HartfordBusiness.com Reports that SS&C Stock Options created over a two dozen Millionaires with IPO
A local connection may have been instrumental in the attraction of SS&C Holdings to Evansville. The founder, Chairman, and CEO Bill Stone is a graduate of Evansville’s Memorial High School. When SS&C went public with an IPO on NASDAQ on March 31, 2010, Mr. Stones creation helped enable over a dozen employee option holders to become what is often referred to as “on paper millionaires”. Additionally the total who saw their “paper net worth” increase by over $500,000 was 83 employees. The stock which is traded on NASDAQ under the symbol SSNC has since risen by 32% to $19.83 adding even more wealth to the employees of the business.
The company that was founded in 1986 with four people has grown to today’s complement of 1,400 but it has not been without challenge and hard work. The success story of a classic brain drainer who started life in Evansville and left to enjoy success elsewhere has now culminated in this local product choosing to create some prosperity in his home town. Welcome back Mr. Stone, we are certain that Evansville can benefit and learn much from your experiences.
The story of SS&C’ challenges and triumphs are addressed on the following link to the HartfordBusiness.com.
SS&C is the Right Kind of Business to Attract and Grow
We have assembled some excerpts from the most recently published annual report of SS&C along with a link to the companies annual report for those of you who are interested in more detail. Overall this looks like an extremely good deal for Southwest Indiana and an attractor of those much coveted young professionals that we are so in need of. Additionally SS&C currently has 1,400 employees making the 500 that will be hired in Evansville a significant contributing group to the long term success of the organization. The stock is traded on NASDAQ under the symbol SSNC and traded in a range of $15 – $21 per share during 2010. The stock is currently trading at $19.83 up $0.33 today with a volume of 42,000 shares trading hands.
Excerpts:
Overview
We are a leading provider of mission-critical, sophisticated software products and software-enabled services that allow financial services providers to automate complex business processes and effectively manage their information processing requirements. Our portfolio of software products and rapidly deployable software-enabled services allows our clients to automate and integrate front-office functions such as trading and modeling, middle-office functions such as portfolio management and reporting, and back-office functions such as accounting, performance measurement, reconciliation, reporting, processing and clearing. Our solutions enable our clients to focus on core operations, better monitor and manage investment performance and risk, improve operating efficiency and reduce operating costs. We provide our solutions globally to more than 4,500 clients, principally within the institutional asset management, alternative investment management and financial institutions vertical markets. In addition, our clients include commercial lenders, corporate treasury groups, insurance and pension funds, municipal finance groups and real estate property managers.
Our industry
We serve a number of vertical markets within the financial services industry, including alternative investment funds, investment management firms, insurance companies, banks and brokerage firms. The financial crisis negatively affected each of these markets and contributed to a significant decline in asset value. In particular, alternative investment funds, such as hedge funds, experienced a shift from equities to money market funds, treasuries and other liquid instruments. These factors all contributed to reducing revenues among the financial services firms, which, in turn, affected their access to credit, spending ability and, in some cases, their long-term viability. With improvements in the financial services industry since the height of the financial crisis, we have experienced increased demand for our products and services, as evidenced by the increase in our organic revenues in 2010 from the comparable period of 2009, and we expect to benefit from continued improvements in the financial services industry.
Employees
As of December 31, 2010, we had 1,399 full-time employees, consisting of:
• 242 employees in research and development;
• 826 employees in consulting and services;
• 90 employees in sales and marketing;
• 127 employees in client support; and
• 114 employees in finance and administration.
As of December 31, 2010, 365 of our employees were in our international operations. No employee is covered by any collective bargaining agreement. We believe that we have a good relationship with our employees.
Our acquisitions
We intend to continue to employ a highly disciplined and focused acquisition strategy to broaden and enhance our product and service offerings, add new clients and supplement our internal development efforts. Our acquisitions have enabled us to expand our product and service offerings into new markets or client bases within the financial services industry. The addition of new products and services has also enabled us to market other products and services to acquired client bases. We believe our acquisitions have been an extension of our research and development effort and have enabled us to purchase proven products and remove the uncertainties sometimes associated with software development projects.
