Wayne, Pennsylvania disaster recovery king Sungard Data Systems Inc has definitive agreement to buy the Financial Systems business of National Computer Systems Inc, Minneapolis for $95m in cash. The Financial Systems business represents a significant diversification for Sungard because it provides software and services for bank asset management, primarily in the trust department. It had revenue of $58.1m for its fiscal year ended January 31. SunGard expects to have to write off acquired in-process research and development this year, but except for this one-time charge, the acquisition will provide a positive contribution to its earnings. It notes that the acquisition represents an extension of its investment support systems business. The Financial Systems unit has about 350 employees at its principal locations in Atlanta, Georgia, Cambridge, Massachusetts, Geneva, Switzerland, Huntsville, Alabama – and in Sungard’s home town of Wayne. Sungard also offers health information systems.
