Strategic acquisition will complement and expand SS&C's solutions for insurance companies
SS&C Technologies Holdings, Inc. (Nasdaq: SSNC) today announced it has entered into a definitive agreement to acquire Millennium Consulting Services and Millennium Seminar Services. Raleigh, North Carolina-based Millennium Consulting Services and Millennium Seminar Services provide a broad array of consulting and training services to insurance companies and insurance regulators. The purchase price for the two entities was not disclosed.
The acquisition of Millennium Consulting Services augments SS&C’s offerings for statutory outsourcing, investment outsourcing, quality control reviews and advisory services. Millennium Seminar Services further enhances SS&C’s insurance offerings with experienced staff, client regulatory and insurance accounting training.
“Today’s competitive insurance market requires robust advisory services, specialist training and technology,” said Bill Stone, Chairman and CEO of SS&C Technologies. “The Millennium companies have extensive experience working with more than 70 U.S. health, property and casualty, life insurance, risk retention groups and captive clients of all shapes and sizes. We are also adding some outstanding insurance talent to our roster. The combination of Millennium’s expertise and SS&C’s next-generation investment analytics, operations and accounting technology brings unparalleled value to the insurance market.”
The acquisition will add 13 employees across the U.S. The founders of the Millennium companies, Bruce Cromartie and Colleen Gingrich, will lead the business and report to Kyle Fields, V.P. and Head of SS&C Singularity. Bruce and Colleen will assist with a seamless integration and be an integral part in expanding SS&C’s insurance consulting, training and seminar services.
“SS&C Technologies is a leader in powering investment operations for the insurance sector,” said Bruce Cromartie, President and CEO of Millennium. “We are very excited to join the SS&C team and believe there are strong synergies between SS&C’s next-generation technology and our service offerings to extend our value proposition to both Millennium and SS&C insurance clients.”
Source: Company Press Release