EXHIBIT 99.2
For Immediate Release: October 17, 1997
Contact: Michael J. Ruane Suzanne M. Tavani Internet
(610) 341-8709 (610) 341-8181 www.sungard.com
SUNGARD ANNOUNCES MERGER WITH
INFINITY FINANCIAL TECHNOLOGY, INC.
IN STOCK SWAP VALUED AT $313 MILLION
Wayne, PA - SunGard Data Systems Inc. (NYSE:SDS) announced today that it has
reached a definitive agreement to merge with Infinity Financial Technology, Inc.
(NASDAQ:INFN) in a stock-for-stock transaction in which each share of Infinity
common stock will be exchanged for 0.68 of a share of SunGard common stock.
Based upon SunGard's closing price of $24 1/16 on October 16, 1997, the shares
to be issued by SunGard in the transaction, representing approximately fifteen
percent of its outstanding shares, will have a value of approximately $313
million.
Infinity develops, markets and supports enterprise software solutions for
financial trading and risk management. The company, which was founded in 1989 by
current chief executive officer Roger Lang, targets global organizations that
manage complex financial assets and has about seventy installations, including
some of the premier financial institutions worldwide. The company's suite of
off-the-shelf applications, which run on Windows NT and UNIX operating systems,
are based on the open Infinity Data Model and Fin++ Class Library.
James L. Mann, chairman and chief executive officer of SunGard, stated "This
merger will enhance SunGard's position as the premier provider of solutions for
both the derivatives and emerging risk management market segments. SunGard and
Infinity together will form an organization with both a "best-of-breed"
derivatives and risk management product suite for trading rooms of all sizes and
an unmatched global sales and support infrastructure. Roger Lang has developed a
wonderful business, and we look forward to having him and his very capable
colleagues as part of SunGard."
Mr. Lang said of the proposed merger, "We are delighted to be joining forces
with the world's leading specialized provider of investment support systems.
SunGard's strategy of investing in its companies, combined with its plans to
integrate Infinity's technology, is very attractive to us. We look forward to
working with SunGard's many financial systems businesses, especially the strong,
fast-growing companies that comprise SunGard's Trading Systems Group."
Mr. Mann also stated, "We believe that the acquisition of Infinity could add to
SunGard's 1998 earnings growth. Our expectations are that, excluding the impact
of the merger, we will
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earn $.95 per share in 1997, which is at the upper end of the range of our
previously announced outlook. While the merger should dilute 1997 earnings
slightly, by an approximate amount of $.04 exclusive of one-time costs related
to the merger, we anticipate that we will grow at least 20% over our expected
pre-merger earnings base of $.95."
The acquisition, which is intended to be accounted for as a pooling-of-
interests, is expected to close by the end of this year or early in 1998,
subject to, among other things, regulatory approval and approval of the
shareholders of Infinity.
SunGard's business is computer service and application software. The Company is
the only large specialized provider of proprietary investment support systems,
is the pioneer and a leading provider of comprehensive computer disaster
recovery services, and also provides proprietary healthcare information systems.
Its common stock is reported on The New York Stock Exchange under the symbol
SDS.
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Statements about the pending acquisition of Infinity, the Company's 1997 and
1998 outlook and all other statements in this release other than historical
facts are forward-looking statements. Since these statements involve risks and
uncertainties (including those relating to the possible inability to complete
the acquisition as scheduled, or at all) and are subject to change at any time,
the Company's actual results could differ materially from expected results.
Assuming completion of the acquisition, such risks and uncertainties include
risks that integration of the operations and products of the combining
companies might not occur as anticipated. The Company derives most of its
forward-looking statements from its operating budgets and forecasts, which are
based upon many detailed assumptions. While the Company believes that its
assumptions are reasonable, it cautions that there are inherent difficulties in
predicting certain important factors, especially the timing and magnitude of
software sales, the timing and scope of technological advances, the performance
of recently acquired businesses, the prospects for future acquisitions, and the
overall condition of the financial services industry. Whether or not the
proposed merger closes, actual results, including the level of earnings of both
the Company and Infinity may differ materially from historical results and
those discussed in this press release. These factors, as and when applicable,
are discussed in the Company's filings with the Securities and Exchange
Commission, including its most recent Form 10-K, a copy of which may be
obtained from the Company without charge, and in Infinity's most recent Form
10-K.
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