Atlanta, GA � February 13, 2007 � SunGard (http://www.sungard.com) announced today that it has acquired Maxim Insurance Software Corporation (Maximsoft), a leading provider of premium billing systems for the property and casualty industry. Maximsoft will become part of SunGard�s iWORKS product family ( http://www.sungard.com/iworks). The transaction, the terms of which were not disclosed, is not expected to have a material impact on SunGard�s financial results.
Maximsoft solutions include the Ebenezer system. Ebenezer is a rules-based billing and collections system. An organization using Ebenezer is able to bill all of its companies, and all of their affiliates, while using any combination of billing methodologies, all within one installation of the system. Ebenezer can be used as an independent billing solution or can be fully integrated into a company�s policy processing system.
SunGard will continue to position Ebenezer as a billing solution for use by property and casualty insurers and as a complementary solution to SunGard’s range of existing applications serving the property and casualty insurance industry including SunGard iWORKS EAS (Enterprise Accounting System), SunGard iWORKS EFS (Enterprise Filing System), and SunGard iWORKS EPS (Enterprise Portfolio System).
�Maximsoft is an exciting addition to our suite of property and casualty insurance solutions,� said Greg Webber, president of SunGard�s iWORKS business unit. �Maximsoft�s proven billing system complements our existing SunGard iWORKS solutions and further affirms our commitment to the insurance industry.�
About Maxim Insurance Software Corporation
Maximsoft is a highly focused insurance software company. The company is the result of a management buyout from PRC/Choicepoint where the Maximsoft team originally came together in the late 1980’s. Most members of the team have 10-20 years experience in the insurance software industry and started developing some of the company�s flagship products in 1988.
About SunGard iWORKS
SunGard�s iWORKS is a business-driven IT product family for the insurance industry in each of the following major business lines: life/health/annuities/pensions, property and casualty and reinsurance. SunGard iWORKS offers a range of products and services including front-office tools, policy administration, reinsurance, actuarial calculations, financial accounting, investment accounting, and reporting. SunGard partners with customers to deliver products and services that align with changing business and regulatory needs.
With annual revenue of $4 billion, SunGard is a global leader in software and processing solutions for financial services, higher education and the public sector. SunGard also helps information-dependent enterprises of all types to ensure the continuity of their business. SunGard serves more than 25,000 customers in more than 50 countries, including the world�s 50 largest financial services companies. Visit SunGard at www.sungard.com.