SunGard has acquired the PowerPartner brokerage data system business and related New Jersey data centre from Bridge Information Systems.
Also acquired in the transaction is Bridge's value-added reseller business, which increases SunGard's volume in the resale of computer equipment and strengthens its partnership with Sun Microsystems. Bridge's minority equity interest in Prescient Markets was acquired as well. Terms of the transaction were not disclosed.
Currently installed on over 44,000 broker desktops, PowerPartner will be part of SunGard Online Investment Systems group and will be headed by Dennis Morgan.
"The ability of the current and next generation PowerPartner to leverage other SunGard solutions, including direct access to back-office functionality and advanced asset allocation, CRM, and cross-selling tools, helps make PowerPartner a very compelling offering in the marketplace," says Morgan. "These synergies will allow us to expand the product to offer our clients a broader and more versatile system."
John Hyde, group chief executive officer, SunGard Online Investment Systems says the integration of PowerPartner will advance the company's proposition for retail brokers. "Other SunGard solutions, including PowerStation, our Web-based broker workstation launched earlier this year, will see immediate benefits," he states.