The SunGard name is going away. SunGard CEO Cris Conde told Waters
(a magazine covering IT for the financial services industry) that the SunGard name will disappear from the company spun off from the disaster recovery specialist.
SunGard announced its plans to spin-off its businesses outside of the disaster recovery sector last month. Among the business expected to be parted from SunGard are those that provide software and services to the retirement and mutual fund industries.
Asked directly if the SunGard name will be a part of the new name of the non-disaster recovery company, Conde simply said "no".
"We don't have a proper name for it," Conde explained. "We're just launching now a very fast branding search and we will come up with a good name. We will have that very soon."
He explained that the SunGard brand has more recognition in disaster recovery than in financial services and that it will be less expensive and easier to rebrand the software processing side of the business.
"You can't have two companies with the same name. You need to break the cord and one had to lose the brand and we made the decision. I can't believe I'm losing half the company, but we had to do it," he explained.
Conde said that the firm is still seeking a name for the spin-off, but would not commit to a deadline for the decision. He is, though, open for suggestions from SunGard employees. If you do pick a winning name don't expect a bonus or even a t-shirt, psychic rewards will have to be enough.
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