Main Line Tech Company Sells for $9.1 Billion
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SunGard has been bought by Fidelity National Information Services Inc. in a $9.1 billion deal. So ends SunGard’s plans to take the company public with an IPO estimated at $750 million.
Based in Wayne, Pa., SunGard is a financial software company with annual revenue of $2.8 billion. It employs 13,000 and has clients in 100 countries. SunGard was acquired by a group of private equity firms in 2005 in an $11 billion deal.
FIS is based in Jacksonville, Fla., and specializes in banking and payments technology as well as consulting and outsourcing solutions. It employs 42,000.
The combined company will have over $9.2 billion in annual revenues and more than 55,000 employees.
It’s unclear how the deal will affect jobs in Wayne or the Greater Philadelphia area. An FIS spokesperson was not immediately available for comment. The deal includes FIS assuming SunGard debt.
The acquisition came together because the two businesses have complementary technology solutions and services in sectors like retail and corporate banking, payments, risk management, asset solutions and insurance.
In a statement, Russ Fradin, SunGard president and chief executive officer said he’s proud that the company has “become part of one of the financial services industry’s most respected and solidly performing companies.”
Gary Norcross, president and chief executive officer of FIS said in a statement: “By bringing together two innovative companies with common business models, similar cultures, strong leadership and complementary solutions, we are enhancing our ability to empower our clients and deepen client relationships through an expanded full-service offering.”
