Bill Stone on Cheap Debt, Fast Paydowns, and Control
Bill Stone explains SS&C's playbook for funding takeovers with 6.5x debt multiples and paying it down fast to avoid equity dilution.
How SS&C Protected Founder Ownership Through 100 Deals
With Kison Patel, Bill Stone · Sunday, August 23, 2026
Bill Stone, founder and CEO of SS&C Technologies, discusses how he scaled the company through nearly 100 acquisitions while maintaining meaningful founder ownership and control. He breaks down his balance sheet leverage philosophy, operational restructuring playbook, and key strategies for screening motivated sellers. Stone also details the mechanics behind major takeovers, including Financial Models Company, GlobeOp, and Blue Prism.
Key takeaways
- Bill Stone built SS&C Technologies through nearly 100 acquisitions, including Financial Models Company, GlobeOp, and Blue Prism, while protecting founder equity. Read more →
- Bill Stone built SS&C Technologies through nearly 100 acquisitions, executing takeovers of major assets like Financial Models Company, GlobeOp, and Blue Prism while keeping founder control. Read more →
- Board unanimity means nothing when sponsor headquarters decides otherwise; SS&C's board voted unanimously to go public in 2007, but Carlyle leadership in Washington killed the IPO. Read more →
- SS&C Technologies completed nearly 100 acquisitions, including major takeovers of Financial Models Company, GlobeOp, and Blue Prism, while founder Bill Stone retained roughly 15% equity ownership. Read more →
- Bill Stone built SS&C Technologies across nearly 100 acquisitions by demanding two hard benchmarks on every asset: at least $250,000 in revenue per employee and a clear trajectory to 40% EBITDA margins. Read more →
- Bill Stone scaled SS&C Technologies across nearly 100 acquisitions by eliminating duplicate corporate functions that buyout sponsors cannot remove. Read more →
6 articles from this episode
Bill Stone on Screening Sellers and Killing Bad Deals
SS&C Technologies CEO Bill Stone explains how to read cap table pressure and why small seller lies require immediate deal termination.
Bill Stone on Carlyle and Majority PE Governance
SS&C founder Bill Stone explains how Carlyle blocked an agreed IPO, exposing the real power dynamics between founders and private equity sponsors.
Bill Stone on Scaling Through 100 Deals Without Losing Equity
SS&C founder Bill Stone explains how he executed nearly 100 acquisitions while retaining a 15% equity stake and board control.
Bill Stone's Playbook: $250K Revenue Per Head and 40% EBITDA
SS&C founder Bill Stone reveals his strict post-acquisition playbook: cut the bottom 20%, target 40% EBITDA margins, and strip out overhead bloat.
How Bill Stone Outbids Private Equity in Contested Takeovers
Bill Stone explains how SS&C compresses 15x entry multiples to 3x and uses takeover codes to beat buyout sponsors in competitive auctions.
More M&A Science episodes
- Dead Deals, Late Surprises: Real M&A Horror StoriesOct 18 · 3 articles
- The Vendor Trap That Derails Corporate Carve-OutsOct 11 · 6 articles
- How Jerry Cedicci Buys a Business With No Down PaymentOct 4 · 5 articles
- The Man Who Taught Kison Patel to See M&A OpportunitiesSep 27 · 5 articles