The offer was for $5.65 per share as part of its conditional, non-binding, indicative proposal in December last year to acquire all shares in the company.
After review, the Board did not see the proposal compelling in value.
The proposal from SS&C followed offers from Pacific Equity Partners (PEP) and The Carlyle Group.
Link Group will continue to look at alternatives to maximize value which includes a potential separation of its interest in Torrens Group Holdings.
Shares in Link Group (ASX:LNK) last traded at 14.23 per cent lower at $4.76.