SS&C Cuts Hundreds Of Jobs Following DST Systems Takeover


SS&C Technologies Holdings Inc. has begun to lay off 900 employees after completing its $5.4 billion takeover of DST Systems Inc. two months ago, according to regulatory filings.

The job cuts are expected to hit both DST as well as it subsidiaries, and cost SS&C up to $70 million in severance and related expenses, SS&C wrote in the U..S. Securities and Exchange Commission filing on Monday. The company said most of the job cuts were made in June and they would continue through December 2018.

DST, based in Kansas City, Mo., has approximately 4,000 employees in the Kansas City area, and hundreds were laid off there, according to a report in the Kansas City Star. The Star also reported the layoffs would affect 6 percent of SS&C's worldwide operation.

SS&C -- ranked No. 39 on the 2018 CRN Solution Provider 500 -- specializes in investment management software and services. The Windsor, Conn.-based company bought DST to bolster its financial software prowess as well as add health-care-focused solutions to the company's portfolio.

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SS&C purchased DST for an $84-per-share premium as well as an assumption of debt, putting the transaction's overall valuation at $5.4 billion. The deal created a $3.9 billion solution provider powerhouse with more than 13,000 clients combined between the two companies.