FIS to Acquire SunGuard
FIS, a provider of banking and payments technology solutions, has signed a definitive agreement to acquire SunGard, a provider of financial software, including retirement plan recordkeeping systems.
FIS and SunGard have complementary technology solutions and services
encompassing retail and corporate banking, payments, risk management, asset
solutions and insurance, according to an announcement. The combined company will employ more than 55,000
people and support thousands of clients in more than 100 countries worldwide.
“This is a significant milestone for FIS,” says Gary Norcross, president and
chief executive officer of FIS. “By bringing together two innovative companies
with common business models, similar cultures, strong leadership and
complementary solutions, we are empowering our ability to empower our clients
and deepen client relationships through an expanded full-service offering.”
FIS expects the transaction to close in the fourth quarter.