Listed company Computershare has offloaded its Summit broker/client accounting system to US company Wilco International in order to concentrate on its core business in the provision of brokerage processing solutions. The deal will lead to a one-off gain of $A6.4 million.
"Computershare will continue to place its emphasis on property servicing the growing international base of shareholders and the needs of markets and regulators in the world's capital markets," a spokesman said. "The sale of Summit will release valuable R&D resources into attaining these goals."
Wilco is a subsidiary of Automatic Data Processing, with which Computershare has worked on a number of ventures in recent years, and the purchase of Summit gives it a strong product offering for the Australian market, the spokesman said. "The purchase adds a proven Australian domestic broker/client accounting system to the product set, a new client base of users and the experience and local market knowledge of the Summit staff," the spokesman explained.
Computershare has agreed to provide facilities to help Wilco support existing Summit users during the transition period.