SS&C Technologies Holdings, Inc. (SSNC) has unveiled plans to purchase Battea-Class Action Services, LLC, a leading provider of securities class action claims management and settlement recovery services. The announcement, made on Thursday, outlines a definitive agreement that will broaden SS&C's capabilities in securities class action claims management.

The acquisition, valued at approximately $670 million subject to certain adjustments, is expected to strengthen SS&C's position in the financial services technology sector. Battea's expertise lies in assisting over 900 financial institutions, including banks, asset managers, hedge funds, and proprietary trading firms, in maximizing their entitled settlement distributions.

SS&C anticipates the deal will be completed within the current year and projects it to be accretive over the next 12-month period. The company intends to finance the purchase through a combination of debt and available cash reserves.

Battea's sophisticated Claims Engine currently oversees between 700 and 800 ongoing litigation cases and manages 340 settlements in the payout phase. Additionally, the company's extensive research library houses more than 8,000 historical cases, providing valuable data for back-testing purposes.

As part of the acquisition, Battea's workforce of over 100 employees, currently based in Stamford, Connecticut, San Francisco, and Copenhagen, will be integrated into SS&C GlobeOp, further enhancing the company's global presence and expertise in financial services technology.

This strategic move by SS&C Technologies underscores the company's commitment to expanding its service offerings and reinforcing its market position in the rapidly evolving landscape of financial technology and securities management.