Latest news with #Julien
Associated Press
3 days ago
- Business
- Associated Press
SS&C Technologies to Acquire Calastone
WINDSOR, Conn.--(BUSINESS WIRE)--Jul 21, 2025-- SS&C Technologies Holdings, Inc. (Nasdaq: SSNC) today announced a definitive agreement to acquire Calastone, the largest global funds network and leading provider of technology solutions to the wealth and asset management industries, from global investment firm Carlyle. The purchase price is approximately £766 million (approximately US $1.03 billion), subject to certain adjustments. Headquartered in London, Calastone operates the largest global funds network, connecting more than 4,500 of the world's leading financial organizations across 57 markets. The acquisition is expected to close in Q4 2025, subject to regulatory approvals. SS&C expects the acquisition to be accretive within 12 months and plans to fund the purchase with a combination of debt and cash on hand. Calastone's more than 250 staffers in London, Luxembourg, Hong Kong, Taipei, Singapore, New York and Sydney are expected to join SS&C Global Investor & Distribution Solutions, reporting to General Manager Nick Wright. 'We're excited to welcome Julien, the Calastone team and their valued clients to SS&C,' said Bill Stone, Chairman and CEO of SS&C Technologies. 'Together, we will create a more connected, automated, and intelligent global fund ecosystem — reducing complexity, enhancing client experience, and shaping the future of distribution and investment operations.' The acquisition of Calastone reinforces SS&C's commitment to transforming investment operations and bolsters SS&C's ongoing geographic expansion. Calastone's global network and technology solutions complement SS&C's leadership in fund administration, transfer agency services, AI and intelligent automation. By combining capabilities, the two companies will deliver a unified, real-time operating platform to reduce cost, complexity, and operational risk across the global fund ecosystem as well as shaping distribution. This strategic alignment enables enhanced distribution, investor servicing, and operational scalability — empowering asset and wealth managers to innovate, diversify products, and deliver better outcomes for investors worldwide. 'We are pleased to be combining forces with SS&C in our joint mission to build the most comprehensive, intelligent and connected wealth and asset management ecosystem,' said Julien Hammerson, CEO of Calastone. 'SS&C's global scale and deep expertise across fund services and technology will enable us to accelerate innovation and deliver new digital capabilities to the market. We look forward to working together to deliver transformational services to asset and wealth managers and drive growth.' Fernando Chueca, Managing Director on the Carlyle Europe Technology Partners investment advisory team, said: 'We are pleased to have supported Calastone through such a transformational period of growth for the business. Its well-established technology network represents a differentiated, automated offering and we believe the business is well-positioned to build upon its market position and business momentum. We are confident that SS&C is the right partner to continue Calastone's success, and we look forward to watching the company thrive in its next phase.' SS&C was advised by Davis Polk & Wardwell LLP. Barclays served as exclusive financial advisor to Calastone and Linklaters and Mishcon De Reya served as legal advisors to Calastone in connection with the transaction. About Calastone Calastone is the largest global funds network, connecting the world's leading financial organisations. Calastone's mission is to reduce complexity, risk and costs, enabling the industry to deliver greater value to investors. 4,500 clients in 57 countries and territories benefit from Calastone's services, processing over £250 billion of investment value each month. Calastone is headquartered in London and has offices in Luxembourg, Hong Kong, Taipei, Singapore, New York and Sydney. About SS&C Technologies SS&C is a global provider of services and software for the financial services and healthcare industries. Founded in 1986, SS&C is headquartered in Windsor, Connecticut, and has offices around the world. More than 22,000 financial services and healthcare organizations, from the world's largest companies to small and mid-market firms, rely on SS&C for expertise, scale, and technology. About Carlyle Carlyle (NASDAQ: CG) is a global investment firm with deep industry expertise that deploys private capital across three business segments: Global Private Equity, Global Credit, and Carlyle AlpInvest. With $453 billion of assets under management as of March 31, 2025, Carlyle's purpose is to invest wisely and create value on behalf of its investors, portfolio companies, and the communities in which we live and invest. Carlyle employs more than 2,300 people in 29 offices across four continents. Further information is available at Follow Carlyle on X @OneCarlyle and LinkedIn at The Carlyle Group. Additional information about SS&C (Nasdaq:SSNC) is available at Follow SS&C on X, LinkedIn and Facebook. View source version on CONTACT: Brian Schell Chief Financial Officer SS&C Technologies Tel: +1-816-642-0915 E-mail:[email protected] Stone Investor Relations SS&C Technologies Tel: +1- 212-367-4705 E-mail:[email protected] Contacts Sam Gentile Tel : +1-646-818-9195 Email :[email protected] KEYWORD: EUROPE UNITED STATES UNITED KINGDOM NORTH AMERICA CONNECTICUT INDUSTRY KEYWORD: SOFTWARE FINANCE ASSET MANAGEMENT CONSULTING PROFESSIONAL SERVICES TECHNOLOGY ELECTRONIC COMMERCE FINTECH SOURCE: SS&C Copyright Business Wire 2025. PUB: 07/21/2025 04:00 AM/DISC: 07/21/2025 04:01 AM
