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EDS to sell banking unit to investment firm

The systems integrator and outsourcing company agrees to sell its community banking business to equity investment firm Will Stein & Partners.

EDS today said it has agreed to sell its community banking business to equity investment firm Will Stein & Partners.

Financial terms of the planned spin-off were not disclosed.

The EDS subsidiary, which reports $140 million in annual revenues and provides transaction services for small to mid-size banks, is expected to become an independent company based in the Dallas, Texas area, EDS said in a statement.

EDS, a systems integrator and outsourcing company, said the new company will continue to build its community banking business.

Jobs at the new company have been offered to EDS' community banking employees, the company said. Ray Maturi, EDS' head of community banking, will take over as chief executive officer.

The deal is expected to close before the end of the month, EDS said.