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Acquisitions
 12 Months Ended
Dec. 31, 2025
Business Combination [Abstract]  
Acquisitions

Note 8—Acquisitions

2025 Acquisitions

Calastone

On October 14, 2025, we purchased all of the outstanding stock of Colossus Topco Limited, the parent company of Calastone Limited and its subsidiaries (collectively “Calastone”) for approximately $1.03 billion in cash, plus the costs of effecting the transaction. We financed the acquisition by entering into an Incremental Joinder to our existing amended and restated credit agreement, dated as of April 16, 2018 (as amended, restated, amended and restated, supplemented or otherwise modified from time to time, the “Credit Agreement”). Calastone is the largest global funds network and leading provider of technology solutions to the wealth and asset management industries, and was acquired in order to expand our global fund operations offerings.

The net assets and results of operations of Calastone have been included in our Consolidated Financial Statements from October 14, 2025. The fair value of the acquired receivables represents the contractual value net of the allowance for potentially uncollectible accounts. The preliminary fair value of the intangible assets, consisting of customer relationships, completed technology and trade names, was determined using the income approach. Specifically, the excess earnings method was utilized for the customer relationships intangible asset and the relief-from-royalty method was utilized for the completed technology intangible asset. Significant assumptions used in the determination of fair value for customer relationships were forecasted revenues, EBITDA margins, attrition rate and discount rate. Significant assumptions used in the determination of fair value for completed technology were forecasted revenues and royalty rate. The intangible assets will be amortized each year based on the ratio that the projected cash flows for the intangible assets bear to the total of current and expected future cash flows for the intangible assets. The customer relationships, completed technology and trade names are expected to be amortized over approximately twenty, nine and eleven years,

respectively, in each case the estimated life of the assets. The remainder of the purchase price was allocated to goodwill, a portion of which is not tax deductible.

The Consolidated Statements of Comprehensive Income for the year ended December 31, 2025 includes $28.6 million in revenues from Calastone’s operations.

2024 Acquisitions

Battea-Class Action Services, LLC

On September 27, 2024, we purchased all of the outstanding stock of Battea-Class Action Services, LLC (“Battea”) for approximately $671 million in cash, plus the costs of effecting the transaction. We financed the acquisition in part by entering into an Incremental Joinder to our existing amended and restated credit agreement, dated as of April 16, 2018 (as amended, restated, amended and restated, supplemented or otherwise modified from time to time, the “Credit Agreement”). Battea is a market-leading provider of securities class action claims and settlement recovery services.

The net assets and results of operations of Battea have been included in our Consolidated Financial Statements from September 27, 2024. The fair value of the acquired receivables represents the contractual value net of the allowance for potentially uncollectible accounts. The fair value of the intangible assets, consisting of customer relationships, completed technology and trade names, was determined using the income approach. Specifically, the excess earnings method was utilized for customer relationships and the relief-from-royalty method was utilized for completed technology. The significant assumption used in the determination of fair value for customer relationships and completed technology was projected future revenues. The intangible assets will be amortized each year based on the ratio that the projected cash flows for the intangible assets bear to the total of current and expected future cash flows for the intangible assets. The customer relationships, completed technology and trade names are expected to be amortized over approximately thirteen, ten and thirteen years, respectively, in each case the estimated life of the assets. The remainder of the purchase price was allocated to goodwill, a portion of which is tax deductible.

The Consolidated Statements of Comprehensive Income for the year ended December 31, 2024 included $21.1 million in revenues from Battea’s operations.

The following summarizes the allocation of the purchase price for the 2025 acquisition of Calastone, which is preliminary, and the 2024 acquisition of Battea (in millions):

 

 

Calastone

 

 

Battea

 

Accounts receivable

 

$

19.8

 

 

$

40.3

 

Property, plant and equipment

 

 

0.6

 

 

 

1.9

 

Other assets

 

 

7.0

 

 

 

3.0

 

Funds receivable and funds held on behalf of clients

 

 

—

 

 

 

284.8

 

Operating lease right-of-use assets

 

 

—

 

 

 

1.2

 

Customer relationships

 

 

435.8

 

 

 

246.6

 

Completed technology

 

 

109.2

 

 

 

121.8

 

Trade names

 

 

14.7

 

 

 

7.8

 

Goodwill

 

 

577.6

 

 

 

325.7

 

Accounts payable

 

 

(2.6

)

 

 

—

 

Accrued employee compensation and other liabilities

 

 

(9.5

)

 

 

(68.8

)

Deferred revenue

 

 

(0.6

)

 

 

 

Deferred income taxes

 

 

(120.6

)

 

 

(33.9

)

Client funds obligations

 

 

—

 

 

 

(284.8

)

Consideration paid, net of cash acquired

 

$

1,031.4

 

 

$

645.6

 

Additionally, we acquired FPS Trust Company (“FPS Trust”) in February 2025 for approximately $6.0 million and Curo Fund Services (“Curo”) in November 2025 for approximately $16.0 million, less cash acquired.

The goodwill associated with each of the transactions above is a result of combining the operations of businesses acquired with us and intangible assets that do not qualify for separate recognition, such as an assembled workforce.

The following unaudited pro forma condensed consolidated results of operations are provided for illustrative purposes only and assume that the acquisitions of FPS Trust, Calastone and Curo occurred on January 1, 2024 and the acquisition of Battea occurred on

January 1, 2023, after giving effect to certain adjustments, including amortization of intangibles, interest, transaction costs and tax effects. This unaudited pro forma information (in millions) should not be relied upon as being indicative of the historical results that would have been obtained if the acquisitions had actually occurred on those dates, nor of the results that may be obtained in the future.

 

 

Year Ended December 31,

 

 

 

2025

 

 

2024

 

 

2023

 

Total Revenues

 

$

6,397.6

 

 

$

6,047.8

 

 

$

5,597.7

 

Net income attributable to SS&C common stockholders

 

$

731.1

 

 

$

618.8

 

 

$

592.7