Business Wire
3 days ago
- Business
- Business Wire
SS&C Technologies to Acquire Calastone
WINDSOR, Conn.--(BUSINESS WIRE)-- SS&C Technologies Holdings, Inc. (Nasdaq: SSNC) today announced a definitive agreement to acquire Calastone, the largest global funds network and leading provider of technology solutions to the wealth and asset management industries, from global investment firm Carlyle. The purchase price is approximately £766 million (approximately US $1.03 billion), subject to certain adjustments. Headquartered in London, Calastone operates the largest global funds network, connecting more than 4,500 of the world's leading financial organizations across 57 markets. The acquisition is expected to close in Q4 2025, subject to regulatory approvals. SS&C expects the acquisition to be accretive within 12 months and plans to fund the purchase with a combination of debt and cash on hand. Calastone's more than 250 staffers in London, Luxembourg, Hong Kong, Taipei, Singapore, New York and Sydney are expected to join SS&C Global Investor & Distribution Solutions, reporting to General Manager Nick Wright. 'We're excited to welcome Julien, the Calastone team and their valued clients to SS&C,' said Bill Stone, Chairman and CEO of SS&C Technologies. 'Together, we will create a more connected, automated, and intelligent global fund ecosystem — reducing complexity, enhancing client experience, and shaping the future of distribution and investment operations.' The acquisition of Calastone reinforces SS&C's commitment to transforming investment operations and bolsters SS&C's ongoing geographic expansion. Calastone's global network and technology solutions complement SS&C's leadership in fund administration, transfer agency services, AI and intelligent automation. By combining capabilities, the two companies will deliver a unified, real-time operating platform to reduce cost, complexity, and operational risk across the global fund ecosystem as well as shaping distribution. This strategic alignment enables enhanced distribution, investor servicing, and operational scalability — empowering asset and wealth managers to innovate, diversify products, and deliver better outcomes for investors worldwide. 'We are pleased to be combining forces with SS&C in our joint mission to build the most comprehensive, intelligent and connected wealth and asset management ecosystem,' said Julien Hammerson, CEO of Calastone. 'SS&C's global scale and deep expertise across fund services and technology will enable us to accelerate innovation and deliver new digital capabilities to the market. We look forward to working together to deliver transformational services to asset and wealth managers and drive growth.' Fernando Chueca, Managing Director on the Carlyle Europe Technology Partners investment advisory team, said: 'We are pleased to have supported Calastone through such a transformational period of growth for the business. Its well-established technology network represents a differentiated, automated offering and we believe the business is well-positioned to build upon its market position and business momentum. We are confident that SS&C is the right partner to continue Calastone's success, and we look forward to watching the company thrive in its next phase.' SS&C was advised by Davis Polk & Wardwell LLP. Barclays served as exclusive financial advisor to Calastone and Linklaters and Mishcon De Reya served as legal advisors to Calastone in connection with the transaction. About Calastone Calastone is the largest global funds network, connecting the world's leading financial organisations. Calastone's mission is to reduce complexity, risk and costs, enabling the industry to deliver greater value to investors. 4,500 clients in 57 countries and territories benefit from Calastone's services, processing over £250 billion of investment value each month. Calastone is headquartered in London and has offices in Luxembourg, Hong Kong, Taipei, Singapore, New York and Sydney. About SS&C Technologies SS&C is a global provider of services and software for the financial services and healthcare industries. Founded in 1986, SS&C is headquartered in Windsor, Connecticut, and has offices around the world. More than 22,000 financial services and healthcare organizations, from the world's largest companies to small and mid-market firms, rely on SS&C for expertise, scale, and technology. About Carlyle Carlyle (NASDAQ: CG) is a global investment firm with deep industry expertise that deploys private capital across three business segments: Global Private Equity, Global Credit, and Carlyle AlpInvest. With $453 billion of assets under management as of March 31, 2025, Carlyle's purpose is to invest wisely and create value on behalf of its investors, portfolio companies, and the communities in which we live and invest. Carlyle employs more than 2,300 people in 29 offices across four continents. Further information is available at Follow Carlyle on X @OneCarlyle and LinkedIn at The Carlyle Group. Additional information about SS&C (Nasdaq:SSNC) is available at Follow SS&C on X, LinkedIn and Facebook.
