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Head Office: 680 East Swedesford Road, Wayne, PA 19087, US Tel: +1 484 582 2000 Email: capitalmarkets@sungard.com Other Offices: Sungard as a whole has numerous offices worldwide. Principal Ambit offices are located in New York, London and Singapore Website: www.sungard.com Twitter: @SunGard Contact: Dan Bradley, director, PR and communications. Tel: +44 (0) 20 8081 3512 Founded: Sungard was set up in 1982 as a spin-off of a division of Sun Oil Company Ownership: Venture capital and management owned Number of Staff: 13,000+ within Sungard as a whole Financials: for the year ended 31st January 2017, FIS recorded revenues of $9.1 billion compared with revenues of $9.2 billion in 2016.


it runs with Unix and Windows on the server, with Oracle, Sybase or SQL Server. Sungard worked on an n-tier version which would allow processing to be spread across multiple servers. In November 2006 the supplier won a notable deal from SAFE, the government- owned body for managing China’s foreign exchange transactions and foreign currency reserves. SAFE took Avantgard Quantum for the latter activity and replaced long-standing implementations of Misys’ Midas and Reuters’ Kondor+. Shari’ah-compliance was achieved through work with the first few banks that selected the product in 2002, including Bank of Bahrain and Kuwait, and RHB in Malaysia. It has since been sold for Islamic treasury, with the Middle East and Malaysia principally targeted. ‘Generally the workflow is pretty much the same,’ said Andrew Woods, the vendor’s group VP global treasury solutions in 2008. ‘The screens are somewhat different in the way the deal was structured and obviously the concept of profit comes in rather than the concept of interest.’ Sungard had a troubled few years, with heavy losses, but Quantum has tended to preform reasonably well in terms of new wins, typically with one or two of these having a Shari’ah aspect to them each year. There were eight deals for Quantum/Avantgard Treasury in 2009, compared with 15 in 2008 (three in China, two


in the Netherlands, one each in Bahrain, Philippines and Qatar). In 2012, against a backdrop of something of a pick-up in terms of financials, there no gains for two of the treasury systems alongside which Quantum resides, Sierra and Front Arena, although, as usual, Quantum had a reasonable haul, with seven new names in the year. The Quantum deals included Bank Muamalat in Malaysia, alongside a core banking system overhaul. While this deal was not Shari’ah, one of the 2012 wins did have this need, at a bank in Oman. It was more of the same in 2013, with more or less flat revenue and operating profit figures (albeit losses of a few years earlier now seemed to be a thing of the past). It was still Quantum that led the way from the perspective of new name deals, with nine recruits. Three were in the UK, three in China, one in Indonesia and one each with a Shari’ah requirement in Bahrain and UAE. The acquisitions are far fewer than in the frenetic past but one potentially relevant one for the treasury and capital markets business was corporate actions processing specialist, XciteSolutionsPlus, in January 2013. Terms were not disclosed and the supplier’s XSP offering was slotted into the capital markets business of Sungard. Offered on a licence, hosted and SaaS basis, the XSP suite includes data sourcing and cleansing, position monitoring, notification and response, and entitlement processing.


Islamic Report www.ibsintelligence.com 231 232


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