Since 1995, we have acquired 31 businesses within our industry. These acquisitions have contributed marketable products and services, which have added to our revenues and earnings. We believe we have generally been able to improve the operating performance and profitability of our acquired businesses. We seek to reduce the costs of the acquired businesses by consolidating sales and marketing efforts and by eliminating redundant administrative tasks and research and development expenses. In many cases, we have also been able to increase revenues generated by acquired products and services by leveraging our existing products and services, larger sales capabilities and client base.
SS&C Technologies to Establish New Fund Administration and Technology Center in Evansville
EVANSVILLE, Ind. (March 22, 2011) -SS&C Technologies (NASDAQ: SSNC) today announced the company’s plans to open a new service and technology center here, creating up to 500 new jobs by 2014.
SS&C provides software and software-enabled services for trading, accounting, reporting, risk management and fund administration to hedge fund clients, insurance companies and institutional asset managers, among other finance industry clients. The company will invest approximately $3.9 million to lease and equip space at a to-be-determined site in Indiana’s third largest city.
“SS&C is a company that has continued to grow even during the challenging economic times,” said Governor Mitch Daniels. “We couldn’t be happier that they’ve chosen to bring these new high-skill positions to Evansville.”
The company plans to begin hiring fund accountants and account managers, in addition to sales and operations support roles, with the anticipated opening of operations in Evansville in the second quarter of 2011.
“According to the 2010 HedgeFund.net survey, we are the fifth largest fund administrator in North America, based on assets under administration, and we plan to leverage our Evansville operations to continue growth in the alternative asset management sector,” said Bill Stone, chairman and chief executive officer of SS&C Technologies. “We selected the state of Indiana and the city of Evansville based on several criteria, including the strong partnerships we have forged with the state and city, and the talent and skills available.”
Established in 1986, SS&C has grown to employ more than 1,400 associates at offices throughout North America, Europe, Asia and Australia. The company counts more than 5,000 financial services providers as customers, ranging from large corporations to local organizations.
The Indiana Economic Development Corporation offered SS&C Technologies up to $8.3 million in performance-based tax credits and up to $200,000 in training grants based on the company’s job creation plans. The city of Evansville will consider additional property tax abatement at the request of the Growth Alliance for Greater Evansville.
Indiana Governor Mitch Daniels
“Evansville was up against Louisville, Ky., Oklahoma City, Okla. and Springfield, Ill., for this highly-competitive project. In addition to the significant capital investment, the SS&C project will further stimulate downtown redevelopment and create just the kind of high-paying, professional jobs our community needs as we head into the future,” said Mayor Jonathan Weinzapfel.
SS&C’s announced expansion to Evansville comes just two months after steel processor, Sugar Steel, announced it would invest more than $1.6 million to locate in the 100,000 square-foot former Patriot Steel building in Evansville, creating up to 26 new jobs by 2012. The facility will be Sugar Steel’s first operation outside of its home state of Illinois.
About SS&C Technologies
SS&C is a global provider of investment and financial software-enabled services and software focused exclusively on the global financial services industry. Founded in 1986, SS&C has its headquarters in Windsor, Connecticut and offices around the world. 5,000 financial services organizations, from the world’s largest to local financial services organizations, manage and account for their investments using SS&C’s products and services. These clients in the aggregate manage over $16 trillion in assets.
Additional information about SS&C (NASDAQ: SSNC) is available at www.ssctech.com.
About IEDC
Created by Governor Mitch Daniels in 2005 to replace the former Department of Commerce, the Indiana Economic Development Corporation is governed by a 12-member board chaired by Governor Daniels. Mitch Roob serves as the chief executive officer of the IEDC. For more information about IEDC, visit www.iedc.in.gov.
