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Thomas Peterffy: The Visionary Behind Digital Innovation in Finance

Thomas Peterffy: The Visionary Behind Digital Innovation in Finance

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Thomas Peterffy was born in Budapest in 1944 which was a time of great difficulty in Europe. After escaping the tough conditions in post-war Hungary, Peterffy moved to the United States in 1965 with just a dream and a strong will to succeed. He started out working as an architectural draftsman which sharpened his skills and attention to detail. These skills would later turn out to be very important in his financial career.

Early Career

Thomas Peterffy: The Visionary Behind Digital Innovation in Finance

Image Source: forbes.com

Peterffy made a big move by buying a seat on the American Stock Exchange in the mid-1970s. He noticed that trading was done manually and saw a big scope of change. He imagined a future where technology could make trading easier and more accurate. 

Founding Interactive Brokers

Peterffy founded Interactive Brokers In 1977. He wanted to create software that would automate trading which was a completely new idea at the time. This led to the development of the first fully automated trading platform which made trading much faster and more efficient.

This resulted in the creation of the first fully automated trading platform, making trading much faster and more efficient. With Peterffy at its head, Interactive Brokers grew into one of the largest electronic brokerage firms in the world, known for its quick and accurate technology.

Innovations and Contributions

Peterffy’s impact goes beyond just starting Interactive Brokers. He played a major role in creating the first handheld computers used on trading floors, which made trading quicker and more precise. He also promoted the use of electronic communication networks (ECNs), which allow trading outside of traditional exchanges. This change made it easier for individual investors to participate in the market.

Legacy and Impact

Thomas Peterffy has a huge impact on the financial world. He changed how trading is done, making it faster and more accessible. His work has improved the stability and efficiency of financial markets.

Also Read: Rob Walton: A Legacy of Leadership and Wealth at Walmart

Today, as Chairman of Interactive Brokers, Peterffy continues to influence the industry. His journey from a young immigrant to a pioneer in financial technology shows how vision and determination can lead to great achievements. Thomas Peterffy’s contributions have firmly established him as a leading figure in finance.

SS&C Technologies

SS&C Technologies – An American Tech Company That Provides SaaS To The Finance Sector.

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SS&C Technologies Holdings Inc is a fintech company based in Windsor, Connecticut. The company mainly sells software and SaaS (software as a service) to financial service companies. SS&C has a worldwide market and it is traded as a public company and listed in Russell 1000 component. William C. Stone founded this company in 1986 and he is still serving as the chairman of the board. The company has more than 24,000 employees and in the past years, it has acquired numerous businesses that specializes in specific fintech markets.

History Of SS&C Technologies

Founded in 1986, SS&C Technologies went public after ten years but again it was privatized in a leveraged buy-out followed by a second IPO. Currently, SS&C is a public company and it is known for acquiring companies from various horizons which brings a new customer base and unique product lines for specific sectors. They are mainly focused on bringing new products and talents into the company and increase its subsidiaries.

Till 2017, SS&C completed 47 acquisitions in total from the day it was officially launched. In its history of acquiring companies, SS&C made the largest acquisition went it bought Advent Technologies for $2.7 billion. This helped SS&C increase the intensity of its presence in the financial tech sector because Advent was one of its biggest competitors. This acquisition helped SS&C gain a big software company whose products were used by 4,300 various investment fund managers.

In 2005, SS&C Technologies acquired a company called Financial Models Company Inc for $17.70 per share. The company was a leading technology solutions provider for the investment world. The acquisition was completed in cash. SS&C spend a total of $10.13 million for buying the shares of this company and at the end of the deal, the total share of 91 percent was owned by SS&C. This marks another important acquisition in the history of SS&C because the company had to win a bidding war where several other companies participated as well.

SS&C Technologies
Image source: www.worldipreview.com

Recent Years

The last decade started with SS&C acquiring a broker-neutral system provider called Tradeware Global. After two years, SS&C acquired a Texas-based business called Hedgemetrix and this new deal brought twenty customers to the company. Currently, Hedgemetrix is a part of SS&C’s GlobeOp business. The same year, SS&C acquired another company called Thomson Reuter’s PORTIA. The deal was closed for $170 million. For $95 million in cash, SS&C acquired DST Global Solutions and it helped the company target Asia-Pacific locations and EMEA.

In 2015, the company announced that it would be acquiring Citigroup’s Alternative Investor Services business. This deal was closed for $425 million and the acquisition included Hedge Fund Services and Private Equity Fund services. The next company SS&C acquired was Primatics Financial for $122 million from the Carlyle Group and in 2016 the acquisition of Wells Fargo’s Global Fund Services Business took place. This strengthened the fund relationship of SS&C and also brought 384 new employees to the company. Some of the other companies acquired by SS&C in recent years are Salentica, Conifer Financial Services, DST Systems, etc.

Awards

In the last 35 years, SS&C Technologies has been the recipient of several awards and accolades. William C. Stone, for his immense contribution to the financial service industry, received the 2012 Entrepreneurial award from Marquette University. In 2015, the company received Custody Risk Americas Awards for the GlobeOp business unit. It also received the best portfolio accounting title for the Advent Geneva platform and also won WealthManagement.com industry awards for account aggregation.

SS&C Technologies – Founder

William C. Stone is famous as the founder, CEO, and chairman of the board of SS&C Technologies. Stone went to Marquette University and acquired a business administration degree in 1977 and started his company in 1986. Stone initially started the business from his home in Connecticut which has taken a gigantic shape today. Before founding the company, he worked at KPMG.