SSNC - SS&C Rejects Meritless Allegations Made by Arcesium
WINDSOR, Conn., June 9, 2020 /PRNewswire/ -- SS&C Technologies Holdings, Inc., and its subsidiary SS&C Advent strongly reject the meritless allegations in the Complaint filed this morning by Arcesium LLC.
The fintech industry, and especially the sale of technology solutions to financial firms, is extraordinarily competitive and includes some of the world's largest global companies. The notion that SS&C dominates or has monopolized this industry is preposterous. Equally meritless are Arcesium's allegations that its access to SS&C's products has been improperly discontinued. SS&C was entirely within its rights to choose not to renew the parties' 2015 reseller arrangement and, thereafter, it was Arcesium, not SS&C, who breached the post-termination provisions of that agreement by improperly marketing SS&C software technology to which it no longer had a license.
"Arcesium's case boils down to unfounded complaints by a disappointed licensee who would prefer to continue to use SS&C's valuable intellectual property on terms of its own choosing," said Bill Stone, CEO of SS&C. "SS&C has many licensees with whom it enjoys a mutually beneficial relationship, but we are not required to license our software on unfavorable commercial terms. SS&C was entirely within its rights to not renew the relationship with Arcesium when it expired by its terms earlier this year. SS&C has done nothing wrong and looks forward to all of the relevant facts coming out in the court proceedings, including Arcesium's blatant misuse of SS&C's technology after its license expired."
About SS&C Technologies
SS&C is a global provider of services and software for the financial services and healthcare industries. Founded in 1986, SS&C is headquartered in Windsor, Connecticut, and has offices around the world. Some 18,000 financial services and healthcare organizations, from the world's largest companies to small and mid-market firms, rely on SS&C for expertise, scale, and technology.
Additional information about SS&C (Nasdaq:SSNC) is available at www.ssctech.com. Follow SS&C on Twitter, Linkedin and Facebook.
SOURCE SS&C