IS IT TRUE that there is finally some news of discussions that someone may actually benefit from purchasing the naming rights for the new Downtown Evansville Arena?…that such discussions about naming rights usually would have been going on for not just the building but a lot of things in it by this stage of the game?…that if Evansville is to follow Louisville’s lead in the end result that an announcement will be made in the summer of 2011?…that the YUM Center in Louisville benefits YUM by granting them selling rights for their products in the YUM Center?…that Papa John’s Cardinal Stadium does the exact same thing?…that if one would want to guess as to what businesses could derive immediate benefit from advertising at a stadium one would need to look no further than one’s own stomach?…that the right question on who would benefit from naming the building is “what local company†could financially benefit from the purchases by spectators that have bought tickets?…that the list will not be long because there are not many headquarters in Evansville but that there are some logical candidates?…that the Ski Dome or the Double Cola Arena both fit the bill?…that the Grippo’s Dome or the Emge Arena may even get some traction and make some bucks from selling their own products?…that the Bunny Bread Arena may work too?…that it is widely believed that Double Cola and Grippo’s are headquartered in Evansville?…that alas they are headquartered in Chattanooga and Cincinnati respectively?…that Evansville has adopted them both as our own and that they can still benefit financially from naming rights?
IS IT TRUE that the Executive Inn parking garage is now speculated to start the demolition process in three weeks or four weeks after the demolition crew showed up?…that the big impediment in the way of getting going is down to the Verizon Wireless hardware on the roof?…that we have to wonder where the manager is or if there even is a manager on this project?…that this line item should have been on someone’s master schedule (what master schedule) at least three years ago?…that it is nearly April and that so far the physical progress shows all of the organization of a dog chasing its own tail?…the deal to remove the communications hardware should have been in place before the company known as Woodruff Hospitality was even an idea yet?…that the sooner that Woodruff can get the bungles of the City of Evansville’s past efforts behind them, the sooner this project will run more like a business and less like a circus?
IS IT TRUE that the University of Tennessee has made the decision to fire former USI head basketball coach Bruce Pearl?…that Bruce is one of the most passionate and entertaining basketball coaches in America?…that passion and charisma sometimes go hand in hand with a contempt for overly restrictive rules?…that when Coach Pearl paced the sidelines at USI and became an interactive member of the Evansville community that USI was always a factor in the chase for a Division 2 National Title?…that during Coach Pearl’s time here USI won a title and was runner-up for another one?…that ESPN Sports columnist Pat Forde called USI “Bruce Pearl’s purgatory†in an article about his post USI successes published in 2008?…that whether we are Bruce’s purgatory or one of his best memories that Evansville still enjoys seeing our adopted friend Bruce Pearl do well and look forward to seeing more successes in the future?…that we wish a quick recovery and prosperity again for Coach Pearl?…that Evansville will never forget the gregarious and passionate winner that spent a dozen years with us here?
IS IT TRUE that the City County Observer is proud of the year that both the USI and UE basketball teams had this year and look forward to more wins in the future?…that local players with Division 1 talent are not a problem growing here?…that UE in its golden years landed much of that local national caliber talent and hung five NCAA championship banners with mostly local talent on the floor?…that just two players from SW Indiana could have easily propelled UE to the top of the Missouri Valley Conference and perhaps as far as the NCAA Sweet 16?…that UE defeated the Sweet 16 Butler Bulldogs this year at Hinkle Fieldhouse?…that with Tyler Zeller (Washington) and Kyle Kuric (Evansville Memorial) in Aces uniforms that UE would have been ranked this year and made some noise nationally?…that basketball and local business have something in common?…that we have drifted to become a place where our best talent has to leave to excel on the world stage?…that when this talent drain, brain drain, or whatever one wants to call it is corrected that our teams, our businesses, and yes our local government may once again be seen as formidable competitors on a national scale?
IS IT TRUE that Forde’s article about Bruce Pearl is at the following link?…that is makes you remember just how in tune to Evansville that Coach Pearl was?
IS IT TRUE that Gail Riecken and the rest of the House Democrats bolted to Urbana, Ill after they received their yearly salary of $22,616.46 which was paid in 2 installments of $11,308.23 by direct deposit? …that they are not receiving the monthly travel checks and their daily expense per-diem since they are not working in Indianapolis?…that the House Republicans are also not receiving any daily expense per-diem and travel checks unless they are at work at the Statehouse?
