SunGard Acquires ProNvest
JACKSONVILLE, FL, October 5, 2006 -- SunGard announced today that it has acquired ProNvest, Inc., a provider of professional retirement account management to plan participants through third party administrators (TPAs) and plan sponsors who use SunGard's Relius, Omni and other recordkeeping solutions. The acquisition, the terms of which were not disclosed, is not expected to have a material impact on SunGard's financial results.
ProNvest services can help participants enhance their investment returns by rebalancing portfolios to reflect current assessment of market conditions, making changes throughout the year to align investments with objectives, and diversifying investments across market sectors.
"This allows ProNvest greater opportunity to help plan sponsors meet their fiduciary requirements as well as participants who struggle to meet their retirement objectives," said Jay Jumper, chief executive officer of ProNvest. "ProNvest is strategically positioned to help SunGard's customers fulfill the requirements of the new Pension Protection Act."
"It's now more important than ever for plan sponsors to help participants make sound investment decisions in their defined contribution plans" said Don Mackanos, president of SunGard's Relius and Omni business units. "ProNvest's program does that by combining its managed account service with educational tools, IRA rollover assistance and more."
SunGard serves a range of organizations that administer defined-contribution and defined-benefit retirement plans with systems that support many plan types and aspects of benefit administration ranging from recordkeeping and processing of contributions and payments, to tax reporting and trade management. SunGard solutions help our customers remain competitive by providing individualized plan solutions to their clients, achieving economies of scale in plan administration, and helping satisfy regulatory requirements.
SunGard's leading retirement plan administration solutions include OmniPlus (www.sungard.com/omniplus), a scalable recordkeeping system for a broad range of pension plans, available for licensed installation, on a software-as-service/ASP basis, or through full-service outsourcing; and Relius (www.sungard.com/relius), an integrated recordkeeping solution for 401k and other plans available for licensed PC installation or on a software-as-service/ASP basis.
About ProNvest
ProNvest provides managed account services, education, investment allocation advice and IRA rollover assistance to 401k and 403(b) participants. With a comprehensive set of interactive educational tools, content and programs, ProNvest helps participants understand the basics of investing and managing their retirement savings. Visit SunGard ProNvest at www.pronvest.com.
About SunGard
With annual revenue of $4 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.
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