New stand-alone software company to provide financial transaction processing solutions to financial institutions
Addison, TX September 12, 2003 Thoma Cressey Equity Partners has purchased a majority interest in Sterling Commerce's Banking Systems Division (BSD), creating an independent company called VECTORsgi, the company announced today.
VECTORsgi is a provider of financial transaction applications, which automate such internal processes as check imaging, check image exchange, electronic payments and other transaction processes for financial institutions.
Thoma Cressey said the spin off enables both VECTORsgi and Sterling Commerce, a wholly owned subsidiary of SBC Communications Inc., to concentrate efforts and resources on their respective core products and customers.
"VECTORsgi is a solid investment and a platform upon which we can build," said Scott Crabill, principal of Thoma Cressey Equity Partners. Orlando Bravo, a partner at Thoma Cressey Equity Partners, added, "We examined VECTOR solutions' acceptance in the banking industry for years and determined the technology solutions quality has tremendous potential."
Financial terms were undisclosed.