SS&C Acquires Blockchain-Based Funds Network Calastone for $1B

SS&C Technologies has completed its acquisition of Calastone for approximately $1.03 billion, gaining the world's largest funds network built on distributed ledger technology as traditional finance infrastructure increasingly adopts blockchain capabilities.

The purchase from private equity firm Carlyle brings SS&C control of a platform connecting 4,500 financial institutions across 58 countries that processes over £250 billion ($333.72 billion) in investment value monthly. Calastone operates on blockchain infrastructure that enables real-time settlement and automated processing for fund transactions.

"Calastone's network and technology further strengthen SS&C's leadership across global fund operations," said Bill Stone, chairman and CEO of SS&C Technologies, said in a statement Tuesday. "Together, we will accelerate innovation for our clients, expand our reach, and continue to simplify the way the industry operates."

The acquisition positions SS&C to capitalize on growing institutional adoption of blockchain-based settlement systems as the asset management industry explores tokenization of traditional securities. Calastone's distributed ledger platform provides infrastructure that could support tokenized fund shares and digital asset integration as regulatory frameworks mature.

SS&C funded the purchase through a combination of debt and cash, upsizing its Term Loan B facility by $1.05 billion at SOFR+200 with 2031 maturity. The company expects the transaction to be accretive within twelve months.

Calastone's 250 employees will join SS&C Global Investor & Distribution Solutions, reporting to General Manager Nick Wright. The combined entity will integrate Calastone's blockchain-based funds network with SS&C's fund administration, transfer agency, and automation capabilities.

"This is an exciting new chapter for Calastone," said Julien Hammerson, CEO of Calastone. "Joining SS&C gives our clients and employees access to greater scale, investment, and opportunity."

Calastone rebuilt its entire network on distributed ledger technology in 2019, becoming one of the first major financial market infrastructures to migrate operations to blockchain. The move enabled real-time settlement, reduced reconciliation requirements, and automated workflows that previously required manual intervention.

The platform's blockchain foundation makes it potentially compatible with emerging tokenized asset ecosystems. As asset managers explore issuing fund shares as digital tokens on public or private blockchains, Calastone's infrastructure could provide connectivity between traditional fund operations and tokenized securities markets.

Major asset managers including BlackRock, Franklin Templeton, and WisdomTree have launched tokenized fund products, creating demand for infrastructure bridging legacy systems with blockchain-based issuance and trading. Calastone's network could serve as middleware connecting these parallel ecosystems.

The acquisition reflects broader traditional finance investment in blockchain infrastructure as the technology moves from experimental pilots to production systems. Banks and market infrastructure providers increasingly view distributed ledger technology as enabling operational efficiency rather than purely disruptive innovation.

SS&C's portfolio already includes substantial crypto and digital asset capabilities through various acquisitions and product development. The company serves crypto-native firms alongside traditional financial institutions, positioning it to support clients operating across both ecosystems.

alastone maintains offices in London, Luxembourg, Hong Kong, Taipei, Singapore, New York and Sydney, providing SS&C with expanded Asian and European presence. The geographic footprint aligns with markets where tokenization initiatives and digital asset adoption are accelerating.

The funds network processes transactions for mutual funds, exchange-traded funds, and alternative investments, handling order routing, settlement, and reporting between distributors, fund managers, and transfer agents. Moving these processes onto blockchain infrastructure reduces costs and settlement times while improving transparency.

The acquisition comes as asset tokenization gains momentum beyond early experiments. Real estate, private credit, and traditional securities increasingly feature tokenized structures, creating demand for infrastructure connecting digital assets with conventional financial systems.

SS&C's expanded capabilities through Calastone could position the company to serve asset managers pursuing hybrid strategies combining traditional fund structures with tokenized elements. The blockchain infrastructure provides flexibility for clients exploring digital asset integration without abandoning existing operational frameworks.