The acquisition of Systor Security Solutions by Beta Systems effectively brings the curtain down on Zurich, Switzerland-based Systor, which on Monday announced that it had sold its IT services business to Accenture Ltd for an undisclosed sum.
The privately held company filed for insolvency with the Swiss Court in December 2002 after it failed to negotiate a new round of financing from shareholder UBS Capital and a consortium of German banks.
With the acquisition of Systor Security Solutions, Beta Systems has acquired all product rights of the Security Administration Manager (SAM) product line, as well as customer and service contracts and about 80 employees.
Beta Systems says it will integrate the SAM cross-platform user rights administration software with its own Beta 88 zSecurity Suite, which is primarily targeted at mainframe users, enabling users to manage user rights for mainframe and decentralized systems from a single console.
Beta Systems paid one million euros ($1.07m) for Systor Security Solutions, and is anticipating another one million euros of integration costs in the first half of 2003, which will be financed using current cash flow. Following the acquisition Beta Systems is expecting additional revenue of 10 million euros ($10.7m) for the full 2003 financial year, largely from maintenance and service contracts.
Source: Computerwire
