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Sungard Buys HTE; Attracts DOJ Probe
After announcing its pending acquisition of Caminus (see "Energy Tech Buying Spree" ) financial software giant Sungard quickly followed this week with its acquisition of HTE Inc., a publicly-traded government tech solutions firm, for $121 million. HTE delivers its services to about 2,200 North American government offices, agencies and utilities. The company saw 2002 sales of $70 million, and will be integrated into Sungardís Public Sector and Non-Profit Systems Unit. As was the case with Caminus, the price Sungard is paying for HTE looks pretty rich.
For its trouble, Sungard also announced that the DoJís Antitrust Division is seeking details on the Caminus deal. Sungardís systems are used to facilitate over 70% of Nasdaq stock trades, accounting for 15 million transactions yearly. Caminus claims as clients half of the Fortune 1000 merchant energy companies.
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