Computer Associates Buying out Newtrend LP

By Epper, Karen | American Banker, July 8, 1994 | Go to article overview

Computer Associates Buying out Newtrend LP


Epper, Karen, American Banker


Computer Associates International Inc. moved on Thursday to take full control of a venture it has been operating jointly with Newtrend Group, an Orlando-based bank systems company.

Seeking to put an end to a stormy and litigious three-year relationship, Computer Associates said it would exercise its right to increase its ownership in the venture, Newtrend LP, to 100% from 50%.

Newtrend Group, which owns the other 50%, reportedly had found a potential buyer for the joint venture.

Computer Associates, which bills itself as the world's leading software vendor, said it was exercising a right of first refusal to buy out Newtrend Group at the price offered by the outside party. That price was not disclosed.

More than 500 Customers

The partnership has more than 500 financial institution customers, and Computer Associates' control of the business would represent a significant shakeup in the world of banking software.

Newtrend Group, meanwhile, could emerge a very different company, because many of its software resources are tied up in Newtrend L.P.

Except for a press release issued from Computer Associates' headquarters in Islandia, N.Y., there was no further explanation on Thursday. Computer Associates officials declined to elaborate. Newtrend Group executives did not respond to several telephoned requests for comment, though they were expected to issue a statement late in the day.

Consummation of the deal would put an end to a tug-of-war between Computer Associates and Newtrend Group dating back to the formation of Newtrend L.P. in May 1991.

Given the partners' proclivity to take their differences to court, the story may not yet be over.

Computer Associates' statement said Newtrend was notified its plan and "we hope to complete the paperwork as soon as possible. …

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