SunGard buys Dataware Solutions

SunGard buys Dataware Solutions

SunGard has acquired Dataware Solutions, a Massachusetts-based provider of employee trading compliance software to financial institutions, for an undisclosed sum.

Dataware's technology enables financial services firms to monitor and document compliance with regulatory mandates. The 14-year old vendor's flagship products, Personal Trading Assistant (PTA) and PTAconnect ASP, are browser-based applications that provide an automated and streamlined mechanism for managing employee personal trading practices in accordance with regulations and individual firms' code of ethics.

SunGard says Dataware Solutions will become part of its compliance, surveillance and suitability systems business, Protegent.

Commenting on the acquisition, Paul Erickson, president of the Protegent business unit, says: "Dataware Solutions brings expertise and a proven application that will help us to meet the proactive compliance needs of broker/dealers, investment advisors, hedge funds and money managers."

Erickson says adding Dataware Solutions to Protegent will help SunGard extend employee compliance capabilities to organisations that need better risk controls but do not have the time or expertise to build a system themselves.

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