11 December 2017
visit www.solutions.lexisnexis.com

Sherwood agrees £65.1 million SunGard offer

10 July 2003  |  4418 views  |  0 SunGard

SunGard Data Systems is to acquire UK insurance systems outfit Sherwood International for £65.1 million cash.

The agreed 140 pence per share offer for Sherwood, made by Citigroup Global Markets on behalf of SunGard Insurance Services Limited, represents a ten per cent premium to Sherwood's closing price of 127.5 pence.

SunGard says the acquisition will strengthen the firm's current IT services business in the United Kingdom and Europe.

Cris Conde, chief executive officer of SunGard, states: "Combining Sherwood with SunGard's existing insurance systems business will strengthen our global capability for these systems. It will also allow us to provide customers with an enhanced range of insurance and benefits products."

SunGard's offer comes two months after Sherwood announced it was exploring a 110 pence per share private equity deal.

Ken Andrew, Sherwood chairman, says the SunGard offer "will allow Sherwood to be better able to build greater scale, achieve its growth aspirations and enhance its global offering as part of a much larger entity".

Sherwood was established in 1970 and is a leading supplier of software and services to the global insurance industry and the UK Government.

For the financial year ended 31 December, 2002, Sherwood recorded sales of £52.2 million (2001: £56.5 million) and an operating profit before exceptional items of £4.6 million (2001: £0.2 million). Sherwood had net assets of approximately £34.1 million as at 31 December, 2002.

In its latest update, the firm warned that the difficult trading environment and uncertainty over Sherwood's future ownership meant that some customers were deferring decisions on key software licence sales and that this has adversely impacted the firm's revenues, net assets and cash position for the half-year to 30 June, 2003.

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

Sherwood stays firm on Sungard bid rumours

Sherwood stays firm on Sungard bid rumours

07 July 2003  |  3883 views  |  0 comments
SunGard acquires Reech Capital

SunGard acquires Reech Capital

02 June 2003  |  10346 views  |  0 comments
SunGard acquires London Pacific Group subsidiaries

SunGard acquires London Pacific Group subsidiaries

14 May 2003  |  3458 views  |  0 comments
Sherwood looks to go private

Sherwood looks to go private

29 April 2003  |  2121 views  |  0 comments

Related company news


Related blogs

Create a blog about this story (membership required)
visit www.response.ncr.comvisit www.aciworldwide.comvisit www.solutions.lexisnexis.com

Who is commenting?

Top topics

Most viewed Most shared
Revolut lets customers buy Bitcoin, Litecoin and EthereumRevolut lets customers buy Bitcoin, Liteco...
18353 views comments | 26 tweets | 22 linkedin
Saxo Bank's 'Outrageous Prediction': Bitcoin to peak at $60k next year before spectacular crashSaxo Bank's 'Outrageous Prediction': Bitco...
11259 views comments | 7 tweets | 7 linkedin
Deutsche Bank paper hails 'huge' blockchain potentialDeutsche Bank paper hails 'huge' blockchai...
7502 views comments | 14 tweets | 21 linkedin
Santander UK poaches Barclays innovation chief Michael HarteSantander UK poaches Barclays innovation c...
6566 views comments | 8 tweets | 17 linkedin
Barclays, First Direct and Nationwide join FCA sandbox cohortBarclays, First Direct and Nationwide join...
5976 views comments | 5 tweets | 12 linkedin

Featured job

Competitive base + commission + benefits
New York City, NY - USA

Find your next job