SS&C to acquire Battea-Class Action Services for $670M

SS&C announced a definitive agreement to acquire Battea-Class Action Services, a provider of securities class action claims management and settlement recovery services. The purchase price is approximately $670M, subject to certain adjustments. Battea helps more than 900 banks, asset managers hedge funds and proprietary trading firms receive the maximum distribution of entitled settlements. The acquisition is expected to close this year. SS&C expects the transaction to be accretive over the next 12 months and plans to fund the purchase with a combination of debt and cash on hand. The Battea Claims Engine currently monitors 700-800 cases in litigation and 340 settlements in payout. The Battea research library contains more than 8,000 historical cases for back testing. Battea’s more than 100 employees, based in Stamford, Conn., San Francisco & Copenhagen, will join SS&C GlobeOp.