JACKSONVILLE, Fla.--(BUSINESS WIRE)--FIS™ (NYSE: FIS), a global leader in banking and payments technology as well as consulting and outsourcing solutions, today announced the closing of its acquisition of SunGard, one of the world’s leading financial software and technology services companies. The acquisition uniquely positions FIS to offer a broad range of enterprise banking and capital markets capabilities that will further empower the financial industry worldwide.
With complementary technology solutions and services encompassing retail and institutional (or wholesale) 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.
“At FIS, we are driving innovative solutions and delivering high-quality client experiences that move our clients’ business forward each and every day,” said 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.”
“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.”
In connection with the acquisition, FIS will repay SunGard’s existing debt today except for SunGard’s senior notes which will be redeemed on Dec. 1, 2015, pursuant to previously issued redemption notices to noteholders.
FIS is a global leader in financial services technology, with a focus on retail and institutional banking, payments, asset and wealth management, risk & compliance, consulting and outsourcing solutions. Through the depth and breadth of our solutions portfolio, global capabilities and domain expertise, FIS serves more than 20,000 clients in over 130 countries. Headquartered in Jacksonville, Fla., FIS employs more than 55,000 people worldwide and holds leadership positions in payment processing, financial software and banking solutions. Providing software, services and outsourcing of the technology that empowers the financial world, FIS is a Fortune 500 company and is a member of Standard & Poor’s 500® Index. For more information about FIS, visit www.fisglobal.com.
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Forward-Looking Statements
This press release may contain statements, estimates or projections that constitute “forward-looking statements” pursuant to the safe harbor provisions of the U.S. federal securities laws. Generally, the words “believe,” “expect,” “intend,” “estimate,” “anticipate,” “project,” “will” and similar expressions identify forward-looking statements, which generally are not historical in nature. Forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from FIS’s historical experience and our present expectations or projections. These risks include, but are not limited to, changes in general economic, business and political conditions, developmental and conversion delays or disruptions inherent with new software products and technology, and risks of reduction in revenue from the elimination of existing and potential customers due to consolidation in or new laws or regulations affecting the banking, retail and financial services industries, the risk that the SunGard transaction described herein will not provide the expected benefits, or that we will not be able to achieve the synergies we expect to achieve with respect to the transaction, changes in the growth rates of the markets for our solutions, and other risks detailed in our filings with the Securities and Exchange Commission (“SEC”), including the “Risk Factors” section of our Annual Report on Form 10-K for the year ended December 31, 2014, and subsequent SEC filings. You should not place undue reliance on forward-looking statements, which speak only as of the date they are made. FIS undertakes no obligation to publicly update or revise any forward-looking statements.
