DST Systems Inc. has completed the sale of DST Global Solutions Ltd. to Connecticut-based SS&C Technologies Holdings for $95 million in cash.
DST Global Solutions, a wholly owned subsidiary of Kansas City-based DST Systems, is a provider of investment management software. The company employs 390 people in 12 offices across the globe and generated revenue of about $70 million in 2013.
An analyst said he expects DST Systems to pay down debt with proceeds from the sale of DST Global Solutions. The analyst’s price target of $120 per share for DST Systems stock was unchanged after the deal.