SSNC · 10-K filed 26 Feb 2026 · year to 31 Dec 2025

SS&C Technologies Holdings

28 named things its latest annual report says its results depend on, each in the company's own words. 11 of them are also named by other companies we've read.

Read the filing on SEC.gov ↗

Customers

Top 10 clients

earns from · approximately 15% of total revenues

During the year ended December 31, 2025, our top 10 clients represented approximately 15% of total revenues, with no single client accounting for more than 5% of total revenues.Business (Item 1)

Global hedge fund industry

earns fromnamed as a risk

These risks and trends could significantly and adversely affect some or all of our hedge fund clients, which could adversely affect our business, results of operations and financial condition.Risk factors (Item 1A)

Partners and platforms

IFDS L.P.

named as a risk

For instance, under the partnership agreement of IFDS L.P., in the event of a change of control of the Company, the other partner would have the option to purchase our interests in IFDS L.P. at a price equal to book value, unless another purchase provision in the partnership agreement was triggered prior to the change of control.Risk factors (Item 1A)

Johns Hopkins ACG System

depends on

We provide population health analytics via both a proprietary solution for certified HEDIS® measures and exclusive distribution of the Johns Hopkins ACG® System (Adjusted Clinical Groups) to health plans in the United States.Business (Item 1)

Salesforce and Microsoft CRM platforms

depends on

SS&C’s Salentica CRM is purpose-built for asset and wealth managers and built on top of the leading CRM platforms at Salesforce and Microsoft.Business (Item 1)

Other companies

Client fund cash balances (interest earnings)

exposed to its price · approximately $2.6 billionnamed as a risk

For 2025, there were average daily cash balances of approximately $2.6 billion maintained in such accounts.Market risk (Item 7A)

Variable rate debt / Credit Agreement

exposed to its price · $4,716.9 million of variable interest rate debtnamed as a risk

At December 31, 2025, we had total debt of $7,466.9 million, including $4,716.9 million of variable interest rate debt.Market risk (Item 7A)

Calastone Limited

$1,030.0named as a risk

Recently, we completed our acquisitions of FPS Trust Company in February 2025, Colossus Topco Limited, the parent company of Calastone Limited, in October 2025 and Curo Fund Services in November 2025.Risk factors (Item 1A)

Broker subaccounting

named as a risk

Brokerage firms that obtain agreements from our clients to use a broker subaccount structure cause accounts currently on our traditional recordkeeping system to convert to our subaccounting system, or to the subaccounting systems of other service providers, which generally results in lower revenues.Risk factors (Item 1A)

Competitors

State Street

competes with

Major competitors in this market include large custodian banks, such as State Street, BNY Mellon, Northern Trust and CITCO Group.Business (Item 1)

UiPath

competes with

SS&C competes with a range of technology providers including companies such as Microsoft, Pega, UiPath, Appian, and emerging agentic AI providers such as n8n and Lyzr.Business (Item 1)

Datasite

competes with

For mergers and acquisitions use cases, our principal direct competitors include global services and technology vendors such as Datasite and Donnelly Financial Solutions.Business (Item 1)

Places

India

operates in · approximately 7,900 employeesnamed as a risk

As of December 31, 2025, we had approximately 7,900 employees located in India.Risk factors (Item 1A)

Also named by A, AAPL, ACN, AJG, AKAM, AMZN, AOS, AVGO and 54 more

United States

earns from · 67% of our revenues

In 2025, we generated 67% of our revenues from clients in the United States and 33% from clients outside the United States.Business (Item 1)

Also named by ABBV, ADP, AJG, AMGN, APA, AXGN, AXP, BALL and 139 more

Asia Pacific

earns from · $344.0 million

From 2023 to 2025, our revenue from the Asia Pacific region has increased 22.9% to $344.0 million.Business (Item 1)

Also named by AIG, AVY, BLK, BNY, CCK, CL, COHR, DCI and 17 more

Commodities and inputs

British pound

exposed to its price · approximately 22% of our revenues were from currencies other than the United States dollarnamed as a risk

The British pound represents the majority of revenues and expenses denominated in a currency other than the United States dollar.Market risk (Item 7A)

Also named by ABBV, ADBE, AJG, AME, AMP, APA, BF/B, BRO and 39 more

Regulators

Centers for Medicare and Medicaid Services (CMS)

subject tonamed as a risk

Such federal regulation is developed, interpreted or enforced by regulators including, the Centers for Medicare and Medicaid Services, the U.S. Dept. of Health and Human Services, the Office for Civil Rights and the Office of the Inspector General.Risk factors (Item 1A)

