SS&C Technologies Holdings, Inc. reported a revenue increase of 6.9% for the fiscal year ending December 31, 2024, generating $5,882.0 million compared to $5,502.8 million in 2023. The growth was primarily driven by a $336.8 million rise in organic revenues, particularly from its SS&C GlobeOp fund administration and Global Investor and Distribution Solutions businesses. The company also benefited from acquisitions, which contributed an additional $31.7 million to revenues, alongside a favorable foreign currency translation impact of $10.7 million. Net income for the year was $761.7 million, up from $608.6 million in the previous year, reflecting a 25.1% increase.
In terms of operational metrics, SS&C's software-enabled services revenues rose to $4,840.3 million, accounting for 82.3% of total revenues, up from 81.6% in 2023. The company maintained a high revenue retention rate of over 95% for its software-enabled services and maintenance contracts. As of December 31, 2024, SS&C employed approximately 26,800 individuals globally, an increase from 26,000 in the previous year, indicating a commitment to scaling its operations to meet growing demand.
Strategically, SS&C completed several acquisitions, including Battea-Class Action Services, which was finalized in September 2024 for approximately $671 million. This acquisition is expected to enhance SS&C's capabilities in securities class action claims and settlement recovery services. Additionally, the company acquired the Iress Managed Funds Administration Business in October 2023, further expanding its service offerings. These acquisitions are part of SS&C's ongoing strategy to enhance its product portfolio and market presence, particularly in the financial services and healthcare sectors.
Geographically, SS&C generated 73% of its revenues from North America and 27% from international clients, with notable growth in the Asia-Pacific region, which saw an 18.4% revenue increase to $305.8 million. The company continues to focus on expanding its international footprint, leveraging its existing software products and services to capture a larger share of the global market. The company’s diversified client base, with no single client accounting for more than 5% of total revenues, further underscores its stable revenue model.
Looking ahead, SS&C Technologies anticipates continued growth driven by increasing demand for its software-enabled services amid evolving regulatory requirements in the financial services and healthcare industries. The company plans to capitalize on long-term trends favoring outsourcing and cloud-based solutions, while also focusing on margin expansion through operational efficiencies and strategic acquisitions. However, management acknowledges potential risks, including economic fluctuations and competitive pressures, which could impact future performance.
About SS&C Technologies Holdings Inc
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