Zurich (PRWEB) June 28, 2011
SunGard has reached a definitive agreement with Swisscom IT Services, part of leading Swiss telecommunications group Swisscom, to acquire its Zurich-based unit FINACE, a provider of securities lending, repo, synthetic finance and collateral management software. Closing of the transaction, the terms of which were not disclosed and which is not expected to have a material impact on either firm, is subject to the satisfaction of certain preconditions.
Marcel Walker, member of the executive board of Swisscom IT Services, commented: “We have successfully grown the FINACE offering in Switzerland over the last few years. We believe the proposed sale to SunGard will now help us to create the right environment for the FINACE product to operate more effectively at a global level, particularly across the US, UK and Asia.”
Brian Traquair, president of SunGard’s position, risk and operations business, said, “FINACE offers a sophisticated solution for securities finance and collateral management operations. The solution, and the specialist expertise and knowledge of the FINACE team, will complement SunGard’s existing portfolio of securities finance solutions which includes Apex, Astec, Global One and Loanet. We look forward to working closely with the FINACE team and its customers.”
About Swisscom IT Services
Swisscom IT Services is one of the leading Swiss providers for the integration and operation of complex IT services. With its 3’000 employees, Swisscom IT Services supervises around 400 customers in Switzerland and generated revenues amounting to CHF 907 million in 2010. The Swisscom subsidiary’s core competencies lie in the business areas IT Outsourcing Services, Workplace Services, SAP solutions and IT Services for the financial industry.
SunGard is one of the world's leading software and technology services companies. SunGard has more than 20,000 employees and serves 25,000 customers in 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 of about $5 billion, SunGard is ranked 434 on the Fortune 500 and is the largest privately held business software and IT services company. Look for us wherever the mission is critical. For more information, visit http://www.sungard.com.
Trademark Information: SunGard, the SunGard logo, Apex, Astec, Global One and Loanet are trademarks or registered trademarks of SunGard Data Systems Inc. or its subsidiaries in the U.S. and other countries. All other trade names are trademarks or registered trademarks of their respective holders.
SunGard's "Safe Harbor" Statement under Private Securities Litigation Reform Act of 1995:
Statements in this release other than historical facts constitute forward-looking statements. You can identify forward-looking statements because they contain words such as "believes," "expects," "may," "will," "would," "should," "seeks," "approximately," "intends," "plans," "estimates," or "anticipates" or similar expressions which concern our strategy, plans or intentions. All statements we make relating to estimated and projected earnings, margins, costs, expenditures, cash flows, growth rates and financial results are forward-looking statements. All of these forward-looking statements are subject to risks and uncertainties that may change at any time, and, therefore, our actual results may differ materially from those we expected. We may not be able to complete the proposed transaction on the terms summarized above or other acceptable terms, or at all, due to a number of factors, including the failure to obtain regulatory approvals. The factors that may affect our business or future financial results are discussed in our filings with the Securities and Exchange Commission, copies of which may be obtained from us without charge. We assume no obligation to update any written or oral forward-looking statement made by us or on our behalf as a result of new information, future events or other factors.