Broadway & Seymour to sell Corbel unit to SunGard Data Systems Inc

Business Wire, Oct 18, 1996

CHARLOTTE, N.C.--(BUSINESS WIRE)--Oct. 18, 1996--Broadway & Seymour Inc. (NASDAQ: BSIS) announced today that SunGard Data Systems Inc. has signed a letter of intent to acquire Corbel & Co., a wholly owned subsidiary of Broadway & Seymour. Closing of the transaction is subject to the satisfactory completion of due diligence, certain regulatory approvals, board approval from both companies and negotiation of a definitive stock purchase agreement. The transaction is expected to be completed within 30 days, with details being reported at that time.

Corbel is a leading provider of PC-based document creation and pension administration software to third party administrators, CPAs, financial institutions and the legal community, serving the small plan market. SunGard's Employee Benefits division provides participant recordkeeping systems for defined contribution retirement plans.

Commented James L. Mann, SunGard's Chairman and Chief Executive Officer, "Corbel fits our acquisition criteria very well. The company is well managed and its products are an excellent complement to the systems we currently provide to the employee benefits market. We look forward to the management and employees of Corbel continuing to deliver the highest level of service and support to its customers."

Alan C. Stanford, President and Chief Executive Officer of Broadway & Seymour, remarked, "This transaction completes our year-long effort to divest non-core businesses and to focus on and grow our core business. SunGard's reputation in its markets affords an excellent future for Corbel's customers and employees."

The National Pension Alliance (NPA) program associated with Corbel will not be purchased by SunGard. NPA, a joint venture partnership, will be discontinued due to continuing losses and no near term prospects for profitability. Current NPA customers are being contacted to begin their transition to other service options.

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 Nasdaq Stock Market and the London Stock Exchange under the symbol SNDT.

Headquartered in Charlotte, Broadway & Seymour is an information technology software and services company providing integrated business solutions in chosen markets worldwide. It is a leading provider of rapidly implemented systems, technologies, processes and skills enablement in customer sales and service, including call centers, Intranet and Internet solutions, and the financial and legal markets.

CONTACT: Broadway & Seymour, Inc.

David A. Finley or Lorin E. Brigden, 800/274-9287

email: lorin.brigden@bsis.com