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SunGard

January 01, 1970

SunGard was an American multinational company based in Wayne, Pennsylvania, which provided software and services to education, financial services, and public sector organizations. It was formed in 1983, as a spin-off of the computer services division of Sun Oil Company. The name of the company originally was an acronym which stood for Sun Guaranteed Access to Recovered Data, a reference to the disaster recovery business it helped pioneer. SunGard was ranked at 480th in the U.S. Fortune 500 list in the year 2012.[1]

SunGard Data Systems
Company typePrivate
IndustryInformation Technology
Founded1983; 41 years ago (1983)
Defunct2015
FateAcquired by FIS
HeadquartersWayne, Pennsylvania, U.S.
Key people
Gary Norcross
(CEO)
ProductsComputer software
Support services
Revenue $4.991 billion (2011)
OwnerFIS
Number of employees
13,000 (2014)

In August 2005, the company was acquired by seven private equity firms for $11.3 billion and de-listed from the NYSE.[2] SunGard was one of the title sponsors of the Tinkoff pro cycling team until the end of 2011.[3]

In August 2015, FIS announced that it had signed a definitive agreement to acquire SunGard.[4][5]

Business edit

SunGard provided software and processing for financial services, K-12 and Higher Education, and the public sector. It also provided continuity-assurance and production data center hosting services, now part of SunGard AS.[6] SunGard had offices in many parts of the world outside of the United States including Paris, South Africa, Tunis, Stockholm, and the United Kingdom.[citation needed]

Acquisitions edit

SunGard historically grew by acquisition. Past mergers included Performance Pathways, Vericenter, InFlow, Strohl Systems, Comdisco Continuity Services, and Guardian iT PLC on the availability side, Systems & Computer Technology Corp. (SCT) on the higher education side, and Kiodex. Inc.,[7] GL Trade, Oshap (Mint, Decalog), TRAX, Carnot AG, Front Capital Systems (Front Arena), Martini, Monis, APT, Dyatron, Reech, VPM, Phase 3 Systems, Infinity, Microhedge, Reconciliation, Automated Securities Clearance India, Opus Renaissance Software Inc., and National Computer Systems Financial Systems Division on the (primarily financial) software and processing side. SunGard completed more than 150 acquisitions over 20 years.

Among the largest acquisitions were:

  • In 1997, SunGard Data Systems acquired Infinity Financial Technology, a designer of trading and risk-management software, for about US$390 million, where $313 million were paid in stock and $77 million went in cash.[8] Infinity Financial Technology reported revenues of about $60 million in the fiscal year 1996.
  • In 1999, SunGard acquired Israel's Oshap Technologies (Nasdaq:OSHSF) for $210M in stock, giving SunGard a foothold in both the middleware (via Oshap's subsidiary Mint Communications) and front-office portfolio management systems markets (via Oshap's subsidiary Decalog).[9]
  • In 2001, SunGard acquired Comdisco Inc.’s computer disaster-recovery business after a U.S. appeals court rebuffed a request by the Justice Department to halt the $825 million transaction.[10]
  • In 2004, SunGard acquired Systems & Computer Technology Corp. (SCT) for $590 million in cash.[11]
  • In 2008, SunGard acquired GL Trade, a Paris-based financial services firm for nearly US$1 billion; in a first tranche a 65% stake in GL Trade was acquired for $625 million, including effect of outstanding stock options.[12] The deal encompasses the NYSE Euronext's 40% stake in GL Trade, however 25.4% were in the hand of the founders and 36.6% of the shares were free float. The deal was considered to be financially hazardous, given that GL Trade reported revenues of €203 million and an EBITDA of €26 million (fiscal year 2007).
  • In 2008, SunGard acquired Strohl Systems, an IT company, a direct competitor of SunGard in availability and recovery planning, for an estimated $450 Million cash transaction. Strohl Systems became the software division of SunGard Availability Services, located in King of Prussia, PA
  • In 2010, Sungard acquired 365 Hosting Limited cloud computing and data centre services company [13]

Leveraged buyout 2005 edit

Formerly listed on the NYSE (ticker symbol SDS) on August 11, 2005, the company was acquired by a consortium of seven private equity investment firms in a transaction valued at $11.3 billion. The partners in the acquisition were Silver Lake Partners, Bain Capital, Blackstone Group, Goldman Sachs Capital Partners, Kohlberg Kravis Roberts, Providence Equity Partners, and TPG Capital.[14]

