SS&C's fund-administration roll-up (2005–2020s)
SS&C Technologies spent years buying fund-administration and back-office software firms, including large deals for Advent Software and DST Systems. Each purchase added clients and data. The strategy turned SS&C into a dominant back-office vendor for funds.
Fund managers found fewer independent vendors and more of their operations under one company.
Back-office software consolidated into a handful of large providers with heavy switching costs.
AngelList's Ark deal follows the same playbook of consolidating the unglamorous plumbing that funds depend on.
