Magazine article American Banker

SunGard Buying Trust Software Unit

Magazine article American Banker

SunGard Buying Trust Software Unit

Article excerpt

SunGard Data Systems Inc. signed a letter of intent to buy Premier Solutions Ltd., a software company that in the distant past suffered serious losses and customer lawsuits.

Terms of the deal were not disclosed. The acquisition was scheduled to close today, pending shareholder and regulatory approval.

Premier Solutions, a subsidiary of Safeguard Scientific Inc., sells trust accounting systems-used by 21 banks-and asset management software.

Both Premier and Sungard, a rapidly growing information technology provider to banks and other financial services companies, are based in Wayne, Pa.

Premier Solutions gained notoriety in 1988 when BankAmerica Corp. wrote off an $80 million investment in the vendor's trust accounting software.

Donald W. Birdwell, president of Sungard's asset management systems, said he had no qualms about Premier's past. He said the company "is well positioned to be a leader in the global trust and investment management software business."

Sungard Data Systems is an "active acquirer" and the Premier move is "consistent with the company's growth strategy," said Raimundo C. Archibold, senior vice president at Gerard Klauer Mattison, a New York-based brokerage firm.

Premier also complements Sungard's purchase of National Computer Systems Inc.'s trust systems business last year, said Carla J. Newmeyer, analyst at Robert W. Baird & Co., Milwaukee.

G. A. "Jay" Mossman 3d, Premier's president and chief executive officer, said he will retire shortly after the acquisition is completed. …

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