Fintech powerhouse SunGard has acquired Delphi Technologies, an Ireland-based provider of IT consulting and professional services to banks, insurers and telcos. Financial terms of the deal were not disclosed.
Founded in 1988, Dublin-based Delphi was created to provide application development and programming expertise to the financial services industry. The firm now has over 140 staff and contractors working with Irish banks and insurance companies as well as a range of public sector and corporate organisations.
Delphi's managed professional services unit offers project management, business analysis and testing whilst the consultancy division provides outsourced project management and best practice services.
Says Didier Neyrat, president, European consulting services business, SunGard: "SunGard's acquisition of Delphi serves three key purposes: it further extends our consulting capabilities in Europe growing our number of consultants to over 700; it broadens our solution set to cover specific quality and testing skills; and it helps to build our infrastructure in a country where SunGard has more than 50 customers."
SunGard says following the transaction Delphi will become part of its European consulting services business. The acquisition is not expected to have a material impact on financial results.
In March SunGard reported a healthy rise in fourth quarter revenue and income across its business, particularly its financial systems unit which the vendor said had so far managed to escape the credit crunch fall out.
Group revenue for the three months ending 31 December 31 2007 was $1.39 billion, an increase of 17% on the year ago period with the financial systems business seeing a 23% rise to $745 million.