SunGard has acquired XcitekSolutionsPlus (XSP), a provider of end-to-end, automated corporate actions solutions for an unknown sum.
XSP offers automation of 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 Farrell will continue to lead the XSP team, reporting to John Grimaldi, head of the North American securities business for SunGard.
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...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.”
The acquisition is not expected to have a material impact on SunGard’s financial results.
