Broadway & Seymour to sell Corbel unit to SunGard Data Systems Inc.CHARLOTTE, N.C.--(BUSINESS WIRE)--Oct. 18, 1996--Broadway & Seymour Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : BSIS BSIS Bureau of Security and Investigative Services (California, USA) BSIS Battlefield Strategic Information System ) announced today that SunGard Data Systems Inc. has signed a letter of intent to acquire Corbel corbel Block or brick partially embedded in a wall, with one end projecting out from the face. The weight of added masonry above counterbalances the cantilever and keeps the block from falling out of the wall. & Co., a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of Broadway & Seymour. Closing of the transaction is subject to the satisfactory completion of due diligence, certain regulatory approvals, board approval from both companies and negotiation of a definitive stock purchase agreement. The transaction is expected to be completed within 30 days, with details being reported at that time. Corbel is a leading provider of PC-based document creation and pension administration software to third party administrators, CPAs, financial institutions and the legal community, serving the small plan market. SunGard's Employee Benefits division provides participant recordkeeping systems for defined contribution retirement plans. Commented James L. Mann, SunGard's Chairman and Chief Executive Officer, "Corbel fits our acquisition criteria very well. The company is well managed and its products are an excellent complement to the systems we currently provide to the employee benefits market. We look forward to the management and employees of Corbel continuing to deliver the highest level of service and support to its customers." Alan C. Stanford, President and Chief Executive Officer of Broadway & Seymour, remarked, "This transaction completes our year-long effort to divest non-core businesses and to focus on and grow our core business. SunGard's reputation in its markets affords an excellent future for Corbel's customers and employees." The National Pension Alliance (NPA (1) (Numbering Plan Area) The Bellcore/Telcordia telephone area code system in use in the U.S., Canada, Alaska, Hawaii and islands in the Caribbean. See NPA code. (2) (Network Professional Association, San Diego, CA, www.npanet. ) program associated with Corbel will not be purchased by SunGard. NPA, a joint venture partnership, will be discontinued due to continuing losses and no near term prospects for profitability. Current NPA customers are being contacted to begin their transition to other service options. SunGard's business is computer service and application software. The Company is the only large specialized provider of proprietary investment support systems, is the pioneer and a leading provider of comprehensive computer disaster recovery services, and also provides proprietary healthcare information systems. Its common stock is reported on The Nasdaq Stock Market Nasdaq stock market The first electronic stock market listing over 5000 companies. The Nasdaq stock market comprises two separate markets, namely the Nasdaq National Market, which trades large, active securities and the Nasdaq Smallcap Market that trades emerging growth companies. and 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. under the symbol SNDT SNDT Society for Non-Destructive Testing SNDT Shrimati Nathibai Damodar Thackersey (women's university in Mumbai, India) . Headquartered in Charlotte, Broadway & Seymour is an information technology software and services company providing integrated business solutions in chosen markets worldwide. It is a leading provider of rapidly implemented systems, technologies, processes and skills enablement in customer sales and service, including call centers, Intranet and Internet solutions, and the financial and legal markets. CONTACT: Broadway & Seymour, Inc. David A. Finley or Lorin E. Brigden, 800/274-9287 email: lorin.brigden@bsis.com |
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