Montreal Gazette
15-07-2025
- Sport
- Montreal Gazette
Montreal infielder Otto Lopez shows he belongs in Major League Baseball
Two Quebecers started the season in Major League Baseball. Otto Lopez is still there, but Édouard Julien has been sent down to Triple-A, while Abraham Toro has made a remarkable comeback. Where do Quebecers stand in high-level professional baseball? Here's a brief all-star break overview (all stats compiled from and through July 14) before the dog days of summer begin: Otto Lopez, Miami Marlins Lopez remains the top Quebecer in MLB. Despite a 10-day stint on the injured list, the Miami Marlins infielder has played in 80 (77 starts) of the team's 95 games. While his batting average is slightly lower than last year (.250 vs. .270), his on-base and slugging percentages are both higher at .320 and .392, respectively. Lopez, who was born in the Dominican Republic before moving to Montreal at age 12, has played more often at shortstop than at second base this season (47 times vs. 32). He is providing offence, with 11 home runs, 48 RBIs — already personal bests — and 41 runs scored, and is on pace to set career highs in hits and runs this season. He is also very reliable defensively, as evidenced by his .988 fielding percentage at shortstop and .986 at second base, both above the MLB average at those positions (.978 and .985, respectively). Abraham Toro, Boston Red Sox Toro had an excellent spring training camp with the Boston Red Sox. It didn't go unnoticed. His excellent start to the season in Triple-A Worcester forced the Red Sox to call him up in early May, when first-baseman Tristan Casas went down for the season with a torn knee ligament. The switch-hitting infielder and hitter has given the Red Sox no choice but to keep him with the big club since then. The Longueuil native is on track for his best season statistically and boasts a .271/.321/.418 slash line. In 52 games, including 44 as a starter at first and third base, he has racked up 48 hits, including 11 doubles and five home runs. He has driven in 20 runs and has 25 runs scored. With Alex Bregman at third base and Casas returning next year, Toro's future in Boston is uncertain. However, he is proving that he can help a team. Édouard Julien, Minnesota Twins Injuries to infield regulars gave Julien the opportunity to start the 2025 season in the majors. Unfortunately, the Quebec City native was unable to seize the opportunity. His stint with the Minnesota Twins lasted only 29 games this season, during which he failed to prove that he belonged among the 26 best players on his team. His .198/.288/.319 slash line was clearly insufficient. In 91 at-bats, he struck out as many times (29) as he reached base, with 18 hits and 11 walks. Julien, who finished seventh in the American League Rookie of the Year voting in 2023, regained some confidence at the Triple-A level after a very difficult start. While his average had dropped below .200 on June 3, he just had a good six-week stretch at the plate, posting averages of .266/.410/.447. Julien also has nine home runs, 28 RBIs and 28 runs scored. While these numbers may not be enough to bring him back to Minneapolis, they could offer him a new opportunity elsewhere in MLB. Miguel Cienfuegos, San Diego Padres The Laval native started the season in the San Diego Padres' farm system at the Double-A level, where he won both of his decisions and posted an excellent 1.13 ERA in six games. He was promoted to Triple-A in May. Used primarily as a reliever, the left-hander has had some difficult moments and is 0-2 with a 5.47 ERA. A closer look at his statistics reveals that four bad outings among his 13 appearances inflated his statistics. In particular, he gave up eight runs, including six earned, to the Albuquerque Isotopes in three innings of work in his second start on July 2. Cienfuegos, who played in independent baseball — notably with the Capitales de Québec in the Frontier League — before returning to affiliated baseball, is considered an old prospect at age 28. It remains to be seen if he can turn things around and earn a spot in San Diego. Charles Leblanc, free agent After playing in only 11 games with the Los Angeles Angels in 2024, Leblanc signed a minor-league contract with the Atlanta Braves. The Laval native had a good training camp, but was assigned to Triple-A, where he hit .291 with an on-base percentage of .394 in 22 games. But he only had two extra-base hits and his slugging percentage was just .316. Add to that only eight RBIs, and the Braves released him in early June. This story was originally published July 15, 2025 at 2:43 PM.
