Capita’s Irish life and pensions business acquired by SS&C
US fintech buys business for undisclosed sum as it seeks to grow its presence in sector
Capita’s Irish life and pensions business has been sold for an undisclosed sum
Nasdaq-listed fintech SS&C Technologies has acquired Capita’s Irish life and pensions business for an undisclosed sum.
Capita Life & Pensions Services (Ireland) employs 380 people across Dublin, Belfast and Craigforth in Scotland. The company, which was previously owned by outsourcing group Capita plc, provides financial and back-office administration services, claims management, actuarial and financial reporting, investment admin, product and IT development, and business transformation services.
It was previously fined €1.15 million by the Central Bank in 2016 for acting as an investment business firm for almost a decade without authorisation from the Irish regulator.
The acquisition by SS&C, which is subject to regulatory approvals, is expected to close in the second quarter.
SS&C is a Connecticut-headquartered provider of services and software. Founded in 1986, it employs more than 22,000 people across 35 countries and over 18,000 financial services and healthcare organisations use its products.
The company reported revenues of $3.4 billion in 2018.
“Capita Life is a well-established services and technology provider in Ireland, and the acquisition adds to our international outsourcing business,” said Bill Stone, chairman and chief executive of SS&C Technologies.
“Combining our expertise and leading-edge technologies will enable SS&C and Capita Life to provide existing and new clients a first class service offering,” he added.