Barclays Buys Into Intelenet
Barclays has acquired a 12.75 percent stake in Indian BPO firm Intelenet Global Services-the bank's second go around as the company's part owner. The firm was originally established as a 50:50 joint venture between Tata Consultancy and HDFC in 2000. HDSF later bought out TCS and Barclays purchased a 50 percent stake in 2004. Barclays and HDSF sold the firm to Blackstone in 2007, but Barclays is now buying back in ahead of a potential IPO, listing in either the U.S. or the UK. Terms of the deal were not disclosed.
SunGard acquires Mindwell
Looking to strengthen its capital markets bench in Sweden, Switzerland and the Netherlands, Sungard has purchased Mindwell, a Swedish consulting firm that is known in the region for its combination of systems expertise and capital markets domain knowledge. Its clients include AIG, Credit Suisse and Nordea. Terms of the transaction were not disclosed.
Oracle puts a team together for STP
Oracle, Fundtech and Sierra Atlantic have teamed together to develop Seamless STP, a product that integrates payments and receivables processing systems with corporate clients' ERP systems. The joint product is designed to give corporate treasury executives a single view of cash flow and a single point of contact for the multi-bank needs of many corporations. The goal is to eliminate the costs and complexity of multiple links to multiple banks. The product uses Oracle's infrastructure, Sierra Atlantic's ERP system, and Fundtech's payment execution technology.