CheckFree has sold its M-Solutions unit, which supplies database management systems to the investment industry, to Informa Investment Solutions, for an undisclosed sum.
The Durham, North Carolina-based M-Solutions operation currently employs about 50 workers. The company's database management software applications - M-Search, M-Pact, and M-Watch - have been implemented at about 850 corporate client sites.
CheckFree paid $14 million in stock for the business in 1999.
Checkfree says it expects the divestiture to reduce partial third quarter revenue by nearly $1.5 million. The firm has restated its revenue projections for the quarter in the range of $216-$221 million.
The company asserts that it will continue to support the investment management industry with CheckFree APL, GIM and it's next-generation EPL(Enhanced Portfolio Lifecycle) platform for broker/dealers, money managers and registered investment advisors.