FIS-SunGard Acquisition Final

FIS has officially completed its acquisition of SunGard, which further positions it in the enterprise banking and capital markets sectors.

FIS, a provide of banking and payments technology, announced yesterday (Nov. 30) the details of its purchase of SunGard, a financial software and technology services company. FIS will repay SunGard’s existing debt today except for SunGard’s senior notes.

“At FIS, we are driving innovative solutions and delivering high-quality client experiences that move our clients’ business forward each and every day,” said FIS CEO Gary Norcross. “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.”

Now, under the combined assets, the company offers services that encompass retail and institutional (or wholesale) banking, payments, risk management, asset solutions and insurance. The combined company is now worth $9.3 billion in revenue and had 55,000 employees.

“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,” said Jerry Silva, research director, Global Banking at IDC Financial Insights. “Industry dynamics and global demands have increased the need for strategic IT partners with enterprise vision that can break down silos and drive innovation.”