Global software company SunGard has acquired
asset finance software solution 42 from New Zealand-based software
developer Northern Arch, creating a new asset finance and leasing
division for the company.
The acquisition expands on the partnership
between SunGard and Northern Arch, which began in 2008, to grow the
customer base for Northern Arch’s product.
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SunGard aims to continue that expansion by
taking the 42 product to a global customer base through its
distribution network.
The 42 solution will be branded SunGard Ambit
Asset Finance as part of SunGard’s Ambit portfolio within the
corporate banking business unit.
David Barrett, managing director of SunGard’s
corporate banking business unit, said in the current economic
turmoil lease financing is an increasingly attractive option for
companies but complex legacy infrastructures that make it
challenging for them to quickly and efficiently service the needs
of their client base.
He added: “Integrating the Northern Arch 42
solution into our Ambit portfolio to form Ambit Asset Finance will
help our customers readily respond to market changes and meet their
clients’ demands for new product offerings that comply with growing
regulatory requirements.”
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By GlobalDataTom Clipston, managing director of SunGard’s
Southeast Asia and Australia/New Zealand business, has been
appointed executive vice president of SunGard’s Ambit Asset Finance
business unit, and will oversee product strategy, sales, delivery
and implementation to the business’s global customer base,
reporting to Barrett.
The acquisition, the terms of which were not
disclosed, is not expected to have a material impact on SunGard’s
financial results, according to a statement from the company.
grant.collinson@vrlfinancialnews.com
