SunGard Acquires Microbank Software.Business Editors WAYNE, Pa.--(BUSINESS WIRE)--Feb. 17, 2000 SunGard (NYSE NYSE See: New York Stock Exchange :SDS 1. (company) SDS - Scientific Data Systems. 2. (tool) SDS - Schema Definition Set. ) announced today that it has acquired Microbank Software Inc., a leading provider of exception management systems for financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. institutions. Terms of the acquisition, which is not expected to have a material impact on SunGard's financial results, were not disclosed. Microbank's eclipse product suite addresses the real-world issue of failed transactions, which prevent financial services institutions from realizing the benefits of 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. (STP STP or standard temperature and pressure, standard conditions for measurement of the properties of matter. The standard temperature is the freezing point of pure water, 0°C; or 273.15°K;. ). Up to 60% of cross-border transactions fail, and the resulting cost is nearly ten times the cost to repair the transaction before it is transmitted. For a large percentage of failed transactions, eclipse can detect and repair errors, and resume transaction processing Updating the appropriate database records as soon as a transaction (order, payment, etc.) is entered into the computer. It may also imply that confirmations are sent at the same time. Transaction processing systems are the backbone of an organization because they update constantly. in real-time, without manual intervention. Eclipse exception management can have a significant impact on cost and speed of resolution when errors occur. Cris Conde, chief operating officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. of SunGard, commented, &uot;The acquisition of Microbank adds considerable value to SunGard's real-world, eProcessing solutions Straight-through processing is a primary goal of the majority of financial services institutions, and exception management is a fundamental ingredient of the eProcessing solutions that help them achieve this goal. Microbank is a dynamic, rapidly growing company, with leading products and strong management. Its applications have established a strong foothold foot·hold n. 1. A place providing support for the foot in climbing or standing. 2. A firm or secure position that provides a base for further advancement. foothold Noun 1. in the financial services industry and are experiencing significant growth. The company's exciting e-commerce infrastructure has great appeal to SunGard's customers.&uot; Microbank's customers include 70 of the world's 100 largest banks, and its products are installed in over 1,000 sites in more than 50 countries. Microbank's eclipse delivers Straight-Through Exception Processing (STEP(TM)), which provides enrichment enrichment Food industry The addition of vitamins or minerals to a food–eg, wheat, which may have been lost during processing. See White flour; Cf Whole grains. and repair of electronic transactions, helping to reduce operations risk and improve back-office efficiency for participants in financial markets, such as foreign exchange, money markets, payments and securities. STEP's compliance and business-intelligence framework is provided through Microbank's report-warehouse technology. Report-warehouse solutions are used to provide a legally compliant report archive, delivering operational data to business users and functioning as an e-commerce infrastructure for Web-based statement and report distribution. Brian Twibell, president of Microbank, said, &uot;We are excited that integrating with SunGard's eProcessing solutions will help us to add value to a wider group of customers. As part of SunGard, Microbank's ability to explore new markets will be significantly enhanced.&uot; SunGard (NYSE:SDS) is a global leader in integrated IT solutions and eProcessing for financial services. SunGard is also the pioneer and a leading provider of high-availability infrastructure for business continuity. With annual revenues in excess of $1 billion, SunGard serves more than 10,000 clients in over 50 countries, including 47 of the world's 50 largest financial services institutions. Visit SunGard at www.sungard.com. &uot;Safe Harbor&uot; Statement under Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995 Statements about the effect of the acquisition and all other statements in this release other than historical facts are forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. . Since these statements involve risks and uncertainties and are subject to change at any time, the Company's actual results could differ materially from expected results. The Company derives most of its forward-looking statements from its operating budgets Noun 1. operating budget - a budget for current expenses as distinct from financial transactions or permanent improvements budget items, operating cost, operating expense, overhead - the expense of maintaining property (e.g. and forecasts, which are based upon many detailed assumptions. While the Company believes that its assumptions are reasonable, it cautions that there are inherent difficulties in predicting certain important factors, especially the timing and magnitude of software sales, the effect of year 2000 issues on software and services buying decisions, the timing and scope of technological advances, the integration and performance of acquired businesses, the prospects for future acquisitions, and the overall condition of the financial services industry. These factors, as and when applicable, are discussed in the Company's filings with the Securities and Exchange Commission, including its most recent Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. , a copy of which may be obtained from the Company without charge. Trademark Info: SunGard(R) is a registered trademark of SunGard Data Systems Inc. or its subsidiaries in the U.S. and other countries. All other trade names are trademarks or registered trademarks of their respective holders. |
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