Mellon Financial Corporation
has acquired Eagle Investment Systems Corp.
, a developer of Internet-related software systems. Executives at Mellon believe that the purchase will enhance the firm's technological edge and support services for investors.
The acquisition will occur with a combination of Mellon's common stock (NYSE: MEL
) at cash at the election of shareholders at Eagle, and it is expected to be completed during the fourth quarter of this year. Other terms of the deal were not disclosed.
Eagle is currently headquartered in Newton, Massachusetts and will continue to be so as a unit of Mellon. It also has offices in West Hartford, Connecticut; New York City; San Francisco; and London.
"Eagle's principal products -- Eagle STAR(TM), a Web-based global investment accounting system, and Eagle PACE(TM), a Web-based investment data hub and portfolio management system -- provide an ideal investment administration platform, particularly in a T+1, straight-through-processing environment," contended Jim Palermo
, president of Mellon GSS. "With their emphasis on accessible, immediate and detailed account and market information, Eagle's capabilities will add an exciting new dimension to the capabilities that have made GSS an industry leader, allowing us to provide a complete spectrum of capabilities, from the direct licensing of state-of-the-art software to full- service outsourcing solutions."
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