Technology vendor SunGard has completed the acquisition of Finace, a provider of securities lending and collateral management software, from SwissCom IT Services, part of the Swiss telecoms group.
Finace will be integrated into SunGard's capital markets business, led by Brian Traquair, where it will operate within the securities finance business unit headed by Craig Costigan. Finace's management team, led by managing director Igor Salzgeber, will continue in their current roles.
The acquisition of Finace is intended to complement Sungard's existing offerings by adding specialist knowledge and solutions for securities finance and collateral management. Finace also has experience in private bank lending, which SunGard hopes to use to improve its offerings to European regional and private banks.
The terms of the acquisition have not been disclosed. SunGard has stated that it is not expected to have a material impact on the firm's financial results.
SunGard recently announced it would consolidate its high-touch execution services trade desk into its Valdi Liquidity Solutions business, uniting the firm's high- and low-touch trading capabilities.