Thomson Reuters to sell Portia to financial software firm SS&C for $170 mn
01 Mar 2012
Business data provider Thomson Reuters Corp, yesterday agreed to sell its Portia investment operations unit for $170 million to financial software company SS&C Technologies Holdings Inc as part of its divestment plan.
Thomson Reuters had in April 2011 said that it would sell the Portia business, which helps assist investment managers with a wide range of middle-to back-office tasks.
Portia provides middle-to-back office capabilities that allow investment managers to track and manage the day-to-day activity in their investment portfolios.
Its offering will complement Windsor, Connecticut-based SS&C's existing solutions portfolio, and build upon its financial technology development.
The acquisition adds over 140 staff across locations in Boston, Bangalore, London, Hong Kong, Singapore, Dubai, Tokyo and Bangkok.
''Joining SS&C is a great opportunity for the long-term success of our business. The commercial synergies of the deal should drive growth and investment for our business, and deliver significant incremental value to our clients,'' said Christy Bremner, president of Portia.