State Street’s July 2018 announcement of their intention to acquire Charles River Development (CRD) was one of the worst-kept secrets in the industry. Rumors of the deal had been swirling for months. The shocking news was the price tag of USD 2.6 billion—eighteen times CRD’s 2018 estimated net income. CRD isn’t a flashy, new tech vendor; it’s a 35-year-old behemoth. Granted, CRD has a large and stable client base, but how (and when) will State Street realize a return on such an enormous investment?
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