Sungard Financial Systems is looking to acquire local IT solutions to help broaden its portfolio of services. Wissam Khoury, managing director of the Middle East office says the company is on the lookout for to acquire or partner with local developers with a strong business plan and solid technology base.

The US-based company provides software and IT solutions mainly for financial services institutions.

“Locally developed solutions add value to the market,”says Khoury. The company is on the lookout for companies in Kuwait, Egypt and Lebanon with solutions for the banking sector and the emerging insurance sector.

“The insurance sector will experience the biggest growth over the coming few years and we plan to step heavily into this sector next year,” adds Khoury.

Speaking about the state of the IT development in the region, Khoury says: “There are more solid solutions being developed locally than five to ten years ago, but the services provided by local companies are very niche and they need to grow out of this.”

Sungard opened its Middle East office in 2008.