De-merger activities edit

  • In December 2010, The Capita Group plc acquired SunGard Public Sector Holdings Ltd (part of the business servicing the UK public sector) for £86 million.[15] The new business was known as Capita Secure Information Systems; it has now been renamed Capita Secure Managed Services.[16]
  • In August 2011 Datatel and SunGard's Higher Education group announced a definitive agreement to combine businesses and operate as one company, with Datatel’s current chief executive officer, John Speer, the chief executive officer. Affiliates of private equity firm Hellman & Friedman LLC acquired the SunGard Higher Education businesses from SunGard Data Systems Inc. for an aggregate cash purchase price of US$1.775 billion and combined the acquired businesses. The combined company was to operate under a new name, Ellucian, as announced at the 2012 annual users' conference.
  • On 7 December 2011 Hellman & Friedman, Datatel and SunGard announced that the proposed combination had cleared Department of Justice review.[17] In March 2012, the finalization of the combination into Ellucian was announced. SunGard's total debt of US$8.08 billion was alleviated by selling this business line; nonetheless, a projected annual revenue shortage of $580 million can be assumed, resulting in a total revenue projection for the fiscal 2011 of $4.7 billion, suggesting a negative revenue trend.[18]
  • In March 2014 SunGard completed the split-off of its Availability Services business, forming the independent company Sungard AS.[19] Andy Stern continued to lead the Sungard AS business.[6]
  • In 2015, SunGard was acquired by the FIS company.[20]
  • In February 2017, Vista Equity Partners acquired SunGard's Public Sector and Education businesses from FIS, and renamed and rebranded SunGard Public Sector as Superion by April 2017, while adding SunGard Education to its own PowerSchool holdings.[21]

References edit

  1. ^ "Fortune 500 2012: Fortune 1000 Companies 401-500". CNN.
  2. ^ "Financial software maker SunGard files for IPO". Reuters. 4 June 2015. Retrieved 1 March 2021.
  3. ^ . Borsen.dk. Archived from the original on 2011-12-19. Retrieved 2012-03-29.
  4. ^ "FIS to Acquire SunGard, Deepens Enterprise Banking and Capital Markets Solutions". FIS Global. Retrieved 2015-08-12.
  5. ^ Dezember, Ryan (2015-08-12). "FIS to Buy SunGard for $5.1 Billion". Wall Street Journal. ISSN 0099-9660. Retrieved 2018-06-04.
  6. ^ a b "Leadership | Sungard AS".
  7. ^ "SunGard Trading and Risk Systems Acquires Kiodex for ASP-Based Commodity Risk Management and Data Services". 7 September 2004.
  8. ^ "SunGard Data to acquire Infinity Financial". The New York Times. 1997-10-18. Retrieved 2008-02-04.
  9. ^ "SunGard buys Israel's Oshap". Financial News. 15 Mar 1999.
  10. ^ Schoenberg, Tom (2011-08-31). "AT&T Suit Follows Antitrust Tactics With Oracle, H&R Block". Bloomberg.
  11. ^ "SunGard completes SCT acquisition". bizjournals.com. 2004-02-12. Retrieved 2012-01-23.
  12. ^ "SunGard Completes Acquisition of Majority Interest in GL Trade". www.sungard.com. 2008-10-01. Retrieved 2011-09-01.
  13. ^ "SunGard Acquires Hosting 365". Retrieved 2018-10-01.
  14. ^ "SunGard bought by group for $11.3 billion". www.nytimes.com. 2005-03-29. Retrieved 2012-01-03.
  15. ^ "Capita acquires SunGard Public Sector Ltd". www.capita.co.uk. 2010-12-23. Retrieved 2012-02-14.
  16. ^ "Capita Secure Information Solutions Website".
  17. ^ "Datatel and SunGard Higher Education Combination Clears Regulatory Review". www.sungard.com. 2011-12-07. Retrieved 2011-12-11.
  18. ^ "SunGard Announces Second Quarter 2011 Results". www.sungard.com. 2011-07-28. Retrieved 2011-09-01.
  19. ^ http://www.sungard.com/about-us/news/corporate04012014
  20. ^ https://www.thestreet.com/technology/fiserv-first-data-merger-fintech-consolidation-14836844, FIS to Acquire SunGard
  21. ^ "SunGard Public Sector is Now Superion". prnewswire.com. 2017-04-20. Retrieved 2017-07-16.

