The acquisition of Capita’s Irish business will strengthen SS&C’s presence in international life insurance and pensions servicing market
SS&C Technologies has entered into an agreement to acquire the Irish life insurance and pension services business of Capita for an undisclosed amount.
Under the terms of the agreement, the company will acquire Capita Life & Pensions Services (Ireland) (CLPSI) and certain related business.
CLPSI offers business process management, technology and consultancy services to the global life insurance and pension sector.
With a workforce of about 380 across offices in Dublin, Belfast, and Craigforth, CLPSI offers financial and back-office administration services, claims management, actuarial and financial reporting, investment administration, product and IT development, and business transformation services.
SS&C Technologies chairman and CEO Bill Stone said: “CLPSI is a well-established services and technology provider in Ireland, and the acquisition adds to our international outsourcing business.
“Combining our expertise and leading-edge technologies will enable SS&C and CLPSI to provide existing and new clients a first class service offering.”
CLPSI acquisition to strengthen SS&C’s presence in life insurance
The acquisition of CLPSI will strengthen SS&C’s presence in life insurance and pensions servicing market, internationally.
The deal is subject to customary closing conditions and regulatory approvals and is expected to be closed in the second quarter of this year.
Established in 1986, the Windsor, Connecticut-based SS&C is a services and software provider for financial services industry.
Last December, SS&C acquired Algorithmics and related assets from IBM, for an undisclosed amount. The acquisition was expected to extend the company’s risk analytics and regulatory offering.
With the acquisition, the company added more than 200 clients, 350 employees, and offices across 25 countries. Some of Algorithmics’ clients include banks, insurance companies, broker-dealers, asset managers, hedge and private equity funds, and service providers.
Solutions and technology developed by Algorithmics address market, credit and liquidity risk along with capital management.