FIS Finalizes Acquisition of SunGard
The Jacksonville, Fla.-based giant will now have over 55,000 employees and $9.3 billion in revenue.
Follow
Fidelity National Information Services (FIS), a provider of banking and payments technology solutions based in Jacksonville, Fla., has completed its acquisition of SunGard, the fintech giant based in Wayne, Pa.
The completed deal means that FIS now has more than 55,000 employees and $9.3 billion in revenue.
The acquisition, which was first announced in August, was is reported to be funded with a combination of cash and stock that valued SunGard at $9.1 billion, including the assumption of its debt.
According to the announcement, FIS will repay SunGard’s existing debt today, excluding the firm’s senior notes, which will be redeemed on December 1.
“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.” said Gary Norcross, president and CEO of FIS, in a statement.
More on Management & Strategy
Waters Wavelength
Wavelength Podcast Episode 165: Roman Ginis on Trade Execution
The founder and CEO of Imperative Execution looks at how trade execution is changing and what that means for the buy side.
Subscribe to Weekly Wrap emails