SS&C has entered into a definitive agreement to acquire Innovest Systems for USD120m. New York-based Innovest builds systems for trust accounting, payments and unique asset servicing. The parties expect that the transaction will close in Q2 2020. The acquisition adds more than 150 full-time employees in New York, California, and Texas.
Innovest’s flagship product, InnoTrust, offers solutions to support the accounting and reporting needs of trust companies, banks, private banks, retirement plan administrators, and others. Complementary solutions in Innovest’s suite include custody, payments, unique assets, trade execution and other related solutions and managed services.