(RTTNews) - SS&C Technologies Holdings Inc. (SSNC) Monday said it has acquired 5 M's Minerals Management, LLC, a Texas limited liability company doing business as "MineralWare", for $18 million in cash.
MineralWare's cloud-based asset management platform focuses on managing minerals, royalties and non-operated working interests.
Based in Fort Worth, Texas, MineralWare serves financial institutions, universities and foundations, high-net-worth individuals and family offices, mineral and royalty acquisition companies in the U.S. MineralWare will operate within the SS&C Innovest businesses reporting to Glenn Schmidt, General Manager, SS&C Innovest. The deal will add 350 institutional and high-net-worth clients and $5.5 million in annual recurring revenue to the existing SS&C platform, with a combined portfolio of 750,000 mineral assets.
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