SS&C Technologies provides software and outsourced services primarily to financial services firms, with a smaller healthcare business. The core of SS&C is fund administration and investment management software. GlobeOp, SS&C's alternative fund administration arm, administers over $2.9T in alternative assets, serving hedge funds, private equity, private credit, and real assets managers with NAV calculations, fund accounting, investor reporting, and regulatory compliance. SS&C also operates GIDS, the largest third-party mutual fund transfer agent, servicing mutual funds, ETFs, and retirement accounts globally. On the software side, SS&C sells portfolio management, trading, and accounting platforms — including Geneva, Eze, and Black Diamond — to asset managers, wealth managers, and banks. Other businesses include Intralinks (virtual data rooms for M&A transactions), SS&C Health (claims processing for health plans), Blue Prism (intelligent automation), and Calastone (a global funds transaction network). Revenue is primarily recurring, with fees tied to client AUM, account counts, or transaction volumes, giving SS&C natural revenue growth as clients scale. Switching costs are high, as SS&C's systems are deeply embedded in client operations, and SS&C reports retention rates above 95%. Growth comes from organic AUM expansion within existing clients, large outsourcing lift-outs (absorbing clients' in-house operations teams), international expansion particularly in Australia and the Middle East, and acquisitions — SS&C has completed 70 acquisitions since 1995.