PE-backed SunGard Files for IPO 10 Years After $11B+ LBO
June 05, 2015
After a decade of PE ownership, financial software provider SunGard has filed for an IPO, signifying the beginning of the end for a holding period that dates to the buyout boom. A consortium of PE backers—Bain Capital, Blackstone, Goldman Sachs, KKR, Providence Equity Partners, Silver Lake and TPG Capital—took the company private in August 2005 for over $11 billion. Following the offering, which could reportedly raise $750 million and value SunGard at up to $10 billion (including debt), the sponsors will continue to own a majority stake. With more than 15,000 customers in over 100 countries, the company took a $222 million loss on $2.8 billion in revenue last year.