(Interior of SunGard New York offices by designer HS2 Architecture.)
FIS, a Jacksonville, Fla.-based global banking and payments vendor and outsourcer, has completed its acquisition of SunGard (Wayne, Pa.), one of the world’s leading financial software and technology services companies. In connection with the acquisition, FIS reported that it would repay SunGard’s existing debt on the closing date of Nov. 30, except for SunGard’s senior notes which were planned to be redeemed the followingday, pursuant to previously issued redemption notices to noteholders.
FIS characterizes the deal as uniting complementary technology solutions and services encompassing retail and institutional 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.
The global financial services sector is evolving rapidly, from regulatory headwinds to increasing capital requirements to new FinTech participants vying for customer engagement, observes Jerry Silva, research director, Global Banking at IDC Financial Insights (Framingham, Mass.). “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,” Silva says. “Industry dynamics and global demands have increased the need for strategic IT partners with enterprise vision that can break down silos and drive innovation.”
“At FIS, we are driving innovative solutions and delivering high-quality client experiences that move our clients’ business forward each and every day,” comments Gary Norcross, president and CEO, FIS. “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.”