Blue Prism takeover curbed as US investment firm gatecrashes deal


Blue Prism takeover curbed as US investment firm SS&C Technologies gatecrashes deal


Blue Prism found itself in demand after its £1.1billion takeover was gatecrashed by a US investment firm.

The Warrington-based software company had previously agreed to be acquired by American private equity firm Vista Equity Partners for 1,125p per share.

However, the firm has now received an approach from Connecticut-based SS&C Technologies worth 1,200p per share.

Payday: Blue Prism chief exec Jason Kingdon (pictured) and co-founders Alastair Bathgate and David Moss could earn £130million between them under the Vista deal

SS&C is the world’s largest hedge fund and private equity administrator, providing fund management and training services to the financial sector.

Its founder, former KPMG executive William Stone, set it up in 1986 and is worth £2.2billion.

Blue Prism is evaluating the SS&C proposal, although there is no guarantee at this stage that the offer will be made official. If confirmed, the bid will value the company at £1.17billion.

The firm also postponed a meeting, originally scheduled for Friday, to approve the Vista deal in order to ‘explore further the approach from SS&C’. 

A deadline for a firm offer is expected to be set before the end of the year.

Blue Prism’s shares shot up 8.9 per cent, or 100p, to 1220p on the back of the news.

The firm may see the SS&C approach as a chance to escape growing investor criticism over the Vista deal.

Last month, activist investor Coast Capital, which owns a 2.8 per cent stake in the firm, accused the company of selling itself on the cheap and claimed management only agreed to the sale because of the huge payday on offer. 

Chief executive Jason Kingdon and co-founders Alastair Bathgate and David Moss could earn £130million between them under the Vista deal.

The takeover also sparked outrage in Warrington as Vista has said there will be job cuts following the deal.

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