FIS (NYSE: FIS), a Jacksonville, Fla.-based provider of banking and payments technology as well as consulting and outsourcing solutions, closed the acquisition of SunGard, a financial software and technology services company.
The acquisition positions FIS to offer a broad range of enterprise banking and capital markets capabilities. 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.
Led by Gary Norcross, president and CEO, FIS focuses on providing retail and institutional banking, payments, asset and wealth management, risk & compliance, consulting and outsourcing solutions to more than 20,000 clients in over 130 countries.
In connection with the acquisition, whose amount was not disclosed, 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.
With annual revenue of $2.8 billion, SunGard provides cloud and on premises solutions for financial services, the public sector and education, serving approximately 14,000 customers in more than 100 countries. The company has approximately 13,000 employees.