CNBC
09-07-2025
- Business
- CNBC
AI rollout rattles Teleperformance, but some say the stock could double
When CEO Daniel Julien took the stage in New York for a pivotal investors' relations day in June, he knew the stakes were high. Julien's company, the French outsourcing giant Teleperformance , had lost more than 75% of its value from its 2022 high. He was tasked with convincing his audience — investors and Wall Street analysts — that they had misunderstood the business. He, and other Teleperformance executives, spent the next three and a half hours explaining that AI was integral to the future of Teleperformance, citing "AI" more than 75 times. Teleperformance operates call centers and other business process outsourcing services. It is one of the largest employers in the world with nearly 500,000 workers worldwide. Julien's plan was detailed, and the targets were ambitious, yet the market's verdict was swift and brutal. Shares in the outsourcing firm tumbled 14% following the June 18 Capital Markets Day, when the company laid out its new AI-centric strategy. In the days that followed, the slide continued, wiping out nearly a fifth of the company's value. TEP-FR 1Y mountain The sell-off highlighted the market's doubts over the firm's future in an automated world, despite Julien's best efforts, even as a big acquisition in the sector suggested a premium for the very skills Teleperformance offers. Investment banks say that generative AI could pose both a major threat and opportunity for Teleperformance — a company built on the labor of hundreds of thousands of call-center agents. Executives at the CAC 40 company detailed plans to grow its core business with AI, setting long-term financial targets. The company is targeting 4% to 6% annual revenue growth by 2028, an adjusted profit margin of approximately 15.5%, and a cumulative net free cash flow (FCF) of approximately 3 billion euros ($3.5 billion) between 2026 and 2028. The company also earmarked roughly 1.5 billion euros for dividends and buybacks, another 600 million euros for AI-related investments, and the rest for paying down debt. The bear case For Wall Street's bears, the plan did little to reassure them about a business model under siege. Investors are worried about the deflationary pressure of AI. As automated systems handle more customer interactions, the value of traditional human-led services, particularly those in lower-cost offshore locations, comes under pressure. This is already starting to show. In 2024, the company's "Core Services" division saw its adjusted profit margin fall by 10% year-over-year, excluding one-time gains and expenses, on just 1.4% growth. "Into 2025 and beyond we are sceptical the company can meet consensus expectations as deflation from offshoring will likely persist, with automation-related deflation only set to accelerate," said JPMorgan analyst Sylvia Barker in a note to clients on July 7. Barker sees the stock rising just 3% to 91 euros by the end of next year. The 'Buy' side Bullish analysts, however, say that the sell-off is a significant overreaction, creating a compelling investment opportunity. For them, the market has priced in a worst-case scenario that ignores the company's ability to pivot and its financial strength. The 47-year-old company, founded by Julien, doubled its sales to more than 10 billion euros in 2024. It's also sitting on more than a billion euros of cash in its bank account, according to FactSet data, that it can deploy at will. Analysts at Berenberg, who have a Buy rating on Teleperformance, say it is "materially undervalued at 4x EBITDA," an adjusted profit metric. Bank of America, also with a Buy rating, called its valuation "attractive" and pointed to a shareholder-friendly capital return policy. Even some of the more cautious analysts acknowledge the low valuation. Nearly everyone, however, pointed to the lack of near-term guidance amid the start of heavy investments in AI as the reason behind the share tumble. "In our view, this is due to the company emphasising its heavy opex and capex investment in AI in the short term, alongside its hockey-stick trajectory growth to FY 2028," said Berenberg analyst Carl Raynsford in a note to clients on June 20. Raynsford — one of the most bullish analysts who expects the stock to more than double to 190 euros over the next 12 months — said the company's target of 3 billion euros of free cash flow by 2028 looks "overly cautious." These analysts believe the market is misinterpreting the company's AI investments. "We like the strategy," said Simona Sarli, analyst at Bank of America. "The company aims to expand into higher-growth back-office solutions and reposition its Customer Experience offering to high-value-added tasks via targeted AI investments." Peer review Adding to the complexity is a puzzling inconsistency in how the market is treating Teleperformance compared to its peers. Analysts at RBC Capital Markets highlighted that