FIS seeks to boost financial software portfolio with $9.1B Sungard acquisition
Fidelity National Information Services is buying financial software vendor SunGard for US$9.1 billion to broaden its range of enterprise banking and capital market offerings.The deal, announced Wednesday, ends SunGard’s bid to go public. The Wayne, Pennsylvania, company filed for an initial public offering in June, about 10 years after being acquired by a group of private equity firms. The firms that purchased SunGard for approximately $11 billion in 2005 include Bain Capital, Silver Lake Management and Blackstone Group.Some of the firms involved with the 2005 buyout were also SunGard customers. The vendor’s software covers a range of financial services functions including tax and compliance, insurance, retail banking and retirement administration. SunGard’s annual revenue totals $2.8 billion.To read this article in full or to leave a comment, please click here
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