SunGard to spin off DR/BCP division
NEW YORK – SunGard burst forth in mid-October with news that it will be spinning off its disaster recovery/business continuity planning (DR/BCP) division – approximately one half of its business – and is looking for a new name for itself.
The board of directors at Pennsylvania-based SunGard unanimously approved a plan to spin off SunGard Availability Services, the DR/BCP unit, to stockholders through a tax-free distribution of shares, officials say. The spin-off is expected to be complete by the end of the first quarter of next year. Observers say this move will make the spin-off an attractive take-over target.
While the SunGard name will remain for the spin-off, the rest of the SunGard empire will be christened anew, says
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