Tech bytes: Wang to Purchase Imaging Software Firm

BILLERICA, Mass. - Wang Laboratories Inc. announced plans to acquire Sigma Imaging Systems Inc., a privately held provider of imaging software for banks and other financial companies.

Under terms of the agreement, Wang will pay $15 million in cash and $5 million in stock for New York-based Sigma.

Concurrent with the announcement, Chase Manhattan Corp. executives said the bank will install Sigma imaging and workflow software throughout its worldwide operations. Specifics of the deal, including the cost of the contract and the number of offices involved, were not immediately available.

"In our evaluation of software vendors, we were impressed most by Sigma's software and by Wang's commitment to product enhancements, its worldwide support, funding for development, worldwide leadership in imaging and workflow, and its alliance with Microsoft," Craig Goldman, chief information officer at Chase, said in a written statement.

Wang is Microsoft Corp.'s "preferred vendor" of workflow and imaging software, meaning that the company makes products designed around Microsoft's NT operating system and its back office products.

The Sigma products are also designed for a Microsoft environment. Its software products are scalable up to about 500,000 pages of daily traffic.

Sigma has installed its systems in over 200 companies. Customers include Allied Irish Banks PLC and Chase Manhattan.

Wang's acquisition of Sigma, approved by both companies' boards of directors but awaiting regulatory approval, is expected to close in the next few days.

For reprint and licensing requests for this article, click here.
MORE FROM AMERICAN BANKER