SS&C has signed a definitive agreement to acquire Battea-Class Action Services, LLC, a provider of securities class action claims management and settlement recovery services. The purchase price is c. USD670m, subject to certain adjustments. Battea helps more than 900 banks, asset managers hedge funds and proprietary trading firms to receive the maximum distribution of entitled settlements. The Battea Claims Engine currently monitors 700-800 cases in litigation and 340 settlements in payout. The Battea research library contains more than 8,000 historical cases for back testing. Battea’s >100 employees, based in the U.S. and Denmark, will join SS&C GlobeOp.
