Swift (Society for Worldwide Interbank Financial Telecommunication) has agreed to acquire SunGard’s Ambit Messaging Hub (AMH) solution assets for high-volume financial messaging.
The transaction is expected to strengthen the relationship between the two companies as SunGard’s AvantGard Ecosystem Communication Hub (Echos) for corporate-to-bank messaging is based on the AMH technology.
The acquisition extends Swift’s connectivity portfolio as AMH is a modular, multi-network, high-volume financial messaging solution that can be tailored to an individual customer’s needs with associated services.
SunGard said that it would continue to support its MINT messaging solution, the predecessor solution to Ambit Messaging Hub. Customers using SunGard’s MINT solution for messaging will be able to work with SunGard and Swift to migrate to AMH.
The management and staff of SunGard’s Ambit Messaging Hub product line will transfer to a newly set-up Swift subsidiary as part of the deal and will be based in Mechelen (Belgium), Frankfurt (Germany) and Zurich (Switzerland). The subsidiary will be led by Hans Cobben, who has been heading the group within SunGard.
Lazaro Campos, CEO of Swift, said: “AMH is an excellent addition to our existing interface portfolio. It is also a demonstration of how Swift is evolving its strategy and business model, building on its core competencies and underpinned by the right technology solutions. It is consistent with our Swift2015 strategy and has the firm backing of the Board.”
Ken Dummitt, president of SunGard’s AvantGard business unit, said: “The agreement strengthens the relationship between Swift and SunGard. It brings together a combined network of more than 9,000 financial institutions and 2,500 corporations.
“For SunGard’s corporate customers, it means they will have a single point of connectivity to their bank partners via SunGard’s AvantGard Ecosystem Communication Hub (Echos), a messaging platform that shares the same underlying technology as Swift’s AMH. Moving forward, SunGard will focus on corporate-to-bank connectivity and corporate-to-corporate connectivity.”
The transaction is subject to a number of closing conditions that are expected to be fulfilled by the end of the quarter.