Home   News   Features   Interviews   Magazine Archive   Symposium   Industry Awards  
Subscribe
Securites Lending Times logo
Leading the Way

Global Securities Finance News and Commentary
≔ Menu
Securites Lending Times logo
Leading the Way

Global Securities Finance News and Commentary
News by section
Subscribe
⨂ Close
  1. Home
  2. Technology news
  3. SunGard sells for $9.1 billion
Technology news

SunGard sells for $9.1 billion


12 August 2015 Jacksonville, Florida
Reporter: Stephanie Palmer

Generic business image for news article
Image: Shutterstock
Banking and payment technology provider FIS has signed an agreement to acquire SunGard for a value of $9.1 billion.

SunGard sees annual revenue of about $2.8 billion. FIS will issue a combination of cash and stock amounting to an unaffected enterprise value of $9.1 billion, including the assumption of SunGard debt.

Combined, the companies anticipate annual revenues exceeding $9.2 billion.

As a result of the acquisition, FIS expects to be able to offer a broader range of banking and capital markets solutions for supporting financial solutions around the world.

SunGard offers a suite of service offerings delivered through either hosted or on-premise deployments, and both companies’ services extend to retail and corporate banking, payments, risk management, asset solutions and insurance.

Gary Norcross, president and CEO of FIS, said: “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.”

“Our focus has always been on championing the needs of our clients and we are excited about the opportunities this combination provides to further deliver on that commitment.”

President and CEO of SunGard Russ Fradin added: “Our focus has always been on delivering more value to our clients and making decisions that achieve our growth and performance objectives.”

“We are proud to become part of one of the financial services industry’s most respected and solidly performing companies. We embrace this transaction and believe it is the best outcome for our employees and the clients we are dedicated to serving.”

Subject to regulatory approvals and customary closing conditions, the transaction is expected to be finalised in Q4 2015.
← Previous technology article

Two new clients go live on Comyno’s X-Repo Hub
NO FEE, NO RISK
100% ON RETURNS If you invest in only one securities finance news source this year, make sure it is your free subscription to Securities Finance Times
Advertisement
Subscribe today
Knowledge base

Companies in this article
→ FIS

Explore our extensive directory to find all the essential contacts you need

Visit our directory →

Discover definitions, explanations and related news articles in our glossary

Visit our glossary →