SS&C Technologies Holdings Inc Goodwill & Intangibles Disclosure
Note 9—Goodwill and Intangible Assets
The following table summarizes changes in goodwill (in millions):
Balance at December 31, 2023 |
|
$ |
8,969.5 |
|
Acquisitions completed in the current year |
|
|
325.7 |
|
Adjustments to prior acquisitions |
|
|
0.8 |
|
Effect of foreign currency translation |
|
|
(77.9 |
) |
Balance at December 31, 2024 |
|
$ |
9,218.1 |
|
Acquisitions completed in the current year |
|
|
589.2 |
|
Adjustments to prior acquisitions |
|
|
(0.1 |
) |
Effect of foreign currency translation |
|
|
184.1 |
|
Balance at December 31, 2025 |
|
$ |
9,991.3 |
|
A summary of the components of intangible assets is as follows (in millions):
|
|
December 31, |
|
|||||||||||||||||
|
|
2025 |
|
|
2024 |
|
||||||||||||||
|
|
Gross Amount |
|
Accumulated Amortization |
|
Net Amount |
|
|
Gross Amount |
|
Accumulated Amortization |
|
Net Amount |
|
||||||
Customer relationships |
|
$ |
5,791.5 |
|
$ |
(3,186.6 |
) |
$ |
2,604.9 |
|
|
$ |
5,280.2 |
|
$ |
(2,796.1 |
) |
$ |
2,484.1 |
|
Completed technology |
|
|
1,851.7 |
|
|
(1,328.2 |
) |
|
523.5 |
|
|
|
1,746.4 |
|
|
(1,210.1 |
) |
|
536.3 |
|
Trade names |
|
|
304.2 |
|
|
(194.8 |
) |
|
109.4 |
|
|
|
285.4 |
|
|
(174.6 |
) |
|
110.8 |
|
Total intangible assets |
|
$ |
7,947.4 |
|
$ |
(4,709.6 |
) |
$ |
3,237.8 |
|
|
$ |
7,312.0 |
|
$ |
(4,180.8 |
) |
$ |
3,131.2 |
|
Total estimated amortization expense, related to intangible assets, for each of the next five years and thereafter, as of December 31, 2025, is expected to approximate (in millions):
Year Ending December 31, |
|
|
|
|
2026 |
|
$ |
489.1 |
|
2027 |
|
|
481.2 |
|
2028 |
|
|
405.3 |
|
2029 |
|
|
369.0 |
|
2030 |
|
|
336.8 |
|
Thereafter |
|
|
1,156.4 |
|
Total |
|
$ |
3,237.8 |
|
Amortization expense associated with customer relationships, completed technology and other amortizable intangible assets was $483.9 million, $482.2 million and $505.3 million for the years ended December 31, 2025, 2024 and 2023, respectively.
Net capitalized software costs of $505.2 million and $390.4 million are included in the December 31, 2025 and 2024 Consolidated Balance Sheets, respectively, under “Intangible and other assets”. Accumulated amortization related to capitalized software costs totaled $577.5 million and $422.8 million as of December 31, 2025 and 2024, respectively.
Amortization expense related to capitalized software development costs was $148.7 million, $124.4 million and $91.3 million for each of the years ended December 31, 2025, 2024, and 2023, respectively.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 26, 2026 | Showing above |
| 2024 | Mar 3, 2025 | |
| 2023 | Feb 28, 2024 | |
| 2022 | Feb 28, 2023 | |
| 2021 | Feb 25, 2022 | |
| 2020 | Feb 25, 2021 | |
| 2019 | Feb 28, 2020 | |
| 2018 | Mar 1, 2019 | |
About Goodwill & Intangibles Disclosures
Goodwill and intangible asset disclosures reveal the premium paid in acquisitions and how management assesses whether that premium retains its value. Since goodwill is no longer amortized under US GAAP, the annual impairment test is the only mechanism that adjusts carrying values downward — making the assumptions behind that test critically important for investors.
Key signals: a history of goodwill impairments suggests management consistently overpays for acquisitions. Watch the gap between reporting unit fair value and carrying amount — when fair value exceeds carrying amount by less than 10-20%, a small decline in business performance could trigger a write-down. For finite-lived intangibles, examine useful life assumptions across customer relationships, technology, and trade names; aggressive estimates inflate near-term earnings. Compare total intangibles-to-total-assets ratios against peers to assess acquisition dependency. Rising goodwill as a percentage of equity can signal balance sheet fragility.