William C. Stone
|William C. Stone|
|Born||1955 (age 61–62)
|Net worth||$1.17 Billion USD (January 2017)|
William (Bill) C. Stone (born 1955) is the founder, chairman, and CEO of SS&C Technologies Holdings, Inc. (Nasdaq:SSNC), a global provider of financial services software and software-enabled services.
History of Stone and SS&C Technologies
Stone was born and raised in Evansville, Indiana. He graduated from Evansville Memorial High School and went on to Marquette University in Milwaukee, Wisconsin where he received his Bachelor’s degree in Business Administration and Accounting.
Prior to founding SS&C, Stone was the Vice President of Administration and Special Investment Services at Advest, Inc. then later moved on to direct the financial services consulting practice of KPMG LLP. He left KMPG to start SS&C in Windsor, Connecticut in March 1986. During the early days, SS&C was known as Securities Software and Consulting and was a small financial services company with a mission to serve the investment industry.
Ten years after founding the company, Stone took SS&C public in 1996. The IPO raised $71.0 million and went public at $19 a share. During the 90’s, SS&C’s software was a top tool for asset managers, bankers, and insurers, enabling them to manage their books of business electronically. By 2000, SS&C had reached annual sales of $60 million.
Stone expanded SS&C from just licensed software to offering outsourcing and fund administration. Stone also took the company private selling 70% to a Carlyle Group subsidiary in 2005 for nearly $1 billion. In 2006, revenues for SS&C surpassed $200 million and the 2006 HFMWeek Hedge Fund Administrator survey cited SS&C as the fastest-growing administrator among the top ten. By 2010, Stone took SS&C public again, trading on the NASDAQ under ticker “SSNC”. At this point, SS&C had 1,400 staff in 26 offices around the world, with 5000+ clients that managed more than $16 trillion in AUM.
Today, SS&C is a $1.5 billion in revenue and $6.6 billion in market capitalization company with 8,000 employees, 100 products and services, more than 10,000 clients globally, and 73 offices around the world.
Creating Jobs in his Hometown
Bill Stone has consistently been dedicated to creating new jobs in his home town, Evansville, Indiana. Dating back to March 2011, Stone invested nearly $4 million to establish a fund administration and technology center creating up to 500 jobs by 2014.
"In addition to the significant capital investment, the SS&C project will further stimulate downtown redevelopment and create just the kind of high-paying, professional jobs our community needs as we head into the future," said Mayor Jonathan Weinzapfel.
Two years later in November 2013, Stone doubled SS&C’s office space for a total of 18,000 square feet in Evansville. Not long afterwards in April 2014, Stone expanded SS&C PORTIA business operations and leveraged the Evansville Center of Excellence. One year later, July 2015, Stone further expanded his SS&C’s presence in Evansville creating room for another 300 jobs. With the expansion, SS&C became one of the largest financial software and services companies in the region.
"On behalf of the City of Evansville, we are delighted to see the next phase of SS&C's growth," said Lloyd Winnecke, Mayor, Evansville. "Having SS&C here is such a positive thing for Evansville. It's not just the employment, it's about the opportunity for recent University of Southern Indiana and University of Evansville graduates to stay. That's a real plus."
University of Southern Indiana Investment Accounting Accelerator
On January 24, 2014, Bill Stone and the SS&C team contributed nearly one million dollars to the University of Southern Indiana's (USI) Romain College of Business to help the college progress its Investment Accounting initiatives. SS&C's donation offered students at the college hands-on experience with SS&C's advanced technology, and global financial services industry expertise.
"We are grateful for the generosity of Bill Stone and his SS&C executive team and their support in fostering the investment accounting field in USI's nationally-competitive accounting program," said USI resident Linda L. M. Bennett.
SS&C’s Financial Accelerator Day
On October 29, 2004, SS&C and the University of Connecticut unveiled the Financial Accelerator, a real-time, real-world laboratory where students are partnered with business professionals and work together to find solutions to challenges in the industry with real market data.
The Financial Accelerator concept was developed by SS&C's CEO, Bill Stone, and UConn's School of Business Associate Dean, Rich Dino. The program is patterned after edgelab, a business solutions partnership in Stamford, Connecticut, between the UConn School of Business and General Electric. However, the essence of the Hartford-based Financial Accelerator will be the multiple public and private partnerships with the insurance and finance community. The project is aimed at becoming the standard of experiential learning within the insurance and financial services sector for MBAs.
Examples include: optimization of portfolios which are subject to constraints; defining technology solutions to the fiduciary responsibilities in financial services; efficient organizational platforms; adroit uses of cutting edge technology; identifying and acting on market inefficiencies; and employing dynamic financial analysis in the property casualty industry.
In July 2010, Stone was selected by the NASDAQ CEO Signature Series as a notable CEO and had a corresponding interview. Stone was also featured on CNBC's Fast Money, a half-time report reviewing daily trends and breakthroughs in the financial industry. Stone was further selected for an exclusive interview on Interesting People with Ed Sutkowski. In 2017, Stone was named on Institutional Investor’s 2017 All American Executive Team Best Midcap CEOs list in the category of Technology, Media & Communication for the Software Sector.
- Forbes: The World's Billionaires - William Stone April 2016
- "Bill Stone LinkedIn Page". LinkedIn. Retrieved 8 February 2017.
- "SS&C Technologies 30 Years". SS&C Tech.
- "William Stone". Forbes. Retrieved 2017-02-08.
- Anniversary, 30th. "SS&C Celebrates 30 Years of Innovation". www.ssctech.com. Retrieved 2017-02-08.
- "SS&C to Establish New Fund Administration and Technology Center in Evansville, Indiana (NASDAQ:SSNC)". investor.ssctech.com. Retrieved 2017-02-08.
- "SS&C Expands Evansville, Indiana Office Space (NASDAQ:SSNC)". investor.ssctech.com. Retrieved 2017-02-08.
- "SS&C PORTIA Expands Business Operations Leveraging SS&C's Center of Excellence in Evansville (NASDAQ:SSNC)". investor.ssctech.com. Retrieved 2017-02-08.
- Technologies, SS&C. "SS&C Technologies and University of Southern Indiana Launch Investment Accounting Accelerator at the Romain College of Business". GlobeNewswire News Room. Retrieved 2017-02-08.
- "The 2017 All-America Executive Team: CEOs Go Long on Value". www.institutionalinvestor.com. Retrieved 2017-02-08.