SunGard has acquired XcitekSolutionsPlus, LLC (XSP), a leading provider of end-to-end, automated corporate actions solutions. The acquisition, the terms of which were not disclosed, is not expected to have a material impact on SunGard’s financial results.
XSP offers a range of deployed, hosted and SaaS-based solutions that help automate the corporate actions processing lifecycle, including data sourcing and cleansing, position monitoring, notification and response and entitlement processing.
XSP will become part of SunGard’s capital markets business. XSP’s current chief executive, Brendan P. Farrell, Jr., will continue to lead the XSP team, reporting to John Grimaldi, head of the North American securities business for SunGard.
“This acquisition is an exciting step in the growth of XSP. XSP is already considered a leading provider of automated corporate actions processing solutions.* Becoming part of SunGard will help us grow our global footprint and further enhance the breadth of our offering,” said Brendan P. Farrell, Jr., chief executive officer at XSP.
John Grimaldi, executive vice president for SunGard’s North American securities business unit, said, “Corporate actions processing is fundamental to the successful operations of most financial services firms, including sell-side traders, custodians, asset managers, hedge funds and wealth managers. These firms are at the heart of SunGard’s business. The acquisition of XSP will help us deliver specialist corporate actions expertise and solutions to these core customers, and enhance our offering to our securities processing, accounting and servicing customers.”
*source: Aite Group, December 2010