Today it was announced that SunGard has agreed to purchase the Prophet system and the life libraries from Deloitte. Whilst the main rationale for the sale is regulatory, Deloitte believes that this option offers clients a significant improvement in the depth of IT resource available to support ongoing development of Prophet. SunGard is a global leader in integrated software and processing solutions, primarily for financial services. SunGard serves more than 25,000 customers in more than 50 countries and has annual revenue of $4 billion.
The Prophet Team of about 35 people in Epsom will be transferring to SunGard's offices in Chertsey. Clients will continue to receive support and upgrades for Prophet in a very similar way as at present. Going forwards Prophet will benefit from being part of a large software company as Prophet increasingly becomes a mission critical software application for our clients. In particular, the requirement for more complex and higher volumes of actuarial calculations is increasing significantly as a result of regulatory change, for example as a result of the need to do much more stochastic modelling. It is in these "enterprise level" applications that SunGard is particularly strong, and the Prophet team is therefore excited about the opportunities for Prophet going forwards within SunGard.
As from the completion date the helpdesk details will be:
In the Asia Pacific region Prophet will be supported from SunGard’s Hong Kong office. Andrew Tan will be transferring from Deloitte’s Hong Kong office as part of the transaction. He will be supported by Chee Fui who will be working in Hong Kong on secondment from the Prophet Team in Chertsey. The contact details in Hong Kong will be: Tel: +852 2530 1404 Email: prophet.asia@sungard.com
We plan to work with an actuarial software company in the US to provide local helpdesk support for US clients.
Deloitte will be continuing to use Prophet in all its consultancy work and will be continuing to provide implementation and other consultancy services around Prophet to clients.
Please click here to read a letter from Gavin Lavelle, the CEO of SunGard Sherwood Systems.
More information will appear on the Prophet website in the coming days to keep you informed about the transfer to SunGard as it happens.
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