IBS Journal July – August 2015
TCS makes progress with its HTML5 app suite
operations, he believes some are look- ing at setting up separate digital banks. Over time, he feels, those banks might migrate customers into the new entity from ‘bricks and mortar’ banking. The supplier set about rearchi-
tecting its offering to take advantage of technology such as 3G/4G, interop- erability (not only for customers but
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also within a single enterprise, such as for relationship managers and cred- it officers for mobile working) and ‘responsive web design’, such as offered by HTML5. TCS Bancs Digital has one code base supporting all devices. He believes that there has been
a shift among users in the last two or three years which has seen digital
banking shifting from being seen as an IT project to being a core business val- ue. ‘If you can’t do this, then you won’t meet the demands of the customer and you’ll no longer be relevant,’ he feels. Digital banking needs to mirror people’s digital lifestyles. ‘This means reimagining the banking processes, to be secure, robust and meaningful.’
Sungard files for IPO after ten years in PE hands
US-based Sungard has filed with the US regulator, Securities and Exchange Com- mission (SEC), for an IPO of its common stock. It has not, however, been revealed how many shares the company plans to sell nor the exchange it plans to list on. Sungard has been in the hands of pri-
vate equity firms since 2005, when it was bought by seven private equity companies for $11.3 billion and delisted. IBS exclusive- ly reported on the vendor’s plans to IPO last year, as Sungard was scrambling to get its books in order (which allegedly included a ten per cent reduction in its workforce). According to the latest reports in the US
press, the current owners of Sungard – name- ly Bain Capital Partners, The Blackstone Group, Goldman Sachs, KKR, Providence Equity Part- ners, Silver Lake Partners and TPG Capital – plan to retain a majority of the voting power of all outstanding shares following the IPO. It is understood that rival software
firms, SS&C and FIS, are among those inter- ested in Sungard. JP Morgan, Barclays and Goldman Sachs
are among the underwriters to the IPO. Sungard has not been profitable for a
number of years and the situation was exacer- bated by the financial crisis. In 2011, it under- went a significant transformation, selling off its higher education business and exiting a number of non-core ‘stagnating’ business lines. For 2014, Sungard reported a net loss of $222 million and revenues of $2.8 billion. Sungard’s main focus today is on invest-
12 © IBS Intelligence 2015
ment management and trading software and solutions, whilst its banking software business has been shrinking over the years. Over the years of acquisitions, it has
brought two core banking systems into its portfolio of products: Ambit Core Banking (mainly retail in focus, formerly Symbols from Singapore-based System Access) and Ambit Private Banking (which stems from Switzerland-based Apsys). Both have been selling in very small numbers, mainly living on the existing business. Ambit Core Bank-
ing has around 20 users, the majority of which are in Asia, while the Ambit Private Banking business concentrates in Switzer- land (the attempts to go international did not bear fruit), with around 50 users here. There is also a set of treasury manage-
ment products that Sungard has acquired over time, the main three in the back office space being Front Arena, Quantum and Sierra. The latter two are now branded as Ambit Treasury Management. There are 250+ users across the three products.
IN BRIEF
Permanent TSB (formerly Irish Life and Permanent), a financial services group in Ireland, is understood to be looking for a new core banking solution. It has also recently signed up for a new regulatory reporting solution, OneSumX, from Wolters Kluwer Financial Services, to comply with the upcoming Basel III regulations. The group went through tough times during the recent financial crisis, resulting in
a government bailout and the sell-off of some parts of the business. Permanent TSB has around one million customers in Ireland and €36 billion in
assets. It also has a largely in-house built, heavily customised core system, which will be replaced by a third party solution. A source close to the project says that Temenos’ T24 is one of the systems being closely evaluated. The vendor already has presence in the country with users including St Raphael’s Garda Credit Union and KBC Bank. Meanwhile, Bank of Ireland (BOI) is also looking at T24 for its domestic and UK
operations. The initial focus was on its UK subsidiary, and the SaaS route offered by Temenos’ partner, Capgemini, has been under consideration. However, it is now under- stood that the main focus has shifted to the Irish operations, as there feels to be a more pressing need to modernise. Here, BOI runs a spaghetti of home-grown and third party legacy software, which is being maintained and managed by Accenture. It is believed that Temenos and FIS are the main two contenders for the deal.
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