Question · Q3 2025
Aleksei Gogolev inquired about the potential revenue impact from State Street insourcing the FPDR business, asking if it would be felt in 2026 or Q4 of the current year. He also asked how the revenue mix shift, with strong GIDS and GlobeOp growth, would affect the margin outlook, given that Intralinks and WIT previously had higher margins.
Answer
Bill Stone, Chairman and Chief Executive Officer, stated that the State Street insourcing would have a small impact, but SS&C's wind business would still grow, as FPDR was not a core focus, and resources would be reallocated to faster-growing areas. Brian Schell, Chief Financial Officer, explained that GlobeOp already has strong margins above the consolidated average, and GIDS is also working on improving its margins. He noted that the mix shift has not negatively affected overall plans, with a projected greater than 50 basis point EBITDA margin improvement. Bill Stone added that a 39.5% margin is admirable compared to peers.