SunGard has reached a definitive agreement with Swisscom IT Services, part of leading Swiss telecommunications group Swisscom, to acquire its Zurich-based unit FINACE, a provider of securities lending, repo, synthetic finance and collateral management software.
Closing of the transaction, the terms of which were not disclosed and which is not expected to have a material impact on either firm, is subject to the satisfaction of certain preconditions.
Marcel Walker, member of the executive board of Swisscom IT Services, commented: "We have successfully grown the FINACE offering in Switzerland over the last few years. We believe the proposed sale to SunGard will now help us to create the right environment for the FINACE product to operate more effectively at a global level, particularly across the US, UK and Asia."
Brian Traquair, president of SunGard's position, risk and operations business, said, "FINACE offers a sophisticated solution for securities finance and collateral management operations. The solution, and the specialist expertise and knowledge of the FINACE team, will complement SunGard's existing portfolio of securities finance solutions which includes Apex, Astec, Global One and Loanet. We look forward to working closely with the FINACE team and its customers."