US-based Sterling Commerce's Banking Systems Division has been sold to Thoma Cressey Equity Partners and renamed Vectorsgi after its key product line.
The Texas-based division provides banking transaction applications including cheque imaging, electronic payments and EDI.
Sam Starr, president and chief executive officer, Sterling Commerce, says the banking systems division has been sold on so that the parent company can focus on its core business of technology integration.
Sterling Commerce is a subsidiary of SBC Communications Inc. Under the terms of the transaction, for which figures have not been disclosed, SBC will retain a minority interest in Vectorsgi of less than 10%.
According to Thoma Cressey Equity Partners, the company's current management team will stay in place and report to a new independent board of directors.
Sydney Smith Hicks chief executive officer of Vectorsgi, comments: "Vectorsgi anticipates building an even greater presence in the marketplace through acquisition and organic growth. Our customers will benefit from added investment in the current product offering as well as expanded choices for new products."