By Alexa Jaworski

SS&C Technologies, a front- to back-office software provider, acquired data transformation company Evare for an undisclosed sum. Burlington, Mass.-based Evare’s primary shareholder was New York investment firm Loeb Partners.

According to SS&C, Evare’s messaging translation hub and data acquisition technology is complementary to its middle- and back-office institutional outsourcing and hedge fund administration services. SS&C expects the deal to bolster its reconciliation, post-trade communication, securities data and portfolio management offerings.

“If you look at the suite of products SS&C has, whether it’s our accounting systems [or] reconciliation tools, we need to be able to bring this data in to populate these systems,” said Alex Marasco, SVP and head of SS&C’s asset management division. “Evare has some great capabilities to do that--it’s a necessary ingredient.”

SS&C will gain more than 50 clients and 40 staff members in the acquisition--announced March 23--including Evare COO Joe Souza, who will become a VP at the Windsor, Conn.-based company. There are synergies between the vendors, said Souza, “in terms of operability to collect, transform and normalize data and send it in any format.”

Evare, which started up in 1996, says its transformation hub is used by more than 300 asset managers, broker-dealers, custodian and investment banks, corporations and their respective clients. In 2006, it obtained member-concentrator status in Swift, giving it access to over 8,300 institutions in more than 208 countries.

The combination with SS&C will enable straight-through processing for clients and counterparties, said Souza. “Financial institutions spend a considerable amount of time each day in gathering data to conduct reconciliations,” he added. “This is a time-consuming and expensive process for the middle and back office, and automation of this function offers institutions strong operational cost savings.”

SS&C, whose customers include insurance firms, pension funds, asset managers, hedge funds, banks and credit unions, is “poised to make major improvements in our data gathering and data transformation business,” said chairman and CEO Bill Stone in a statement. “Evare provides excellent technology and a strong workforce.”

SS&C in October bought Micro Design Services, a Parsippany, N.J.-based provider of order routing and execution services to exchanges and brokerages, for $17.9 million. In its yearly earnings statement, issued last week, the company noted that the acquisition “provides us access to cross-sell our products to the stock exchanges and brokerage community, segments that have not traditionally been strong for us.”

SS&C saw $280 million in revenues last year, up 13 percent from $248 million in 2007. Net income was $18.8 million, up from $6.6 million.

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