Technology Software "Incumbency Can Thrive with Tokenization" McVeigh

Research evidence excerpt

Technology Software "Incumbency Can Thrive with Tokenization" McVeigh

Global Research

8 July 2026ab

Technology Software Equities

AmericasIncumbency Can Thrive with Tokenization

Software

Kevin McVeigh

Expert Call with former Equiniti US CSO + COO Analyst

As tokenization becomes mainstream application software providers are adopting kevin.mcveigh@ubs.com

organically and inorganically as evidenced by the recent ~$4.2b[~4.6x sales] Equiniti +1-212-882 0081

acquisition by Bullish [Not covered]—crypto exchange—as well as SSNC's $1b Bruna Werneck

Calastone deal. As investors increasingly debate potential impact on incumbents in both Associate Analyst

the transfer agency and mutual fund space, we took the opportunity to host Katie bruna.werneck@ubs.com

Sevcik, former Board Director at Equiniti Trust Company + CSO/COO at Equiniti US. We +1-212-882 5955

leveraged Katie's 25+ years of experience in the transfer agent business to discuss key Olivia Bradlee

industry topics such as (1) transfer agent relationships, (2) AI opportunities, (3) AI Associate Analyst

creating incremental workflow, (4) regulation, (5) Blockchain, (6) tokenization, and (7) olivia.bradlee@ubs.com

Trump accounts. We came away more confident in the importance of incumbency— +1-212-713 1227

SS&C is deeply rooted in client workflows, NOT easily disrupted—it is also poised to

benefit from tokenization of securities and workflows. After its 10/25 ~$1b Calastone

acquisition, SS&C has been leveraging tokenized fund issuance and distribution

capabilities and yesterday announced it is expanding tokenized capabilities with digital

cash settlement. With 2Y forward P/E at ~9x, near the lowest in 3+ years we believe the

SSNC stock is meaningfully mispriced as we reiterate our Buy + $99 PT.

Key Takeaways