SunGard has completed the acquisition of FINACE, a provider of securities lending and collateral management software, from Swisscom IT Services, part of leading Swiss telecommunications group Swisscom.
The acquisition, the terms of which were not disclosed, is not expected to have a material impact on SunGard's financial results.
FINACE offers a combination of solutions and specialist knowledge for securities finance and collateral management operations. Its offering will complement SunGard's existing portfolio of securities finance solutions, including Apex, Astec, Global One and Loanet. The FINACE solution suite also has proven strengths in private bank lending which will enhance SunGard's offerings to European regional and private banks.
FINACE will become part of SunGard's capital markets business, led by Brian Traquair, where it will operate within the securities finance business unit headed by Craig Costigan. FINACE's management team, led by managing director Igor Salzgeber, will continue in their current roles.
Brian Traquair, president of SunGard's capital markets business, said, "Securities finance requires specialist expertise. The FINACE team has a strong reputation in this area, and its skills and solutions will help us enhance our existing offering and create new, compelling propositions for our customers. We look forward to integrating our strategies and bringing our teams together."