NEW YORK - October 25, 2005 - SunGard today announced that it intends to acquire the Prophet system from Deloitte & Touche LLP-UK, subject to approval
from the SEC. Prophet is an integrated suite of actuarial systems providing
a wide range of advanced facilities for profit testing, valuation and model
office work, and its associated life insurance libraries. The transaction,
the terms of which were not disclosed, is not expected to have a material
impact on SunGard's financial results.
Originally launched in 1987, Prophet was designed and developed to meet many
of the actuarial needs of financial services companies throughout the world.
The system is currently used by over 5,000 people in over 500 companies in
more than 50 countries worldwide. It is also used extensively in-house by a
number of actuarial consultancy firms on an international basis.
Following the completion of the acquisition, the Prophet team will be
integrated within SunGard's Sherwood Systems business unit, complementing
other Sherwood solutions, such as Amarta, a life insurance, pensions and
annuity administration system that supports individual and group insurance
products and processes.
Martin Sturmley, chief operating officer, Prophet, said, "Moving the Prophet
team into SunGard will offer our clients the opportunity to benefit from the
depth and experience of IT support from a well established software vendor,
which is committed to the insurance sector."
"Stringent compliance issues have created a new demand for market participants to embrace technology solutions," said Gavin Lavelle, chief executive officer, SunGard Sherwood Systems. "Through the acquisition of Prophet and by continued expansion of our full range of solutions, SunGard is underlining its commitment to help the insurance industry meet customer demands and maintain its competitive edge. We are pleased to welcome Prophet's customers to SunGard and look forward to expanding our services."