Wismer of Canoga Park Agrees to Be Acquired

Wismer Associates, a privately held Canoga Park software firm, has agreed to be acquired by SunGard Data Systems of Wayne, Pa.

SunGard said the terms involve an initial payment of more than $10 million in cash and stock and future payments to be determined by Wismer’s performance. The sale is expected to be effective Oct. 1.

Wismer, which employs about 50 people in Canoga Park and has annual sales of $5.5 million, primarily designs and sells software used by state and local governments for investment portfolio management. SunGard develops software used by financial institutions and provides back-up services for users of large IBM computers.

David Gathman, SunGard’s vice president of finance, said Wismer will remain in Canoga Park and that no changes are expected in its operations. He said its president, David A. Wismer, who founded the company in 1975, will continue to run the business.

SunGard, a publicly held company, earned $3.8 million on revenue of $58 million in 1985.