U.S. software firm claims share of competitive Swiss private banking market. IT-services giant SunGard is buying Genix Systems, a Zurich-based technology provider to small and medium-size banks. The two companies already share a number of clients, but SunGard figures the addition of Genix' WinDekis client-information system to its Ambit Apsys private-banking technology suite will give it better footing in small-bank market.

Two things

As it happens, small Swiss private banks are going to need help broadening their margins. Swiss megabanks like UBS and Credit Suisse -- rebuffed and bruised after a decade trying to out-Wall Street Wall Street -- have resolved to focus more on home-market opportunities. Meanwhile, small banks have also benefited from a flight from these same big names, and so need help processing client information.

"The acquisition of Genix, recognized experts in customer information systems, will allow SunGard to have an integrated product roadmap," says Daniel Bardini, head of Wayne, Pa.-based SunGard's Ambit Apsys business unit. "We have enjoyed a good relationship with Genix in the past, and now look forward to working with them as colleagues."

Genix' co-founder Bruno Matter agrees that Genix' and SunGard positive experience working together smoothed the way to their merger.

"We have worked with SunGard, and particularly the Ambit Apsys private banking team, for a number of years and have always enjoyed a good working relationship," says Matter. "This acquisition will now give us access to a wider customer base and provide us with the backing of a strong and experienced company."

Terms of transaction weren't disclosed. -FWR

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