NEW YORK, March 10 - SunGard (http://www.sungard.com/) today announced that it has acquired the corporate payments division of Payformance Corporation (http://www.payformance.com/), a Jacksonville, Florida based company that provides payment processing solutions for corporations and health care organizations. The acquisition, the terms of which were not disclosed, is not expected to have a material impact on SunGard's financial results.
The acquired business will become part of SunGard's Banks & Corporations business and will be branded under SunGard's AvantGard brand (http://www.sungard.com/avantgard). This acquisition is the latest addition to the AvantGard Collaborative Financial Management platform, helping the ecosystem of suppliers, buyers, banks and trading partners to remove barriers and inefficiencies in the financial supply chain.
Last year, SunGard integrated the Payformance technology with its AvantGard Trax payment factory and SWIFT connectivity solution. By combining Payformance's online processing with AvantGard Trax, SunGard offers a comprehensive accounts payable solution that delivers bank connectivity, domestic and international payments, online remittance details, automatic payment notification and check printing capabilities. Corporations can efficiently execute all types of payments including SWIFT, ACH, payment cards and other formats.
The solution also provides an easy means for corporations to migrate away from costly paper checks towards more efficient electronic payment formats. Designed to work with a company's existing banking relationships, the solution is non-proprietary and can plug in to virtually any accounting system. The integrated offering helps customers reduce transactional costs, improve the management of payment information, exceptions, and statement flows, and comply with regulations.
"The AvantGard Collaborative Financial Management platform is the backbone for financial supply chain management. Not only can our customers gain a single view of cash and risk, they can also improve outdated, inefficient and poorly protected finance activities such as business-to-business payment processing," said Ken Dummitt, president of SunGard's Banks & Corporations business. "Incorporating Payformance last year allowed us to deliver our integrated solution to early adopters in this space. This acquisition allows us to further this innovation, expanding the breadth of our Collaborative Financial Management platform."
About Payformance Corporation
Payformance Corporation is one of the industry's most innovative providers of Electronic Funds Transfer and Electronic Remittance Advice solutions. Its flagship product, PaySpan Health, builds on the company's more than 23 years of experience in developing payment solutions. By automating the last phase of the healthcare claims process -- payment and remittance -- PaySpan Health optimizes funds transfer and remittance delivery and brings the promise of HIPAA administrative simplification to reality. Learn more at payformancehealth.com.
SunGard's AvantGard is a leading liquidity management solution for corporations, financial institutions and the public sector. AvantGard provides chief financial officers and treasurers with real-time visibility into cash flows and increased operational controls around treasury, receivables and payments management. The solution aggregates data for a single view of cash, drives productivity through automation and fosters collaboration between trading partners. For more information, visit www.sungard.com/avantgard.
With annual revenue of $5 billion, SunGard is a global leader in software and processing solutions for financial services, higher education and the public sector. SunGard also helps information-dependent enterprises of all types to ensure the continuity of their business. SunGard serves more than 25,000 customers in more than 50 countries, including the world's 50 largest financial services companies. Visit SunGard at www.sungard.com.
CONTACT: Toby West, PR & Communications Manager of SunGard Financial Systems, +44-20-8082-2426, [email protected]
Web site: www.sungard.com/