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Sybase buy creates financial services unit

Database software maker Sybase will acquire Internet financial services company the Home Financial Network for $130 million to create a new global financial services company.

Database software maker Sybase today agreed to acquire Internet financial services company the Home Financial Network for $130 million to create a new global financial services company.

By combining the new company with its financial server business unit, Sybase hopes to expand its role from a supplier of enterprise software to a strategic software and services provider for the financial industry, the company said. The new company will operate as an independent, wholly owned subsidiary of Sybase. The name of the new company was not announced.

Sybase will acquire Home Financial Network for a combination of cash and Sybase shares valued at $130 million. Sybase will also provide $25 million in capital to the new company, which will be led by executives from both Home Financial Network and Sybase. Approval of the deal is expected by month's end.

Home Financial Network, headquartered in Westport, Conn., specializes in the development of customized Web sites.

The new subsidiary will provide online finance technology, products and services to financial institutions including banks, brokerage firms, insurance companies, securities firms or any other entity that wishes to deliver financial services to its customers over the Web.

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