investors are "rewarding" Concentrix , a Nasdaq-listed peer, for its AI strategy, while writing off Teleperformance's equivalent as an "exercise in value destruction." RBC noted that Concentrix is up nearly 40% year-to-date, while Teleperformance is up just 8%, in line with France's CAC 40 index. TEP-FR CNXC YTD line They also point to a survey commissioned by Concentrix that showed that 85% of large companies expect to increase their outsourcing budgets over the next two to three years, with the "majority of that increase expected to be net new investments in supporting their AI agenda." Scotiabank echoed the sentiment on the sector. "Based on our ongoing discussions with global [customer experience (CX)] companies, we believe that, contrary to investor concerns, the revenue landscape for CX companies is not shrinking," said Scotiabank's Divya Goyal in a note to clients. "Instead, it is transitioning, with outsourcing on the rise. This propensity for outsourcing grows as new technologies are introduced into the market, ultimately benefiting established CX players." Capgemini's WNS acquisition Just as investors were weighing Teleperformance's AI strategy, the corporate M & A market delivered a powerful data point. On July 7, French IT consulting giant Capgemini announced it was acquiring WNS , a major player in the business process outsourcing (BPO) space, for $3.3 billion in cash. Capgemini has agreed to pay a 17% premium to the prior day's close at a valuation of 15 times forward earnings —a multiple nearly three times that of Teleperformance, analysts at TD Cowen pointed out. Crucially, the rationale for the premium price was WNS's perceived value in an AI-driven world, according to the analysts. "The deal counters certain market participants' bear thesis on BPM," said Bryan Bergin, TD Cowen's analyst. "Perception of BPO has been materially hampered amid the rise of GenAI/Agentic tech due to fears of cannibalization, though this has not yet happened broadly in practice yet." A 'show-me' story Caught between conflicting signals, many on Wall Street have adopted a wait-and-see approach, as captured by one analyst who said Teleperformance had become a "show-me story." "[Teleperformance's (TP)] new growth strategy needs to prove that AI can drive enough growth and sustainable new revenue streams to offset headwinds from the outright automation of some services, and accelerated deflation on others," said UBS analyst Nicole Manion in a note to clients. "While we note that TP has proven exactly this through previous tech shifts, the current rate of change means that it appears a much less certain outcome this time around," Manion added. Similarly, Bank of America's Sarli says the company has failed to buckle up investors who could be in for a rollercoaster ride over the next few years. "We don't doubt the merits and potential of the new strategy," Sarli said in a note to clients on June 24. "But we think management failed to reassure investors on whether progress to its 2028 financial targets will be linear or ... follow a year of transition in 2026, with the risk of potentially softer growth and margins than in 2025." Teleperformance did not respond to a request for comment from CNBC.
Express Tribune
27-06-2025
- Entertainment
- Express Tribune
Princess Diana's ‘caring dress' sells for over $500K in record-breaking fashion auction
Princess Diana's beloved 'caring dress' has sold for over $500,000 at a recent Julien's Auctions event in Beverly Hills, marking one of the most lucrative sales in the largest auction of her personal items to date. The silk floral dress, worn frequently during her lifetime, earned its nickname because the media often reused images of Diana in the gown blurring the timeline of her public appearances. Alongside the dress, dozens of other Diana-related items went under the hammer. Among the standout pieces was a rare Catherine Walker cream gown designed for her 1986 Gulf tour. Though Diana wore it to a private dinner in Saudi Arabia, she was never photographed in it. The gown was expected to fetch up to $300,000. Also included were a magenta ski suit, a peach honeymoon hat, and the iconic Dior handbag later renamed 'Lady Dior' in her honour. The auction also featured handwritten notes and a signed £5.50 cheque dated just weeks before her wedding to Prince Charles in 1981. While smaller in value, such intimate memorabilia gave fans a glimpse into her personal world. Julien's co-founder Martin Nolan noted that many of these garments were originally sold by Diana herself shortly before her death in 1997. Nearly three decades later, they are reappearing with much higher value, now seen as investments and lasting symbols of her legacy. 'People want a connection to her,' Nolan said, adding that American collectors, in particular, have shown immense interest. Princess Diana may be gone, but through these pieces, her influence endures cherished, remembered, and continuously celebrated.
