Jacksonville, Florida-based Fidelity National Information Services also known as FIS, a banking and payments technology expert, has purchased financial software specialist SunGard for $9.1bn, paying cash and stock. This gives FIS exposure to the asset management space.
Gary Norcross, CEO of FIS, wants to reduce SunGard's debt drastically post-acquisition. He joined FIS more than 10 years prior, when the company acquired ALLTEL information services for $1.05bn. He has a business degree from the University of Arkansas.
This transaction is another landmark in the history of SunGard, which was acquired in 2005 in what was the largest technology privatisation ever, by seven private equity investors who struggled to boost its value. SunGard had earlier spun off its disaster recovery unit in order to reduce its size and make it more of a reasonable acquisition to a prospective buyer.
Gary Norcross, CEO of FIS, wants to reduce SunGard's debt drastically post-acquisition. He joined FIS more than 10 years prior, when the company acquired ALLTEL information services for $1.05bn. He has a business degree from the University of Arkansas.
This transaction is another landmark in the history of SunGard, which was acquired in 2005 in what was the largest technology privatisation ever, by seven private equity investors who struggled to boost its value. SunGard had earlier spun off its disaster recovery unit in order to reduce its size and make it more of a reasonable acquisition to a prospective buyer.
