Spent some of the morning looking at SS&C Technologies, whose primary business is providing software for the financial services industry. So administrative services and portfolio accounting for big funds and asset managers.

Having some experience working with fund administrators, I already know that the service is quite sticky. Once you've worked with an administrator for a while, it can be logistically painful (and costly) to switch. $SSNC was founded, and is still run by, CEO Bill Stone who has done a remarkable job acquiring ancillary software providers and drastically expanding their profit margins. Here's a slide from a 2019 investor presentation they had.

Bill Stone appears to run the business quite lean and even mentioned that they think they can generate an incremental $75 million in annual savings from robotic process automation next year. Currently trades at an EV to FCF of ~21x. Looks pretty compelling to me. Would love to hear from anyone else familiar with the company.