[2] IQ Financial Systems Acquires Logica's Commercial Lending Division and Products.NEW YORK--(BUSINESS WIRE)--Dec. 16, 1999-- IQ Financial Systems, Inc., the international provider of commercial lending, global trading, and risk management systems, announced today that it has acquired the commercial lending division of Logica, Inc., (symbol LOG on the London stock exchange London Stock Exchange London marketplace for securities. It was formed in 1773 by a group of stockbrokers who had been doing business informally in local coffeehouses. ) and the division's products, which expands IQ Financial's comprehensive suite of commercial lending offerings for small-, medium- and large-sized financial institutions. The terms of the acquisition were not disclosed. "We look forward to even greater opportunities to serve our growing customer base by offering a significantly expanded product line," says IQ Financial CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. Dave Salvin. "As financial institutions in all markets look to the commercial lending arena as a sizable source of business, they tell us they want to unify 1. (database, product) Unify - A relational database produced by Unify Corporation. 2. (algorithm) unify - To perform unification. all aspects of their loan operations, while cutting costs. We are excited about the acquisition because it fits within our goal of delivering a complete range of best-of-breed products to the financial marketplace. We also look forward to servicing Logica's large and distinguished client list." Logica's products include: Loan Administrator Pro (LA PRO), a loan processing system for small- and medium-sized financial institutions; Loan Administrator, a loan accounting system currently in production at 60 institutions; Loan Syndicator, a syndicated loan Syndicated Loan A very large loan in which a group of banks work together to provide funds for one borrower. There is usually one lead bank that takes a small percentage of the loan and syndicates the rest to other banks. Notes: Also known as a "syndicated bank facility. accounting system used by many of the world's largest banks; and LSR-1, a client/server version of Loan Syndicator. IQ Financial's global, straight-through processing straight-through processing The direct exchange of cash and securities. Straight-through processing is a major objective for cross-border transactions that are generally much more costly to settle compared to domestic transactions. system for commercial lending, LOAN IQ, is installed in over 14 institutions globally. IQ Financial plans to provide a comprehensive product line that will handle the most simple loan portfolio to the most complex, allowing customers to migrate from LA PRO to the full LOAN IQ system. The 11-member Logica product development team will remain in an IQ office in Williamsburg, Virginia Williamsburg is a city located on the Virginia Peninsula in the Hampton Roads region in southeastern Virginia. As of the 2000 census, the city had a total population of 11,998. . "As part of IQ Financial we will be able to service our clients with the focused industry knowledge that only a commercial lending market leader can offer--and that's exciting," says Tommy Turner Thomas "Tommy" Turner (born 11 October 1963 in Johnstone, Renfrewshire) is a Scottish former professional footballer. He was captain of the St. Mirren side that won the Scottish First Division in 1999-2000. , Product Development Manager of IQ Financial's new group and formerly VP of Commercial Lending and Risk Management at Logica. "Our future with IQ Financial will provide expanded opportunity to fit side-by-side with other IQ products, including development of Web-enabled products for Internet service and delivery." About IQ Financial Systems IQ Financial Systems, Inc., with offices in New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of , London, Tokyo and Singapore, is a leading provider of software and services to financial institutions worldwide. The company's product lines encompass a broad range of trading, risk management, and commercial lending systems. IQ Financial combines a strong practitioner's heritage with technical expertise and the drive of an employee-owned software enterprise. IQ Financial has a client list of more than 40 major financial institutions worldwide. For more information about IQ Financial, visit the web site at www.iqfinancial.com, or contact Eileen Meador at +1 877 240 IQFS (4737), toll free in the US only, or +1 212 250 7000 internationally. About Logica Founded in 1969, Logica is a leading international computer consultancy, systems integration and software company. Logica's clients operate across diverse markets including telecommunications, finance, energy and utilities, industry distribution and transport, public sector and space. Logica has over 8,500 staff in 23 countries worldwide and is listed on the London Stock Exchange where it is part of the FTSE FTSE A company that specializes in index calculation. Although not part of a stock exchange, co-owners include the London Stock Exchange and the Financial Times. Notes: The FTSE is similar to Standard & Poor's in the United States. 100 index of the largest UK listed companies listed company n → compañía cotizable listed company n → société cotée en Bourse listed company list n → . More about Logica can be found at http://www.logica.com. |
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