Financial software company SunGard has been bought for $9.1 billion by banking and payments technology firm FIS, with the deal expected to close in Q4 this year.
The deal will see FIS acquired 100% of SunGard which employs more than 55,000 employees and has clients in over 100 countries worldwide.
SunGard, which provides technology across the financial markets, has annual revenue of around $2.8 billion and will see FIS significantly grow its enterprise banking and capital markets solutions.
“This is a significant milestone for FIS,” stated Gary Norcross, president and chief executive officer, FIS. “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.”
The deal is subject to regulatory approval, and FIS is hosting a webcast later today to discuss 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. We embrace this transaction and believe it is the best outcome for our employees and the clients we are dedicated to serving.”