SunGard has acquired Integrated Business Systems, Inc. (IBSI), a Melville, NY-based provider of software applications and related services to hedge funds.
IBSI’s primary product offering, Visual Portfolio Manager (VPM), is a leading portfolio accounting solution used by more than 50 hedge fund managers and processing more than USD135 billion in assets. The acquisition, the terms of which were not disclosed, is not expected to have a material impact on SunGard’s financial results.
IBSI developed VPM to meet the complex and evolving operating demands of hedge funds. The application offers hedge fund managers a fully integrated solution with functionality spanning portfolio accounting, trade processing and reporting. VPM’s specialised product modules address mission-critical needs for general ledger management, reconciliation and third-party interfaces.
“IBSI has attained a leadership position within the hedge fund segment based on the recognised functional and technical advantages of VPM and the strength of our customer relationships,” says Michael Alesandro, the president of IBSI. “As part of SunGard, we will gain an opportunity to further VPM’s growth by expanding into new geographic regions, continuing to enhance our platform and broadening our service capabilities. The level of SunGard’s commitment to the hedge funds segment will help us continue to deliver the solutions and services that meet the needs of our growing customer base.”
“This acquisition furthers our strategy to provide hedge fund managers with a robust set of solutions focused on this industry segment,” adds Jack McArdle, the group chief executive officer of SunGard’s Institutional Asset Management & Securities Servicing business. “VPM is a proven solution for some of the largest hedge fund managers in the world, requiring complex portfolio accounting capabilities. When combined with SunGard’s complementary technology and service capabilities, VPM will represent a front-to-back office solution for hedge fund managers.”