(Vocus) October 28, 2009
Somerset Capital Group Ltd. (Somerset), a global provider of customized equipment leasing, asset-based finance and asset management solutions, has chosen SunGard’s Ambit Leasing & Asset-Based Finance solution* to support its end-to-end leasing operations.
The expansion and diversification that Somerset has achieved over the past few years, both domestically and internationally, have significantly increased the time and resources required to support its operations. In order to efficiently and effectively manage its continued evolution, Somerset required a solution that could cover everything from originations and pricing through to documentation, customer service, accounting, reporting and asset management. SunGard’s Ambit solution will serve as the primary tool in Somerset’s automation of its entire leasing lifecycle on a single, end-to-end platform.
Evan M. Bokor, president and chief executive officer of Somerset Capital Group, commented: “As our company has changed and grown over time, we’ve had to implement multiple systems or create manual workarounds to accommodate the needs of our business. We realized, especially in this economic environment, that it was critical for us to find a strong partner who we were confident would be able to support our expansion and diversification plans, and provide us with the solid foundation for our long-term outlook for our business. We believe the choice of SunGard, and its Ambit solution, is the right one to meet our needs.”
Dave Barrett, chief operating officer for SunGard’s Ambit Leasing & Asset Based Finance business unit, commented: “This is a very important project for both Somerset and SunGard, and we’re pleased to be viewed as strategic partners by the group. Our solution will help Somerset benefit from both operational efficiencies and cost savings, while enhancing its ability to offer customized solutions for its leasing customers.”
*SunGard’s Ambit Leasing and Asset-Based Finance solution is based on 42, an asset finance, fleet management, and consumer credit system developed by Northern Arch.
About Somerset Capital Group, Ltd.:
Somerset Capital Group, Ltd., was established in 1984 and offers equipment leasing and asset management solutions through operating lease, capital lease, and sale-leaseback products. Somerset’s depth of experience, flexibility and dedication to nurturing long-term relationships provides a value proposition to its clients and business partners well beyond the competitively priced lease transactions that Somerset offers its clients. Somerset’s financial strength provides the company with the capabilities to execute on global transactions ranging in size from $25,000 to $25 million covering a broad array of asset types including high tech, material handling, medical, and manufacturing equipment with each transaction tailored to the specific and evolving requirements of its clients. Somerset maintains a staff of qualified professionals to handle, in house, all of servicing functions. The company’s primary operations are in the US with additional operations in Canada & Singapore.
SunGard’s Ambit is a banking solution suite for retail, commercial and private banks. It provides banking professionals with solutions that support front-, middle- and back-office operations, as well as solutions for financial management, risk and compliance. Ambit helps banks improve customer service management, streamline business processes, comply with regulations and capture growth opportunities. For more information, visit http://www.sungard.com/ambit.
SunGard is one of the world’s leading software and IT services companies. SunGard serves more than 25,000 customers in more than 70 countries.
SunGard provides software and processing solutions for financial services, higher education and the public sector. SunGard also provides disaster recovery services, managed IT services, information availability consulting services and business continuity management software.
With annual revenue exceeding $5 billion, SunGard is ranked 435 on the Fortune 500 and is the largest privately held business software and services company on the Forbes list of private businesses. Based on information compiled by Datamonitor*, SunGard is the third largest provider of business applications software after Oracle and SAP. Continuity, Insurance & Risk has recognized SunGard as service provider of the year an unprecedented six times. For more information, please visit SunGard at http://www.sungard.com.
*January 2009 Technology Vendors Financial Database Tracker http://www.datamonitor.com