SunGard has bought XcitekSolutionsPlus (XSP). Financial terms of the deal have not been revealed but the corporate actions vendor will sit in SunGard’s capital markets business where its automated trade updates and confirmations are often used for securities processing and accounting purposes.
XSP provides Software-as-a-Service (SaaS) and hosted corporate actions services to clients across the financial markets and is especially strong in the notification and entitlement processing of trades and portfolio reports.
The newly acquired firm will remain under the control of Brendan Farrell, as the ex-chief executive takes up the same role at SunGard's enlarged capital markets business. He will report to John Grimaldi, head of the North American securities business for SunGard.
"This acquisition is an exciting step in the growth of XSP," said Farrell. "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."