SS&C Technologies (SSNC) 2024 RBC Capital Markets Financial Technology Conference summary

Business structure and verticals

• Recent reorganization created new verticals: GIDS (including retirement), Alts, Wealth and Investment Technology (WIT), horizontal businesses (Intralinks, Blue Prism), and Healthcare.

• GIDS focuses on mutual fund firms and retirement, with growth mainly in retirement and international markets.

• Alts serves large, complex funds in hedge, private equity, and private credit, showing mid-single digit organic growth.

• WIT includes Geneva, Black Diamond, and Eze, with Black Diamond seeing strong demand in the RIA community.

• Intralinks and Blue Prism serve both financial and non-financial clients, with Blue Prism driving internal efficiency.

Market demand and competition

• GIDS faces a shrinking mutual fund industry but grows through international expansion and incremental services.

• Alts benefits from organic growth, new fund launches, and complexity-driven demand, with limited competition.

• WIT's Black Diamond is outpacing Geneva in growth, driven by RIA demand.

• Intralinks sees strong behind-the-scenes demand despite muted public M&A activity.

• Blue Prism competes in RPA, expanding margins and client base, with significant internal use.

Revenue exposure and business model

• Revenue is partially tied to asset valuation levels, with a mix of flat fees and tiered pricing, leading to muted volatility.

• Growth is supported by market performance but is not directly proportional to asset value changes.