Bidding War: SS&C Ups Offer For Australian Fintech Firm GBST

SS&C bid earlier for Australian-based financial technologies developer GBST, but saw that bid trumped with another, and is now responding by increasing its offer.


Financial management and investment technology and services provider SS&C Technologies Holdings on Wednesday increased its offer to acquire GBST Holdings, a move that is continuing what now appears to be a bidding war over the Australian company.

Windsor, Conn.-based SS&C Technologies Holdings has increased its offer to buy all GBST shares to about 250 million Australian dollars, or about $175 million.

On Monday, SS&C said it offered to acquire GBST Holding for 221 million Australian dollars, or about $155 million, and said the two companies entered into certain exclusivity agreements. However, SS&C said there was no guarantee the deal would be made.

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[Related: SS&C Makes Bid For Australian Financial Tech Developer GBST]

Windsor, Conn.-based SS&C Technologies Holdings said it has offered to acquire GBST Holding for 221 million Australian dollars, or about $155 million. While the two have entered into certain exclusivity arrangements, there is no guarantee the acquisition will actually happen.

That offer was countered by U.K.-based FNZ, which made its own bid of about $165 million for GBST. Both the SS&C and the FNZ bids followed an early offer for GBST from Australian fund administrator Bravura Solutions which was subsequently pulled.

New Zealand-based Kiwi Holdco Cayco also placed a bid on GBST, according to Business News Australia.

GBST is an Australia-based provider of financial technology and includes its Syn suite of business process automation solutions, its Composer and Catalyst wealth administration technologies, and its Emu by GBST technologies for financial institutions, retail brokers, and institutional brokers.

GBST is giving careful consideration to the latest offer from SS&C, Business News Australia reported.

"Having carefully assessed the merits of both proposals, the Board remains of the view that it is in the best interests of GBST and its shareholders to facilitate a binding offer from SS&C reflecting the terms of its revised proposal and which is capable of being presented to shareholders," the publication quoted GBST Chairman Allan Brackin as saying.

SS&C declined a CRN request to provide further information on the planned acquisition.

SS&C in 2018 made three acquisition, including a $1.45-billion acquisition of Boston-based Eze Software, the $1.5-billion acquisition of Intralinks Holdings, and the $5.4-billion acquisition of DST Systems.