SunGard acquires Northern Arch's 42 to create Ambit Asset Finance

Source: SunGard

SunGard has completed the acquisition of Northern Arch's 42 solution, a global leasing and financing process management solution.

SunGard's acquisition of Northern Arch's 42 solution and related business creates a new business within SunGard for asset finance and leasing, combining product development, sales, delivery and implementation. The new organization will be integrated into SunGard's Ambit solution portfolio within the corporate banking business unit. The acquisition, the terms of which were not disclosed, is not expected to have a material impact on SunGard's financial results.

This acquisition builds on a partnership established between SunGard and Northern Arch in 2008 which has successfully expanded the customer base of 42 and helped strengthened the solution offering. This acquisition combines the product and technical strength of the 42 solution with SunGard's proven delivery and global distribution capability.

The 42 solution, which will be branded SunGard's Ambit Asset Finance, is a configurable, end-to-end leasing and financing process management solution. It supports all asset-types and multinational operations, helping eliminate dependency on disparate legacy systems for increased operational efficiency and reduced total cost of ownership.

David Barrett, managing director of SunGard's corporate banking business unit, said, "As a result of the current economic turmoil and constrained corporate spending, lease financing is an increasingly attractive option for many companies. However most leasing and financing firms have complex legacy infrastructures that make it challenging for them to quickly and efficiently service the needs of their client base. Integrating the Northern Arch 42 solution into our Ambit portfolio to form Ambit Asset Finance will help our customers readily respond to market changes and meet their clients' demands for new product offerings that comply with growing regulatory requirements."

Tom Clipston, managing director of SunGard's Southeast Asia and Australia/New Zealand business, has been appointed executive vice president of SunGard's Ambit AAsset Finance business unit, and will oversee product strategy, sales, delivery and implementation to the business's global customer base, reporting to David Barrett.

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