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Screenshot of a breaking news alert e-mail from Q2 2017
Fidelity National Information Services (NYSE:FIS), provider of banking and payments technology, consulting and outsourcing solutions, today announced the completion of its acquisition of financial software and technology services company SunGard.
The acquisition creates a combined entity with more than 55,000 employees and $9.3 billion in revenue on a pro-forma basis.
In connection with the acquisition, FIS will repay SunGard’s existing debt today apart from SunGard’s senior notes which will be redeemed on December 1, 2015, in accordance with previously issued redemption notices to noteholders.
Gary Norcross, president and CEO, FIS said:
“At FIS, we are driving innovative solutions and delivering high-quality client experiences that move our clients’ business forward each and every day. 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.”
Jerry Silva, research director, Global Banking at IDC Financial Insights, added:
“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. Industry dynamics and global demands have increased the need for strategic IT partners with enterprise vision that can break down silos and drive innovation.”
To view the official press release on the deal, click here.