US buyer snaps up Global Information Solutions

By RICHARD BRADDELL

A Christchurch software firm much the same size as the Motorola research facility the city hoped for in vain was sold to the United States for $136 million in February.

Overseas Investment Commission data shows that New York-listed SunGard Data Systems bought Global Information Solutions (GIS).

The low-profile Christchurch company is said to have come to the attention of the new owner of its business and assets because of its expertise in treasury and financial management software used by blue chip corporations such as Rolls Royce, British Telecom and Dell.

The company, whose main shareholders were Lester Singleton and Nigel Walkington, was started in 1991 and grew to 220 staff with distribution offices in Australia, the US and Britain that offered consultancy services as well.

The commission said the business and assets were sold.

GIS has enabled SunGard to broaden its focus, which was primarily in banking and financial software, as well as its geographic spread into Europe and Australasia.

The new managing director, John Bush, said it was business as usual.