SUNGARD(R) DATA SYSTEMS INC. ACQUIRES SHAW DATA SERVICES, INC.
SUNGARD(R) DATA SYSTEMS INC. ACQUIRES SHAW DATA SERVICES, INC. WAYNE, Pa., Aug. 3 /PRNewswire/ -- SunGard Data Systems Inc. (NASDAQ-NMS: SNDT) announced today that on July 31, 1992, it completed the previously announced acquisition of Shaw Data Services, Inc. and its affiliates, Shaw Data Securities, Inc. and Shaw Data Leasing Co. Shaw Data is the largest domestic provider of portfolio management and performance measurement systems and computer services to institutional investment organizations and investment advisors. The company's main product line is the mainframe-based On-Line(TM) System, a full-service system that has the capability to handle virtually any type of domestic and international securities as well as multi-currency performance measurement and fully automated trading systems. Shaw Data has approximately 300 customers, which on a daily basis process transactions for more than 50,000 investment portfolios with an aggregate market value of over $500 billion. Shaw Data has 270 employees, with headquarters in New York and additional offices in Boston, London and northern New Jersey. Shaw Data's entire management team, which is headed by William O. Burnett, chairman and chief executive officer, will continue to manage the business. The purchase price was approximately $20.5 million in cash, subject to certain adjustments, plus a contingent payment of up to $15 million based on the level of future profits. In its latest fiscal year ended June 30, 1992, Shaw Data had combined revenues of approximately $31 million. SunGard representatives stated that the acquisition is not expected to materially affect the company's financial results for 1992. SunGard Data Systems is the only large specialized provider of proprietary investment support systems to the financial services industry and is the pioneer and a leading provider of comprehensive computer disaster recovery services. Its common stock is reported on the NASDAQ National Market System under the symbol "SNDT." /delval/ -0- 8/3/92 /CONTACT: David D. Gathman, 215-341-8709, or Richard C. Tarbox, 215-341-8743, both of SunGard Data Systems/ CO: SunGard Data Systems, Inc.; Shaw Data Services, Inc.; Shaw Data Securities, Inc.; Shaw Data Leasing Co. ST: Pennsylvania, New York IN: CPR SU: TNM
CC-JS -- PH029 -- 6331 08/03/92 16:48 EDT
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|Date:||Aug 3, 1992|
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