeted growth and leadership in the alternative fund services industry. The acquisition will provide Gravity's clients with access to the same outstanding team they work with today, backed by SS&C's broader range of software and services for the alternative investment management industry."
As can be expected, the folks at SS&C are thrilled. "This acquisition expands our fund services capabilities with a talented group of professionals," says Bill Stone, Chairman and Chief Executive Officer, SS&C Technologies. "The acquisition is well-aligned to our overall corporate strategy and will enable us to add further value to clients in the Northeast."
But what will it be called, you ask? The business will operate under the name SS&C GlobeOp and will be led by the founding partner of Gravity Financial, Kirby Richards, CPA, and Paul Timmins, CPA, who have joined SS&C GlobeOp as part of the transaction.
"SS&C's financial strength, combined with its fund services and innovative solutions presents tremendous value to our clients," says (a presumably relieved) Kirby Richards, CPA. "We are excited about joining the exceptional team at SS&C and further building our business."
Just who is Gravity Financial? Founded in 2002, GF is a boutique full-service fund administrator providing accounting, tax, investor services and outsourced CFO services to a wide variety of domestic and offshore hedge funds, private equity funds, venture capital funds, funds of funds and their investment managers.