SS&C acquiring DST has not been a positive experience. Working from home during this Covid-19 crisis has given us time to reflect on the the things SS&C has done to DST. At the time of the acquisition we had many more clients, revenue and employees than we do now. We had revenue and employees to support our larger client base. As SS&C has become more involved after the acquisition and their management started settling in, we started loosing key accounts and key employees. After several clients leaving us, struggling through several layoffs, losing key people. We are now left with a small client base and just a few employees to support them. At the rate we have lost clients and lost key people, we are doubtful we will still work here after this crisis is over. Its sad SS&C has destroyed a once productive profitable company.
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Totally agree with everything here. The product has also gone downhill and what the client pays for is not even close to what they get. If any of them ever peeled back the onion I feel many more would leave.
I agree. I was gently threatened that I may be let go for to them I’m overpaid and undertrained. I personally don’t give a c-ap. I am more than ready to be on unemployment and to move on
More cost cutting in the works. Hate to say this but if Dat doesn’t cut more expenses ss&c will do it for them. Sadly the people who are managing dst now will get a daily reaming from Corp to cut costs.
"What did you really expect. Look at what SS&C does. Look at their history. They acquire companies, cash them out and shut them down. " - What about GlobeOp, Citibank, Primatics, Advent, Wells Fargo, Caceis, Conifer and many others that could be named that all still exist as business units in the SS&C relm, none of which cashed out and closed or shutdown.
I keep telling people that DST has always been a mismanaged c-ap hole. Even in the "good old days." But yes, Hooley started the destruction and Stoneman has not created a good work culture-let along a profitable one.
BRING ON THE LAYOFF /LET ME HAVE MY SUMMER FREEEEEEEEEEE/STOP THE MADNESS
DST was poorly managed. They destroyed BFDS after buying out State Streets share of the partnership because they had no idea what BFDS did.
The Healthcare IT industry and jobs should be good after this pandemic time passes. The business and jobs will be available with other companies other than DST/SS&C Health. It looks like most of the employees, clients and the public have realized that the now SS&C owned companies are not really what they pretend to be. Companies like SS&C doing creative spreadsheet engineering to manipulate the stock market and American business need to be exposed.
It will be interesting to see how they can do creative balance sheet engineering after this pandemic is over. They will have to get creative to make it appear as if funds are coming in when there are no clients paying due to lack of support and service.
Mass resignations will come after this coronavirus is over.
They definitely have not grown us at DST. We had several thousand employees in the U.S. and off shore. Now the entire Prior DST organization is down to nearly nothing not to mention DST Health. They took the health division from a major player in the Healthcare IT industry to nearly nothing. The technology at health was aged but they still had clients willing to invest to modernize. They laid off the team that was working to modernize.
Balance sheet engineering...thats all it is. DST senior leadership got old, lazy and fell asleep. SSC took advantage of this.....the veterans cashed out, those unlucky enough to have enough stock or who were content are getting crushed. I think CV saved SSC from mass resignations which will come...once there are alternatives. None of the DST divisions have grown in the past 3 years and most are in rapid decline.
Also, they seem like they are unable to grow organically so they need to keep acquiring. This is their only method of growth. And once they acquire a company, I see no evidence the they have a track record of successfully integrating them to take advantage of any synergies that were mentioned in the press release. Let's see the batting average on that? That should be the real story and that to me is the real shame.
Wreck? Absolutely. bust not sh– down. They acquire for all the reasons mentioned and that is wrong. but they do not have a history of completely shutting down companies they acquire. With any acquisition there is overlap and the people who work for the acquired company usually come out on the short end. SS&C certainly has a habit of going overboard in the cutting but again, they don't shut down companies. This is not in anyone's best interest. At the end of the day, successful companies are rarely acquired. The usually need the $ to be saved and management and shareholders are cashing out before the sh– hits the fan. SS&C is indeed a pretty c-appy company that does not seem care about employees but they do not shot companies down. This is the fault of the previous DST management and board plain and simple. DST should have been in a position to buy SS&C or someone else, not vice versa.
You ask “what companies have they shut down ?”. The better question to ask is what companies have they not wrecked that they acquired ? I agree, they shut down and wreck every company they acquire.
You don’t have to look for to see the companies or get a list of companies they have acquired and laid off the people. Do 5 minutes of research and you will find the list. Vampire companies leave a trail of dead bodies.
What companies have they shut down? And if so, were the products integrated into other SS&C business units? They don't seem to be in the business or selling companies for a loss and I can t think of a company they acquired and that disappeared.
I am reflecting on Netflix and pizza.
Working From Home has given me the opportunity to sleep more, work effectively, save time and focus on the important things in life...wine tasting, cookery, the arts and classical music - Thanks SS&C job well done! Hip Hip Hooray!
What did you really expect. Look at what SS&C does. Look at their history. They acquire companies, cash them out and shut them down. Look at their history of acquiring companies. They have not managed and grown any company they have acquired. They make their money dismantling companies that may have once been profitable.