SS&C Technologies to raise $300 million in IPO; may use proceeds to pay down debt
By APTuesday, December 29, 2009
SS&C Technologies to raise $300 million in IPO
NEW YORK — Software maker SS&C Technologies Inc. plans to raise up to $300 million in an initial public offering, according to a filing made late Monday with the Securities and Exchange Commission.
The company, based in Windsor, Conn., makes software for automating computer functions at financial services firms.
SS&C said it may use some of the proceeds to buy back all or a portion of its bonds coming due in 2013.
It does not plan to pay any dividend, anticipating that all earnings “in the foreseeable future will be used for the operation and growth” of the business, it said in the filing.
SS&C posted earnings of about $13 million on revenue of $200 million for the first nine months of 2009, compared with $12.3 million in earnings and $211.7 million in revenue during the same period a year ago.
