PARIS, Sept. 19, 2011 /PRNewswire/ -- SunGard has reached a definitive agreement to acquire Syntesys, a European SWIFT service bureau and network of business and technical experts dedicated to serving the SWIFT community. Closing of the transaction, the terms of which were not disclosed, is subject to the satisfaction of certain preconditions. The acquisition is not expected to have a material impact on SunGard's financial results.
Syntesys will strengthen SunGard's AvantGard EcoSystem Communication Hub (Echos) by expanding the service bureau capacity and locations as well as adding a suite of SWIFTReady services. SunGard's AvantGard Echos provides managed connectivity and integration for corporations, financial institutions, and trading partners. The services provided include data normalization, transformation and enrichment of messages via SWIFT or other financial messaging networks. The management and staff of Syntesys will join SunGard and will be based in France, the United Kingdom, Switzerland and Germany.
Adyl Sayagh, chief executive officer of Syntesys, said, "The combination of SunGard and Syntesys will offer our corporate customers a holistic solution that brings core treasury and payments management together with SWIFT services and products, helping improve bank connectivity. Additionally, our banking customers will leverage our services to deliver banking services such as eBAM over SWIFTNet to our corporate customers via SunGard's AvantGard Echos."
"Facilitating connectivity between corporations and their trading partners, particularly banks, is a core component of our growth strategy," said Scott Coffing, president of SunGard's corporate liquidity business. "Syntesys brings to SunGard a highly accredited team of experts that will facilitate the expansion of our SWIFT connectivity in EMEA and deliver value-added services such as SWIFTReady professional services and SaaS payments applications. We will employ these assets to deliver managed SWIFT connectivity together with services such as eBAM, statement aggregation and payments management to both corporations and banks."
Syntesys is the first European network of business and technical experts fully dedicated to serving the SWIFT community. Syntesys has a proven track record in providing end-to-end professional services and SWIFT-enabled solutions to over 150 customers in Europe since 1998. Syntesys was created in January 2008, from the merger of OnFin and Cardinal Consulting, SWIFT service partners and providers of business and technical solutions to SWIFT customers in France and Switzerland.
About SunGard's AvantGard
SunGard's AvantGard is a leading liquidity management solution for corporations, insurance companies and the public sector. AvantGard provides chief financial officers and treasurers with real-time visibility into cash flows and increased operational controls around receivables, treasury and payments. AvantGard helps companies drive free cash flow and reduce inefficiencies across the EcoSystem of suppliers, buyers, banks and other trading partners. For more information, visit www.sungard.com/avantgard.
SunGard is one of the world's leading software and technology services companies. SunGard has more than 20,000 employees and serves 25,000 customers in 70 countries. SunGard provides software and processing solutions for financial services, higher education and the public sector. SunGard also provides disaster recovery services, managed IT services, information availability consulting services and business continuity management software. With annual revenue of about $5 billion, SunGard is ranked 434 on the Fortune 500 and is the largest privately held business software and IT services company. Look for us wherever the mission is critical. For more information, visit www.sungard.com.
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