SS&C Technologies (NASDAQ:SSNC) is a technology provider to the financial services industry. The company returned 42% over the one-year period. SS&C has continued to create shareholder value through its acquisition strategy – with two acquisitions being announced in the last 12 months. The most recent acquisition, Advent Software, is the largest in the company’s history. We continue to like the stability of the company’s revenues, especially now that approximately 92% of total revenues are recurring in nature. We reduced the position size, as the earnings-per-share multiple has expanded and the share price has approached our estimate of fair value.
From Meridian Growth Fund’s annual letter.
