SunGard Data Systems Inc, the Wayne, Pennsylvania-based company that began as a disaster recovery firm and is now moving deeper into the financial services software world, has acquired Irvine, California-based Plaid Brothers Software Inc. Plaid Brothers develops contact and portfolio management software for brokerage firms and banks. Its products are designed to allow full service, retail and discount brokers to track customer information, portfolio management activities and performance measurement. Its major customers include BT Alex Brown, CIBC Oppenheimer and Cowen & Company. After the closing of the deal, Plaid Brothers’ executive team will continue to manage the company as an independent subsidiary within SunGard Brokerage Systems, a division of SunGard’s Financial Systems Group. The acquisition is the second of a financial software company this year for SunGard, after notching six acquisition last year, five of them in this same space. Financial terms of the agreement were not disclosed. The acquisition, which will be accounted for as a pooling-of- interests, is expected to close by May 31, 1998 and is expected to be non-dilutive on SunGard’s financial results. In April SunGard reported first-quarter net income of reported first- quarter net income that remained flat at $19.8m on revenue up 31.6% at $264.6m. Naturally, the results included one-time acquisition charges of $8.1m.
