SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13A-16 OR 15D-16 OF
THE SECURITIES EXCHANGE ACT OF 1934
January 3, 2003
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FUNDTECH LTD.
(Translation of Registrant's Name Into English)
12 HA'HILAZON STREET, 5TH FLOOR, RAMAT-GAN 52522, ISRAEL
(Address of principal executive offices)
(Indicate by check mark whether the registrant files or will file annual
reports under cover of Form 20-F or Form 40-F.)
Form 20-F X Form 40-F
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(Indicate by check mark whether the registrant by furnishing the
information contained in this form is also thereby furnishing the information to
the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of
1934.)
Yes No X
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(If "Yes is marked, indicate below the file number assigned to the
registrant in connection with Rule 12g3-2(b): 82- .)
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Registrant's telephone number, including area code: 972 3 575-2750
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EXPLANATORY NOTE
Attached are the following exhibits:
99.1 Press release, released publicly on January 2, 2003.
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
FUNDTECH LTD.
Date: January 3, 2003 By: /s/ Yoram Bibring
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Yoram Bibring
Chief Financial Officer
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Exhibit 99.1
Fundtech Contact: Media Contact:
George Ravich Justine Schneider
Fundtech Ltd. Ruder Finn, Inc.
(201) 946-1100 (212) 583-2750
georger@fundtech.com schneiderj@ruderfinn.com
FOR IMMEDIATE RELEASE
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FUNDTECH CENTRALIZES DEVELOPMENT AND SERVICES UNDER
NEWLY-APPOINTED CHIEF OPERATING OFFICER
Global Realignment Will Result in Additional
Restructuring Charges In Q4,
Reaffirms Q4 Guidance
Jersey City, N.J., January 2, 2003 -- Fundtech Ltd. (NASDAQ: FNDT), a leading
provider of global electronic payments, settlement, and cash management
solutions, announced today that it has consolidated its development,
professional services and customer services activities into three global groups
under the leadership of Michael Sgroe, newly-appointed Chief Operating Officer.
The global management shift, which also includes the appointment of Joseph P.
Mazzetti as Executive Vice President of Global Sales and Marketing, is designed
to streamline operations and better serve a global base of banking customers.
Related staff reductions will lower ongoing expenses by $500,000 per quarter
beginning in the first quarter of 2003.
The Company also reaffirmed its earlier guidance for Q4, noting that it expects
to be approximately breakeven on an EBITDA basis, excluding one time charges,
which now include a previously announced $1 million restructuring charge related
to real estate lease obligations, a $900,000
settlement of a previously disclosed dispute, plus an additional $900,000 of
employee-related expenses in conjunction with the new organizational changes.
"Globalization has reshaped the way we look at our company, customers products
and services," said Reuven Ben Menachem, Chairman and CEO of Fundtech. As we
continue to evolve from a company focused on product development to one that
delivers high quality, reliable solutions to banks around the world, we need to
align our operations to better serve a growing global customer base. I am
confident that Fundtech will continue to prosper under this structure and our
leadership team."
Prior to his promotion to Chief Operating Officer, Mr. Sgroe was Executive Vice
President and President, U.S. Products and Operations. Prior to joining Fundtech
in 2000, he spent 16 years at Chase Manhattan and Chemical Bank, with
responsibility for delivering high-performance solutions for the funds transfer
and cash management businesses of the banks.
"This is a challenging market and I look forward to the opportunity of
developing Fundtech's world-class financial technology business," said Michael
Sgroe, Chief Operating Officer. "With 750 clients worldwide and the completion
of several new major products, we are well positioned to execute our strategy."
About Fundtech
Fundtech (www.fundtech.com) is a leading provider of software solutions and
services that facilitate payments, settlement and cash management by enabling
businesses and their banks to electronically manage cash, process payments and
transfer funds. The Company's client-server and Internet software products
automate the process of transferring funds among
corporations, banks and clearance systems and enable businesses to manage global
cash positions efficiently and in real-time. Its solutions have been sold to
more than 750 financial institutions around the globe.
Forward Looking Statements:
"Statements included in this Release may contain forward-looking statements.
Such forward-looking statements are inherently subject to risks and
uncertainties, many of which cannot be predicted or quantified. When used in
this Release, the words, "estimates," "expects," "anticipates," "believes,"
"plans," "intends," and variations of such words and similar expressions are
intended to identify forward-looking statements that involve risks and
uncertainties. Future events and actual results could differ materially from
those set forth in, contemplated by or underlying the forward-looking
statements. The factors that could cause actual results to differ materially
from those discussed or identified from time to time in Fundtech's public
filings, including general economic and market conditions, changes in
regulations and taxes and changes in competition in pricing environment. Undo
reliance should not be placed on these forward-looking statements, which are
applicable only as of the date hereof. Fundtech undertakes no obligation to
revise or update these forward-looking statements to reflect events or
circumstances that arise after the date of this Release or to reflect the
occurrence of unanticipated events."
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