PE-backed SunGard to Be Acquired by FIS at $9.1B Enterprise Value
August 13, 2015
Financial software provider SunGard has axed previous IPO plans and agreed to be acquired by FIS (NYSE: FIS), a provider of banking, payments technology, consulting and outsourcing solutions. FIS will acquire 100% of the PE-backed company's equity by issuing a combination of cash and stock, giving SunGard an enterprise value of $9.1 billion, including the assumption of debt, which FIS expects to refinance. The combined company will have over $9.2 billion in annual revenues. SunGard has been backed by Bain Capital, Blackstone, Goldman Sachs, KKR, Providence Equity Partners, Silver Lake and TPG Capital since August 2005, when the PE consortium took the company private in an $11 billion deal.