NEW YORK (TheStreet) -- Shares of SS&C Technologies (SSNC) are rising 1.11% to $64 on heavy trading volume after the financial software and services company announced the pricing of the 10.5 million shares of common stock in its public offering.
SS&C Technologies priced the 10.5 million shares of its common stock at a public offering price of $61.50 per share.
The company granted underwriters a 30-day option to purchase up to an additional 1.57 million shares of common stock sold in the offering. The offering will close on June 24, 2015.
A portion of the net proceeds and proceeds from debt financing transactions will finance its pending acquisition of Advent Software (ADVS) The remainder will be used for general corporate purposes, the company said.
In February, SS&C Technologies agreed to acquire Advent Software for $2.7 billion in cash.
About 5.3 million shares were traded by 11:45 a.m. Friday, above its average trading volume of about 317,000 shares a day.
Separately, TheStreet Ratings team rates SS&C TECHNOLOGIES HLDGS INC as a Buy with a ratings score of A-. TheStreet Ratings Team has this to say about their recommendation:
"We rate SS&C TECHNOLOGIES HLDGS INC (SSNC) a BUY. This is based on the convergence of positive investment measures, which should help this stock outperform the majority of stocks that we rate. The company's strengths can be seen in multiple areas, such as its revenue growth, solid stock price performance, expanding profit margins, largely solid financial position with reasonable debt levels by most measures and notable return on equity. We feel its strengths outweigh the fact that the company shows weak operating cash flow."