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SS&C Technologies eliminating 900 positions at DST Systems after acquisition

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SS&C Technologies eliminating 900 positions at DST Systems after acquisition

SS&C Technologies Holdings Inc. on June 26 approved a plan that is expected to eliminate about 900 employees of DST Systems Inc., a company SS&C Technologies recently acquired.

The reduction will result in pretax charges of approximately $60 million to $70 million, primarily in severance and related expenses. The majority of the charge is expected to be incurred in the second quarter. Approximately $55 million to $60 million of the total charge is estimated to result in cash expenditures, most of which will be paid this year. The acceleration of share-based payment awards constitutes the remainder of the estimated charge.

The majority of the positions eliminated were effective in June, and the reduction is anticipated to be complete by December.