IS IT TRUE that Gail Riecken won’t come to the Statehouse to do the work she was elected to do but she can attend meet your legislator sessions on Saturday’s and also manage to be on TV when it is convenient for her?…that Gail Riecken has her hair dresser come to Urbana to do her hair?
IS IT TRUE that Republican Legislators Ron Bacon, Wendy McNamara & Suzanne Crouch meet with and talk to constituents daily while at work in Indianapolis and also meet with local Teachers, Union Workers, and other constituents when they are home on week-ends to discuss the issues?
IS IT TRUE that the City County Observer wonders just how many of the taxpayers of the State of Indiana have jobs where they are paid in advance for the entire year of work?…that in the real world that if you accepted pay for the entire year and then decided not to go to work that you would not only be fired but you would have to give the unearned portion of the salary back?…that failure to give a salary advance back unless a contract specifically stated that it was non-refundable would constitute grand theft?
IS IT TRUE that it has been 5 days now since the people of Evansville returned from a 72 hour trip to the 3rd World in which we were all notified that old warning for trips to uncivilized foreign lands of “DON’T DRINK THE WATERâ€?…that having to go out and purchase water for consumption because the City of Evansville did not deliver an acceptable product amounts to some sort of liability for damages on the part of the City of Evansville?…that we are still waiting to hear what recompense will be offered for the approximately $1 Million that the people who rely on city water had to spend?…that writing everyone a check for $5 would be futile but that allocation $1 Million in the name of the people of Evansville to be used to reclaim our dilapidated parks would be a worthy and just form of recompense for the City Administration to pay?
IS IT TRUE that the City County Observer has gotten many comments that you can read online along with direct emails regarding the issue of CONSOLIDATION?…that the comments and emails are overwhelmingly against going forward with the plan for consolidation presented by Becky Kasha and her CONSOLIDATION COMMITTEE?…that Mole #69 predicts that unless major surgery is performed on the proposed plan that it will go down in flames at the 2012 ballot box just like its predecessor VANDIGOV did back in the early 1970’s?
IS IT TRUE that the absence of rejection thresholds seems to be the major complaint from the comments coming from the county?…that dilution of minority representation by having too small of a Common Council is a major complaint coming from within the City of Evansville?…that if you can’t win the county over rejection thresholds and you can’t win the city over dilution then there is no chance for this to pass?…that if consolidation is in our near future it is time to start adding some real CHANGE to a document that was generated by a committee who was afraid to propose CHANGE?…that reasonable people with an interest in the process realize the if there is one thing that the City of Evansville needs it is a healthy dose of CHANGE from the process that has driven people and businesses away for 50 years?…that if the county to a large extent has made some CHANGES by bolting from the City of Evansville and will CHANGE more by bolting from the county if the tired old ineffective ways of the City of Evansville are imposed upon them against their will?…that the Consolidation Committee and the people advising them would do well to abandon the single election format and ask the consent of the would be governed in an election with rejection thresholds?…that there may just be Mutiny on the Ohio is this is not the approach taken?
IS IT TRUE that just as Mole #3 predicted State Representative Gail Riecken came home to boos and confrontation that showed itself in the meet the legislators meeting at the Central Library last Saturday?…that many of the people who are upset with Mrs. Riecken over her flight to Urbana actually are supportive of many of her positions?…that Hoosiers and especially SW Indiana Hoosiers have the good sense to know that the job that Mrs. Riecken sought and was elected to is located in Indianapolis?…that generally speaking polls indicate that this part of the state supports the Right to Work and Educational Reform proposals by a 2 to 1 majority?…that the number of people who want to see Mrs. Riecken back in Indianapolis doing her job is even higher than that?…that there shall be a high price to pay for dancing to Urbana to the tune of the Pied Piper Pat Bauer?
