Financial services software provider SunGard has added to its suite of alternative investment products with the acquisition of Melville, N.Y.-based Integrated Business Systems. IBSI is the maker of Visual Portfolio Manager, accounting software used by some 50 hedge funds managing $135 billion.
Terms of the deal were not disclosed.
“This acquisition furthers our strategy to provide hedge fund managers with a robust set of solutions focused on this industry segment,” said SunGard asset management group CEO Jack McArdle. SunGard is based in Lombard, Ill.
IBSI President Michael Alesandro added, “As part of SunGard, we will gain an opportunity to further VPM’s growth by expanding into new geographic regions, continuing to enhance our platform and broadening our service capabilities.”