WINDSOR, Conn. – Shares in SS&C Technologies, a provider of financial management software for credit unions and banks, slumped to $15 each yesterday, after debuting in an initial public offering last week at $16.
As part of last week’s IPO, William Stone, CEO of SS&C who took the company private in a 2005 leveraged buyout with private equity giant the Carlyle Group, earned $32 million with the sale of 2 million of his shares. Stone, who put $165 million of equity into the 2005 LBO, still owns more than 14 million SS&C shares, a stake of 25% of the company. Carlyle, which invested $381 in the LBO, will own about 63%.
For 2009 the company earned net income of $19 million on $270.9 million in revenues.
Carlyle also acquired Open Solutions Inc. in an LBO.
