SunGard has acquired Integrated Business Systems Incorporated (IBSI), a New York-based provider of software services to hedge funds. Financial terms of the deal were not disclosed.
SunGard says the acquisition expands its alternative investment product portfolio.
IBSI's primary product offering, Visual Portfolio Manager (VPM), is a portfolio accounting, trade processing and reporting system used by more than 50 hedge fund managers.
Jack McArdle, group CEO of SunGard's institutional asset management and securities servicing business, says: "This acquisition furthers our strategy to provide hedge fund managers with a robust set of solutions focused on this industry segment."
McArdle adds: "VPM is a proven solution for some of the largest hedge fund managers in the world, requiring complex portfolio accounting capabilities. When combined with SunGard's complementary technology and service capabilities, VPM will represent a front-to-back office solution for hedge fund managers."
Commenting on the acquisition, Michael Alesandro, president, IBSI, says: "As part of SunGard, we will gain an opportunity to further VPM's growth by expanding into new geographic regions, continuing to enhance our platform and broadening our service capabilities."
SunGard says the acquisition is not expected to have a material impact on its financial results.