Another minor (?) acquisition . . .
Wednesday May 3, 4:14 pm Eastern Time
Company Press Release
Geac Acquires Management Data Business
TORONTO--(BUSINESS WIRE)--May 3, 2000--(TSE:GAC. - news)
Creates A Global Market Leader Of Wholesale Banking
Software
Geac Computer Corporation Limited (TSE:GAC. - news) announced today that it has acquired the business and worldwide subsidiaries of Management Data GmbH, an Austrian-based banking systems provider.
Management Data is a wholly owned subsidiary of Creditanstalt AG. The acquisition will be integrated with Geac's SmartStream Reconciliations division which will be renamed SmartStream Banking Systems. This transaction is forecasted to add approximately $40 million in revenue to Geac's consolidated results in the current year.
Management Data is a world-class provider of reconciliation, financial transaction management and trade finance software. Management Data's solutions enable banks to increase automation, minimize operational risk and improve management control and service levels. It is a market leader in account reconciliation software with more than 1,000 installations in 90 countries. Headquartered in Vienna, Management Data has subsidiaries and branch offices throughout Europe, Africa, Asia Pacific, and the USA.
``Management Data brings us a vast customer base, new complimentary business lines, market-leading products and a skilled and professional team,'' stated Martin Brown, SmartStream Banking Systems General Manager. ``Our reconciliations business has been growing organically at over 25% per year, and this acquisition reinforces our leadership position in this market.
Douglas G. Bergeron, President and CEO, stated, ``As part of our stated strategy, Geac intends to unlock the tremendous value of many of our vertical market business units through equity and strategic partnership transactions. This acquisition gives our banking systems division critical mass in this high-growth, high-margin marketplace.''
With over 8,000 users and an impressive global client base, SmartStream Banking Systems has grown to be a market leader in the provision of reconciliation and exception management solutions to a wide range of wholesale banks, custodians, fund managers and investment banks. This success has resulted from the continual development of leading edge technology; providing the most advanced transaction management available. SmartStream Banking Systems was the first reconciliation solution to be awarded the SWIFTReady Gold Label in 1998. SmartStream Banking Systems is located in the UK with offices in North America, Latin America, Europe and Asia Pacific. For more information, please visit reconciliations.geac.com.
Geac Computer Corporation Limited (TSE:GAC. - news) is a provider of mission critical software and systems solutions to corporations around the world. Geac solutions include cross-industry enterprise business applications for financial administration and human resources functions, and enterprise resource planning applications for manufacturing, distribution, and supply chain management. As well, Geac provides several industry-specific mission critical business applications to the hospitality, property, banking, and publishing marketplaces, as well as a wide range of applications for libraries and public safety administration. Headquartered in Toronto, Canada, Geac ranks as one of the world's largest software companies. Further information is available on the World Wide Web at geac.com, or through e-mail at info@geac.com.
This press release contains forward-looking statements based on current expectations. These forward-looking statements entail various risks and uncertainties that could cause actual results to differ materially from those reflected in these forward-looking statements. Risks and uncertainties about the Company's business are more fully discussed in Management's Discussion and Analysis published in the Company's annual report.
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Dale |
