FIS Completes Acquisition of Sungard
FIS™ (NYSE: FIS), a global leader in banking and payments technology as well as consulting and outsourcing solutions, and Platform Securities' parent company, today announced the closing of its acquisition of SunGard, one of the world’s leading financial software and technology services companies. The acquisition uniquely positions FIS to offer a broad range of enterprise banking and capital markets capabilities that will further empower the financial industry worldwide.
With complementary technology solutions and services encompassing retail and institutional (or wholesale) banking, payments, risk management, asset solutions and insurance, the combined company now has more than 55,000 employees and $9.3 billion in revenue on a pro-forma basis.
“At FIS, we are driving innovative solutions and delivering high-quality client experiences that move our clients’ business forward each and every day,” said Gary Norcross, president and CEO, FIS. “This acquisition creates one of the broadest sets of technology assets and market expertise in the industry, and allows FIS to present new opportunities to our existing client base as well as to financial services markets that we have not historically served.”
“The global financial services sector is evolving rapidly, from regulatory headwinds to increasing capital requirements to new FinTech participants vying for customer engagement. With the combination of enterprise banking and payments expertise along with well-established solutions in capital markets, risk management and investment operations, FIS is positioning itself to help their clients better navigate the challenging waters of today's industry,” said Jerry Silva, research director, Global Banking at IDC Financial Insights. “Industry dynamics and global demands have increased the need for strategic IT partners with enterprise vision that can break down silos and drive innovation.”
In connection with the acquisition, FIS will repay SunGard’s existing debt today except for SunGard’s senior notes which will be redeemed on Dec. 1, 2015, pursuant to previously issued redemption notices to noteholders.
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