+10%

est. 2Y upside i

FinTech

Rank

#3298

Sector

Fintech

Est. Liquidity

~0Y

Data Quality

Data: High

Calastone was acquired by SS&C Technologies in October 2025 for $1.03 billion.

Last updated: March 10, 2026

Bull (25%)+50%

Had Calastone remained independent, its rapid growth in tokenized fund distribution (161% YoY) and strong network effects could have driven a higher valuation, potentially reaching $1.5B through an IPO or larger acquisition within two years, representing a 50% upside from the $1.0B valuation.

Base (60%)+3%

The most likely outcome, which materialized, was the acquisition by SS&C Technologies for $1.03 billion in October 2025. This represented a modest 3% upside from the prior $1.0B valuation, reflecting a successful exit for existing equity holders.

Bear (15%)-30%

In a scenario where the acquisition by SS&C fell through and market conditions deteriorated or competitive pressures intensified, Calastone's valuation could have experienced a down round, potentially falling to $700M, resulting in a 30% downside for common stock holders.

Est. time to liquidity~0.0 years

Preference Stack Risk

low

Funding Intensity

2%

Investors contributed $22M in total funding, representing a low 2.2% of the $1.0B valuation, meaning liquidation preferences were minimal.

Dilution Risk

low

The company was acquired, so there is no further dilution risk from private funding rounds.

Secondary Liquidity

none

As an acquired entity, there is no longer a secondary market for private Calastone equity.

Questions to Ask at the Interview

Strategic questions based on Calastone's data — designed to show you've done your homework.

  • 1

    “Given Calastone's integration into SS&C, how is the strategy for expanding the tokenized fund distribution business evolving, and what are the key synergies being leveraged from SS&C's broader portfolio?”

  • 2

    “With Calastone's core global fund transaction network growing at 5% YoY, what are the plans to accelerate growth within SS&C, particularly in light of competition from established players like Euroclear and Clearstream?”

  • 3

    “How does SS&C structure equity incentives for employees within acquired entities like Calastone, and what is the typical vesting schedule and liquidity path for such awards?”

Community

Valuation Sentiment

Our model estimates +10% upside. What do you think?

Anonymous. Do not share material non-public information.

Community Discussion

Comments are reviewed before they appear publicly.

0/2000

Loading comments...

Disclaimer: This analysis is AI-generated and does not constitute financial or career advice. Always conduct your own due diligence.