IS IT TRUE that some whisper campaigns can get downright nasty?…that the latest whisper campaign that has been waged against candidate for the Democratic nomination for Mayor Rick Davis is that he is an atheist?…that being a Lutheran, Mr. Davis is somewhat confused by this whisper campaign?…that Lutherans are just as Christian and any other Christian religion?…that the hatchet between Martin Luther and other Christian religions has been buried for many centuries now?…that such whisper campaigns have no place in the race for Mayor of Evansville?
IS IT TRUE that the United States is part of a military effort to neuter the air force of Libyan strong man and leader Colonel Moarmar Ghadaffi?…that there have now been 24 hours of tomahawk missile attacks and other air to ground targeted bombardments?…that the cost to the American people for this 24 hour live ammunition show has been roughly the same amount of money as the entire annual budget for the City of Evansville?…that is over $200 Million?…that with good planning, competent management and the cost of10 Tomahawk missiles the City of Evansville could revitalize our entire park system?…that we genuinely hope that Libya turns into a free and well governed country and that the United States does not feel the need to send in ground troops?
IS IT TRUE that the Reverend Adrian Brooks recently spoke and expressed the opinion that 95% of the officers of the Evansville Police Department to an excellent job?…that Reverend Brooks also stated that 98% of the minority citizens of Evansville are law abiding and have no intention of committing a crime?…that he called for both the bad eggs in the EPD and the minority community to be granted no pardon or tolerance for their reprehensible behavior?…that Reverend Brooks acknowledged that crime is alive in Evansville and that he hopes and prays that a positive relationship will develop between the EPD and the minority community so that both can enjoy a better Evansville?…that the City County Observer shares the hopes of Reverend Brooks for an end to crime in all of Evansville and for equality and fairness in the delivery of law enforcement services to every person?
IS IT TRUE that a certain candidate for Evansville City Council is burning some midnight oil to put together a position paper on the state of the Evansville City Parks?…that Mole #3 predicts that the state of the parks and solutions to revive them all will be a litmus test issue in the upcoming City of Evansville elections?
Why is it that so many communities are so perfect, and have all the recreation facilities surrounding where the people live? It makes life more enjoyable, less stressful, and it makes it safer for raising a family as well. People that live in these types of areas are healthier, happier, and they get the exercise they need. The quality of life that is gathered from proper urban development of this type is almost incalculable from a monetary standpoint.
I’d like to introduce you to an expert on the topic, someone that has written a very excellent book, one which I believe everyone in urban planning and design should read. Also for those folks that are building master planned communities which include recreational facilities, parks, and so forth need to take a gander at this book. The name of the work is;
“Recreational Planning and Design,” by Seymour Gold, 1980
The author Seymour M. Gold has a PhD in urban and residential planning from the University of California at Davis, where he specializes in environmental planning. The book goes through the history of how these types of communities have come forth in America. In this book he takes us from the 1600s to 1980. Chapters;
1600-16 14 Boston Commons
1700 to 1712 municipal Forest in New Hampshire
1800 to 1850 Chicago Park
Central Park in the 1840s
Golden gate Park in 1865
By the 1880s these types of communities became commonplace
The history in and of itself is totally fascinating and interesting, but when it is put into a modern context Mr. Gold literally explains how to make the magic happen. He speaks about urban planning and population lifecycles and recreation and how they peak over a ten-year period and how they change when couples reach their 40s.
He explains the need for bike paths, horse recreation areas, skateboard parks, field sports, tennis, amphitheaters, parks, and picnic tables, hiking trails. He speaks of private airports, hang gliding, recreational sailing, water features, and the issues with mosquitoes. He even brings us to the present with golfing communities and how to make them work.
He talks also about the negatives when communities are not built correctly; poverty, crime, maintenance costs, pollution, civil disobedience, social class separations, increased rules, over policing, intense taxes, and fees. Thus, this book and research project brings us full circle; past, present, and how to design things better for the future and what to avoid.
Anyone who has a degree in urban planning needs to read this book, along with all the young people growing up now using SimCity design techniques to design our future towns, communities, and cities. Please consider all this
