SS&C Wins $44 Million in Damages in Trade Secrets Theft

Clearwater Analytics found to have intentionally and maliciously stolen SS&C trade secrets

News provided by

Apr 29, 2019, 09:20 ET

WINDSOR, Conn., April 29, 2019 /PRNewswire/ -- SS&C Technologies Holdings, Inc. (Nasdaq: SSNC), today announced a Cook County Illinois Jury found Clearwater Analytics liable for stealing SS&C's trade secrets. Further, as part of the $44 million in damages, the jury awarded $28 million in punitive damages for Clearwater Analytics "willfully and maliciously" stealing SS&C's trade secrets.

Commenting on the case SS&C Chief Executive, Bill Stone, said, "After three and one-half years the U.S. justice system once again punishes bad behavior. We spent a lot of money and the case took lots of time. All of us find it gratifying that justice was done."

The judgment remains subject to post-trial motions and appeal.

About SS&C Technologies
SS&C is a global provider of investment and financial software-enabled services and software for the global financial services and healthcare industries. Founded in 1986, SS&C is headquartered in Windsor, Connecticut and has offices around the world. Some 18,000 financial services and healthcare organizations, from the world's largest institutions to local firms, manage and account for their investments using SS&C's products and services.

Additional information about SS&C (Nasdaq: SSNC) is available at www.ssctech.com.

Follow SS&C on Twitter, LinkedIn and Facebook.

SOURCE SS&C