Alltel Buying Computer Power Inc.
Alltel Corp., the corporate parent of Systematics Information Services Inc., signed an agreement to acquire Computer Power Inc. in a stock swap valued at about $270 million.
Computer Power, a Jacksonville, Fla.-based company that provides data processing and mortgage servicing for banks, will be merged with Systematics, a leading provider of data processing to banks. The merger is expected to be completed in the first quarter of 1992.
Line of Software Products
Computer Power is a privately held company with revenues of $100 million for the 12 months ended Sept. 30.
The company has a set of proprietary software for mortgage servicing, residential loan inventory control, and production control, as well as consulting training, portfolio conversion, and other services.
Computer Power's software runs on International Business Machine Corp. computers. Computer Power markets the software separately, in addition to providing it to banks that enter into a service bureau arrangement with the company. The company's customers include 52 of the top 100 mortgage banks in the country, 48 top commercial banks, and many thrifts.
Systematics already has mortgage servicing products, which it will continue to market along with Computer Power services, a spokeswoman said.