Battea and its 100 employees will join SS&C GlobeOp.
SS&C Technologies is acquiring Battea-Class Action Services, a securities class action claims management and settlement recovery services provider for $670 million, subject to certain adjustments, officials say.
“Battea helps more than 900 banks, asset managers hedge funds and proprietary trading firms receive the maximum distribution of entitled settlements. The acquisition is expected to close this year. SS&C expects the transaction to be accretive over the next 12 months and plans to fund the purchase with a combination of debt and cash on hand,” according to the announcement.
The Battea Claims Engine monitors 700-to-800 cases in litigation and 340 settlements in payout, officials say. “The Battea research library contains more than 8,000 historical cases for back testing. Battea’s more than 100 employees, based in Stamford, Conn., San Francisco and Copenhagen, will join SS&C GlobeOp.”
The acquisition will add financial recovery services to SS&C’s capabilities such as:
- Litigation research and case tracking;
- Data collection, processing, and analysis;
- Claims filing across all types of cases and financial instruments;
- Results audit and remedial actions; and
- Award processing and distribution
“Securities class action settlement recovery is an ongoing concern, with hundreds of cases filed yearly. SS&C’s multi-asset trade data aggregation capabilities complement Battea’s sophisticated analysis and extensive expertise. We look forward to further empowering our clients,” says Bill Stone, chairman and CEO of SS&C Technologies, in a prepared statement.
SS&C was advised by Davis Polk & Wardwell LLP. Keefe, Bruyette & Woods, Inc. served as exclusive financial advisor to Battea and Sidley Austin LLP served as legal advisor to Battea in connection with the transaction, officials say.
SS&C offers services and software that support financial services operations. It is also a provider to healthcare industries.
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