SS and C Technologies Holdings Inc (SSNC) expects adjusted revenue for 2014 of $761 million to $766.1 million, according to Chief Executive Officer William Stone. He was speaking at the 17th annual Needham Growth Conference, held at the Palace Hotel in New York City, New York.
SS&C Technologies is an on-demand provider of cloud-based software for financial services firms. It has 4,650 employees and 56 offices worldwide to service 7,000 clients, including Morgan Stanley, Pacific Life, GM Asset Management, J.P. Morgan and Citi, among others.
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The company has grown largely through acquisitions, Stone said. “Three times in our history we bought companies that had 70% of our revenue.” SS&C claims that it has 91% contractually recurring revenue, Stone said. The company revenue comes from software licenses, professional services, maintenance and software-enabled services.
The company’s adjusted net income was between $204.4 million and $205.8 million, with $225 million to $235 million cash for operating activities. Net income was up about 19.8% in adjusted after-tax net income.
“More and more people want to have outside experts do the work anyway,” Stone said. “We run our own data centers, which gives us flexibility and allows us to move quickly.” The company handles portfolio management, reconciliation, valuation, performance and attribution, reporting, risk management, regulatory solutions, investor services and training and other financial record-keeping.
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