SunGard acquires Trax
11 October 2006 | 11022 views | 0
SunGard has acquired Trax, the Belgium-based supplier of payment processing software. Financial details of the transaction were not disclosed.
SunGard says the acquisition will expand the capabilities of its AvantGard treasury management system by providing increased connectivity and payment processing capabilities to corporations and financial institutions.
Trax will be integrated into AvantGard and re-branded as AvantGard Payments. Hans Cobben, chief executive officer and co-founder of Trax has been appointed chief operating officer of the unit.
He says of the decision to sell: "Over the last three years Trax has been developing and marketing its payment solutions to top tier banks and corporations in Europe and beyond. Leveraging SunGard’s global resources, knowledge and reach will help accelerate these efforts."
The AvantGard Payments suite will be deployed to help corporations, financial institutions and public sector organisations to more efficiently manage multi-bank relationships and to increase the capacity to handle vendor payments and payroll, says Cobben. The software enables access to SwiftNet and other payment networks and is equipped for full compliance with Sarbanes-Oxley.
Ken Dummitt, president of SunGard’s AvantGard business unit, says: "Trax will help our customers achieve enterprise-wide coverage of payment processing, execution, and routing."