Printer Friendly

SUNGARD DATA SYSTEMS TO ACQUIRE SHAW DATA SERVICES

 SUNGARD DATA SYSTEMS TO ACQUIRE SHAW DATA SERVICES
 WAYNE, Pa., Feb. 7 /PRNewswire/ -- In a separate announcement


of its fourth quarter 1991 earnings, SunGard Data Systems Inc. (NASDAQ-NMS: SNDT) announced yesterday that it has reached an agreement in principle to acquire Shaw Data Services, Inc. and its affiliates, Shaw Data Securities, Inc., and Shaw Data Leasing Co.
 The acquisition, which is subject to certain conditions, is expected to close during the second quarter of 1992.
 Shaw Data is the largest domestic provider of portfolio management, investment accounting and performance measurement systems and computer services to institutional investment organizations and investment advisors. The company's major product line is the mainframe-based On-Line System(TM), 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 260 customers, which on a daily basis, process transactions for more than 43,000 investment portfolios with an aggregate market value of more than $500 billion. Shaw Data has 270 employees, with headquarters in New York City and additional offices in Boston, London and northern New Jersey.
 James L. Mann, president of SunGard, stated, "The acquisition of Shaw Data is an important addition to our investment support systems business. Shaw Data's market is a large investment support niche in which we have not previously had a product offering. The company also fits our business profile very well. Shaw Data is the leader in its market and is very well managed, plus it has a revenue base that is nearly 100 percent recurring. Bill Burnett and his fellow founders have an operating philosophy similar to SunGard's, and I look forward to working with them as we continue to expand our investment support systems business."
 SunGard could pay up to $35 million to acquire Shaw Data, consisting of a cash payment at closing of approximately $20 million and up to $15 million of additional cash payments that may be earned based on the level of Shaw Data's profits during the three years after closing. SunGard also will make a cash payment at closing for Shaw Data's cash balances in excess of $750,000. In its last fiscal year, Shaw Data had revenues of approximately $30 million on a consolidated basis. SunGard representatives stated that the acquisition is not expected to materially affect the company's financial results for 1992.
 SunGard Data Systems Inc. is the only large diversified 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- 2/7/92
 /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. ST: Pennsylvania, New York IN: CPR SU: TNM


KA-LJ -- PH011 -- 7683 02/07/92 10:33 EST
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Feb 7, 1992
Words:495
Previous Article:TOYOTA ANNOUNCES '92 EXPORT PLAN FOR U.S.-BUILT VEHICLES
Next Article:UNIVERSAL CORPORATION ANNOUNCES EARNINGS; DECLARES DIVIDEND
Topics:


Related Articles
SUNGARD(R) DATA SYSTEMS INC. ANNOUNCES INVESTMENT SUPPORT SYSTEMS ACQUISITION
SUNGARD(R) DATA SYSTEMS INC. AND SUN DATA, INC. REACH AGREEMENT IN PRINCIPLE ON DISASTER RECOVERY ACQUISITION
SUNGARD ACQUIRES XL/DATACOMP DISASTER RECOVERY BUSINESS
SUNGARD DATA SYSTEMS INC. ANNOUNCES NEW LINE OF BUSINESS AND MANAGEMENT CHANGES
SUNGARD DATA SYSTEMS INC. COMPLETES ACQUISITION OF RENAISSANCE SOFTWARE INC.
SUNGARD DATA SYSTEMS INC. TO ACQUIRE NCS FINANCIAL SYSTEMS, INC.
SunGard Data Systems Inc. Announces the Agreement to Acquire Premier Solutions Ltd.
SunGard Acquires Disaster Recovery Business of Recovery Business Systems, Inc.
Corbel Acquires PPD's Business
SunGard Treasury Systems to Acquire Global Information Solutions Ltd.

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters