In a move to strengthen its client-server application offerings, Logica PLC announced that it will acquire Precision Software Corp., a Williamsburg, Va.-based provider of commercial loan processing software.
Logica, based in London, undertook the acquisition through Logica North America Inc., a Waltham, Mass., subsidiary.
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Precision Software, founded in 1984, provides client-server loan syndication and administration software to more than 100 banks and financial services organizations.
According to David Hatcher, a senior vice president at Logica PLC, banking clients from both the Logica and Precision sides stand to benefit from the acquisition.
"Our goal is to extend new technology and products to our clients and align ourselves with companies that are the best of breed," he said.
"Precision clients will benefit immediately from our professional services capabilities.
"We have a highly mobile group of consultants that are dispatched around the world to make sure that installations work. They won't have to rely on outside help or look to banks for consulting expertise," Mr. Hatcher continued.
Mr. Hatcher said that Logica sees the Precision deal as a "test case." Precision products will first be introduced to United States-based banks then presented to clients in the Far East, Europe, and other parts of the world.
Logica will market a full range of Precision products, including Loan Syndicator, a comprehensive, multicurrency commercial loan processing system, and Loan Administrator, a PC-based loan administration system.