One of the largest banking and wealth sector technology firms – based in the US – has agreed to acquire Calastone, a business headquartered in London which provides a global funds network. The deal speaks to continued consolidation and ferment in the fintech space.

Nasdaq-listed financial software and solutions group SS&C Technologies is to buy Calastone, a global funds network and technology solutions provider to the wealth and asset management industry. 

The deal is valued at about £766 million ($1.03 billion), the firms said in separate statements issued yesterday. SS&C is buying the firm from Carlyle Group, the private equity firm. Carlyle had bought a majority stake in Calastone in October 2020.

The acquisition move is subject to customary regulatory approvals; it is expected to close in the fourth quarter of this year.

The transaction will mean that SS&C integrates Calastone – founded in 2007– with SS&C’s global investor and distribution solutions platform to provide real-time, automated fund processing, so WealthBriefing and WealthBriefingAsia understands from the industry.

Calastone’s ascent is an example of how the “plumbing” behind the fund management sector is becoming increasingly automated. Calastone offers automated routing, settlement, dividend and transfer services to fund asset managers.

The deal appears an example of the kind of large-scale M&A taking place in the fintech sector. For example, in late January 2021, Thomson Reuters, the media and information group, said it and private equity funds affiliated with Blackstone closed the sale of Refinitiv to London Stock Exchange Group. In November 2024, Bain Capital wrapped up its $4.5 billion acquisition of Envestnet, the US wealth industry’s largest turnkey asset management programme and software service provider.

As for SS&C, the move is something of a push for market share and revenue growth. According to Morgan Partners, a US investment bank, SS&C had, as of the second quarter of 2025, an enterprise value (EV) of more than $27 billion and revenue growth of 6.9 per cent; enterprise value divided by earnings before interest, taxation, depreciation and amortisation (EBITDA) was 13.1 times EV. By comparison, Moody's Investor Services has an EV/EBITDA multiple of 27.8x, and Broadridge Financial Solutions is 22x, and MSCI is 27x. In revenue terms, EV for SS&C was at about 4.5 times, the Morgan Partners report said.

Hailing the case for buying Calastone, SS&C said that the firm “operates the largest global funds network, connecting more than 4,500 of the world’s leading financial organisations across 57 markets.”

SS&C said it expects the acquisition to be accretive [to earnings] within 12 months and plans to fund the purchase with a combination of debt and cash on hand. 

Calastone’s roster of more than 250 staffers in London, Luxembourg, Hong Kong, Taipei, Singapore, New York and Sydney are expected to join SS&C Global Investor & Distribution Solutions, reporting to general manager Nick Wright.

Calastone operates the world’s largest transaction network for investment funds, connecting more than 4,500 financial organisations across 57 markets. 

“This is a proud moment for everyone at Calastone,” Julien Hammerson, Calastone CEO, said. “SS&C’s global scale and deep expertise across fund services and technology will enable us to accelerate innovation and deliver new digital capabilities to the market. We look forward to working together to deliver transformational services to asset and wealth managers and drive growth.”

Bill Stone, chairman and CEO of SS&C Technologies, said: “Calastone has built an impressive network and platform, and together we will create a more connected, automated and intelligent global fund ecosystem.”

Barclays served as exclusive financial advisor to Calastone. Linklaters and Mishcon De Reya served as legal advisors to Calastone in connection with the transaction.

Founded in 1986, SS&C is headquartered in Windsor, Connecticut.