Financial software and business continuity services company SunGard Data Systems Inc reported strong growth in the third quarter, driven by its software business.
In the three months ending September 30, 2004, the Wayne, Pennsylvania-based company increased its net profit 66% to $154 million, on revenue that grew 21% to $899 million.
SunGard announced last month that it planned to spin its Availability Services arm out as a separate company, to improve its ability to compete against IBM and Hewlett-Packard in the business continuity and disaster recovery services sector.
The Availability Services arm reported flat operating profit at $91.5 million in the third quarter on sales that rose 1.8% to $295 million. In contrast, the company’s financial and public sector software business grew operating profit 40% to $109 million on revenue that increased 33% to $605 million.