The Saxo Bank cycling team has enrolled U.S. software group SunGard as a sponsor after Saxo Bank announced last week it would withdraw at the end of 2010.

The sponsorship deal between SunGard and Riis Cycling, which rides as Team Saxo Bank, will help the team while it searches for a main sponsor to replace the Danish bank, the team said in a statement.

Saxo Bank, which has sponsored the team since 2008 and took over as the main sponsor at the beginning of last year, said on Friday it would not continue beyond the end of this year as the sponsorship had not lived up to its marketing goals.

"The whole team are excited about this new agreement and they can't wait to get the season underway," team owner and 1996 Tour de France winner Bjarne Riis said in the statement.

No financial details were disclosed.

"We see great potential to improve SunGard's brand awareness and visibility as a global IT company by sponsoring Team Saxo Bank," SunGard's chief marketing officer Brian Robins said in the statement.

Wayne, Pennsylvania-based Sungard, a privately held sofware and computer services company with annual revenue of more than $5 billion, said separately it had also signed a sponsorship deal with PGA tour golfer Jim Furyk.