SunGard intends to acquire the Prophet actuarial system from Deloitte & Touche LLP-UK, subject to approval from the SEC. Prophet is an integrated suite of actuarial systems providing facilities for profit testing, valuation, and model office work, and its associated life insurance libraries. Terms of the transaction were not disclosed.
Prophet was designed and developed in 1987 to meet the actuarial needs of financial services companies throughout the world. The system currently is used by upward of 500 companies in more than 50 countries worldwide.
Following the completion of the acquisition, Prophet will be integrated within SunGard's Sherwood Systems business unit. "Moving the Prophet team into SunGard will offer our clients the opportunity to benefit from the depth and experience of IT support from a well established software vendor that is committed to the insurance sector," states Martin Sturmley, COO of Prophet.
"Stringent compliance issues have created a new demand for market participants to embrace technology solutions," says Gavin Lavelle, CEO of SunGard Sherwood Systems. "Through the acquisition of Prophet and by continued expansion of our full range of solutions, SunGard is underlining its commitment to help the insurance industry meet customer demands and maintain its competitive edge."
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