After an August dominated by profit taking, bank systems stocks rebounded last week, as money poured back into the technology sector.
While blue-chip shares were mixed last week, at least some investors saw bargains in technology stocks after a brief selloff in the last few weeks. And practically all of the systems and services firms with significant business in the financial industry appeared to have benefited as well.
Systems outsourcing firm Affiliated Computer Services announced an agreement to acquire a document imaging systems subsidiary of mortgage servicer Lomas Financial Group.
Dallas-based ACS said it agreed to purchase the unit, called Intellifile, for an undisclosed sum. The acquired firm, which had $4.8 million in fiscal 1995 revenues, will become part ACS's Dataplex information management subsidiary.
Dataplex, which had $65.9 million in fiscal 1995 revenues, provides microfilm/microfiche imaging, storage, and retrieval to more than 13,000 companies, including NationsBank and First Interstate, officials said.
Intellifile, established to facilitate document processing at Lomas Mortgage USA, will give Dataplex additional capabilities in electronic imaging, ACS officials said.
"The acquisition of Intellifile allows Dataplex to continue to provide proactive services to its client base and to take advantage of new information processing opportunities," said Tim Connor, chief executive officer of Dataplex.
Rich Smith senior vice president of Intellifile, added that "as a new division of ACS, Intellifile can offer its users a much stronger support staff, engineering staff, programming staff, and an overall stronger package that can only grow and improve."
Affiliated Computer's common stock closed at $32.50 per share Friday, up 12.5 cents for the week.
Mortgage origination software developer Interlinq announced it hired a new chief executive officer after Robert Delf resigned earlier this year.
Kirkland, Wash.-based Interlinq said the board of directors appointed Jiri Nechleba president and chief executive. Previously he was senior vice president and general manager of Nielsen Solutionware, a unit of Dun & Bradstreet Corp. that developed systems for the packaged goods industry.
Interlinq's common stock closed Friday at $3.625 per share, down 2.25. cents for the week.