UK risk management software vendor Raft International has signed a new partnership deal with SunGard and has called off all discussions with firms interested in taking over the loss-making company.
Raft said in August that it was in preliminary discussions which may or may not lead to an offer for the company. The firm had previously entered a partnership with SunGard, which was tipped as the most likely suitor.
Raft says it ended takeover discussions because offers for its entire issued share capital were "not at the level which the Board considers fully reflects the prospects of the company".
The firm has now signed a new partnership deal, this time with SunGard Trading and Risk Systems, to develop a package of operational risk management software and consulting services based on its Raft Radar software. SunGard's EnForm Consulting unit will provide consulting services, project management and software delivery.
David Priestley, chairman of Raft International, says the deal with SunGard demonstrates a long-term commitment to the industry: "The SunGard partnership provides a global reach, strong, focused sales and marketing capability and the security of having one of the largest risk management software companies behind our solution."
Commenting on the partnership, Bill Popp, executive vice president, SunGard Trading and Risk Systems, says: "EnForm Consulting's track record of on-time, on-budget implementations reduces concerns over vendor delivery risk."