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SS&C Technologies to acquire PE-backed IntraLinks Holdings for $1.5B

SS&C Technologies Holdings Inc. has agreed to acquire IntraLinks Holdings Inc. from affiliates of private equity firm Siris Capital Group LLC for a total consideration of $1.5 billion.

The purchase price will consist of $1 billion in cash and $500 million in SS&C stock, with the per share price of the stock based on the volume weighted average trading price for 30 trading days prior to closing. The purchase price represents 10.9x expected 2018 adjusted EBITDA and 9.8x after giving effect to synergies.

Intralinks is a provider of financial technology to the global banking, deal-making and capital markets communities. The company reported total revenues of $303 million and adjusted EBITDA of $115 million in 2017. For the trailing 12 months ended June 30, Intralinks' total revenues were up 9% year over year at $325 million, and adjusted EBITDA was $132 million. Siris had acquired IntraLinks in 2017 for approximately $1 billion.

SS&C expects an additional $15 million in run-rate cost savings to be achieved by 2021. The transaction is expected to be immediately accretive to SS&C's adjusted EPS and to be leverage neutral for the company.

SS&C has secured up to $1.0 billion of fully committed financing from Deutsche Bank, Citigroup, RBC Capital Markets and Credit Suisse for the deal.

The transaction is subject to regulatory approvals and other closing conditions, and is expected to close in the fourth quarter.

Frank Baker, Siris' co-founder and managing partner, is expected to join SS&C's board upon the deal's closing.

Davis Polk & Wardwell LLP acted as legal adviser to SS&C, and Wachtell Lipton Rosen & Katz acted as legal adviser to the seller and Intralinks in connection with the transaction. Evercore and RBC Capital Markets are acting as financial advisers to the seller and Intralinks.