FIS, a provider of banking and payments technology solutions, announced it is acquiring SunGard, a financial software company based in Wayne, Pennsylvania, for an enterprise value of $9.1 billion.
FIS will acquire 100 percent of the equity of SunGard, which has annual revenue of $2.8 billion. The $9.1 billion also includes SunGard debt, which FIS expects to refinance. The combined company will have over $9.2 billion in annual revenues and over 55,000 employees.
SunGard’s technologies will complement FIS’ offering, and will help the company offer a broad range of enterprise banking and capital markets capabilities to empower financial institutions and businesses worldwide, FIS said.
Gary Norcross, president and chief executive officer, 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.”
Commenting on the transaction, Russ Fradin, SunGard president and chief executive officer said, “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.”