Also named by ABBV, CDNA, CHE, DGX, DOC, ENSG, GD, GEHC and 6 more

Federal Deposit Insurance Corporation (FDIC) and SIPC

named as a risk

The amounts held in our operational and client deposit accounts could exceed the limits of government insurance programs of organizations such as the Federal Deposit Insurance Corporation and the Securities Investors Protection Corporation, exposing us to the risk of loss.Risk factors (Item 1A)

Laws and programs

Medicare

earns from · over 600 million claims

During the year, we processed over 600 million claims across Commercial, Exchange, Medicare, and Medicaid markets.Business (Item 1)

Also named by ABT, ARWR, AXGN, BAX, BDX, BMY, BSX, CAH and 48 more

EU General Data Protection Regulation (GDPR)

subject tonamed as a risk

Internationally, most of the jurisdictions in which we operate have established their own data security and privacy legal frameworks, many of which are broader in scope, more restrictive and impose greater obligations on us and our customers than in the U.S., including, without limitation, the E.U.’s General Data Protection Regulation (“GDPR”) which imposes strict privacy and data security requirements and provides for robust regulatory enforcement and sanctions for non-compliance.Risk factors (Item 1A)

Also named by ACN, ADSK, AIG, ALK, AMG, ANET, APG, AXON and 61 more

California Consumer Privacy Act (CCPA)

subject tonamed as a risk

In the U.S., new or evolving laws and regulations governing data privacy and the use and disclosure of non-public, confidential or protected personal information, including the California Consumer Privacy Act, as amended by the California Privacy Rights Act (collectively, “CCPA”), State biometric laws, and other emerging U.S. state privacy laws, pose increasingly complex compliance challenges and could potentially elevate our compliance risks and costs.Risk factors (Item 1A)

Also named by AAP, AIOT, AKAM, ALL, APP, AYI, BAC, BBSI and 69 more

HIPAA

subject tonamed as a risk

In certain circumstances in the U.S., we are subject to the U.S. Health Insurance Portability and Accountability Act of 1996 (“HIPAA”), which governs the use and disclosure of protected health information of individuals who are clients of or otherwise serviced by certain of our healthcare industry customers.Risk factors (Item 1A)

Also named by AFL, BAX, BBSI, CI, DHR, DOC, DOCN, DOCU and 19 more

Affordable Care Act

subject tonamed as a risk

For example, our accounts in the healthcare industry are impacted by the Patient Protection and Affordable Care Act of 2010, including the Health Insurance Marketplace.Risk factors (Item 1A)

Also named by ABBV, ABT, ADP, AFL, BBSI, BRO, BWIN, COR and 8 more

Gramm-Leach-Bliley Act and SEC Regulation S-P

subject tonamed as a risk

In certain circumstances in the U.S., we are also subject to the federal Gramm-Leach-Bliley Act (“GLBA”) and Regulation S-P enacted by the U.S. Securities and Exchange Commission (“SEC”), which, among other things, requires certain of our businesses, including, without limitation, broker-dealers, transfer agents, and registered investment advisers, to maintain written policies and procedures to protect certain non-public personal information of individuals who are clients of certain of our financial institution customers, to notify such individuals if certain of their sensitive non-public personal information has been accessed or used without authorization, and to take reasonable measures to protect against unauthorized access to or use of certain non-public personal information of individuals who are clients of certain of our financial institution customers in connection with its disposal.Risk factors (Item 1A)

EU AIFMD and U.S. Dodd-Frank Act

subject tonamed as a risk

The E.U.’s AIFMD and the U.S. Dodd-Frank Act, among other initiatives, pose significant changes to the regulatory environment in which we and our clients operate.Risk factors (Item 1A)

UK GDPR

subject tonamed as a risk

This creates a risk of divergent parallel regimes and related uncertainty and compliance risk.Risk factors (Item 1A)

U.S. Foreign Corrupt Practices Act (FCPA) and U.K. Bribery Act

subject tonamed as a risk

We and our clients operate in a number of jurisdictions that may pose a risk of potential FCPA or Bribery Act violations.Risk factors (Item 1A)

Investment Company Act of 1940

subject to

We service open-end and closed-end funds registered under the Investment Company Act of 1940, including mutual funds, exchange-traded funds, interval funds and exchange-listed closed-end funds, as well as private funds, collective investment trusts and other accounts under shareowner recordkeeping arrangements which we refer to as registered accounts.Risk factors (Item 1A)

Also named by ABR, AMG, AMP, ARCC, ARES, BAM, BCSF, BEN and 28 more