National Computer Systems Inc. said it is selling a block of trust systems business to SunGard Data Systems Inc..
National Computer said the Wayne, Pa.-based provider of back-office technology for banks agreed on May 31 to pay $95 million for its Financial Systems division. The sale, pending regulatory approval, is expected to close in July. SunGard declined to comment.
The unit, which would be folded into SunGard's trust and shareholders services group, provides services to 300 bank trust departments. Its software helps banks manage individual trusts, employee benefit programs, and special assets such as oil and gas.
NCS Financial also sells software to 16 corporate trust departments to track bond accounting and stock transfers. Separately, the unit owns a private bank in Geneva.