January 01, 1970
sungard, this, article, uses, bare, urls, which, uninformative, vulnerable, link, please, consider, converting, them, full, citations, ensure, article, remains, verifiable, maintains, consistent, citation, style, several, templates, tools, available, assist, f. This article uses bare URLs which are uninformative and vulnerable to link rot Please consider converting them to full citations to ensure the article remains verifiable and maintains a consistent citation style Several templates and tools are available to assist in formatting such as reFill documentation and Citation bot documentation August 2022 Learn how and when to remove this message SunGard was an American multinational company based in Wayne Pennsylvania which provided software and services to education financial services and public sector organizations It was formed in 1983 as a spin off of the computer services division of Sun Oil Company The name of the company originally was an acronym which stood for Sun Guaranteed Access to Recovered Data a reference to the disaster recovery business it helped pioneer SunGard was ranked at 480th in the U S Fortune 500 list in the year 2012 1 SunGard Data SystemsCompany typePrivateIndustryInformation TechnologyFounded1983 41 years ago 1983 Defunct2015FateAcquired by FISHeadquartersWayne Pennsylvania U S Key peopleGary Norcross CEO ProductsComputer software Support servicesRevenue 4 991 billion 2011 OwnerFISNumber of employees13 000 2014 In August 2005 the company was acquired by seven private equity firms for 11 3 billion and de listed from the NYSE 2 SunGard was one of the title sponsors of the Tinkoff pro cycling team until the end of 2011 3 In August 2015 FIS announced that it had signed a definitive agreement to acquire SunGard 4 5 Contents 1 Business 2 Acquisitions 3 Leveraged buyout 2005 4 De merger activities 5 ReferencesBusiness editSunGard provided software and processing for financial services K 12 and Higher Education and the public sector It also provided continuity assurance and production data center hosting services now part of SunGard AS 6 SunGard had offices in many parts of the world outside of the United States including Paris South Africa Tunis Stockholm and the United Kingdom citation needed Acquisitions editSunGard historically grew by acquisition Past mergers included Performance Pathways Vericenter InFlow Strohl Systems Comdisco Continuity Services and Guardian iT PLC on the availability side Systems amp Computer Technology Corp SCT on the higher education side and Kiodex Inc 7 GL Trade Oshap Mint Decalog TRAX Carnot AG Front Capital Systems Front Arena Martini Monis APT Dyatron Reech VPM Phase 3 Systems Infinity Microhedge Reconciliation Automated Securities Clearance India Opus Renaissance Software Inc and National Computer Systems Financial Systems Division on the primarily financial software and processing side SunGard completed more than 150 acquisitions over 20 years Among the largest acquisitions were In 1997 SunGard Data Systems acquired Infinity Financial Technology a designer of trading and risk management software for about US 390 million where 313 million were paid in stock and 77 million went in cash 8 Infinity Financial Technology reported revenues of about 60 million in the fiscal year 1996 In 1999 SunGard acquired Israel s Oshap Technologies Nasdaq OSHSF for 210M in stock giving SunGard a foothold in both the middleware via Oshap s subsidiary Mint Communications and front office portfolio management systems markets via Oshap s subsidiary Decalog 9 In 2001 SunGard acquired Comdisco Inc s computer disaster recovery business after a U S appeals court rebuffed a request by the Justice Department to halt the 825 million transaction 10 In 2004 SunGard acquired Systems amp Computer Technology Corp SCT for 590 million in cash 11 In 2008 SunGard acquired GL Trade a Paris based financial services firm for nearly US 1 billion in a first tranche a 65 stake in GL Trade was acquired for 625 million including effect of outstanding stock options 12 The deal encompasses the NYSE Euronext s 40 stake in GL Trade however 25 4 were in the hand of the founders and 36 6 of the shares were free float The deal was considered to be financially hazardous given that GL Trade reported revenues of 203 million and an EBITDA of 26 million fiscal year 2007 In 2008 SunGard acquired Strohl Systems an IT company a direct competitor of SunGard in availability and recovery planning for an estimated 450 Million cash transaction Strohl Systems became the software division of SunGard Availability Services located in King of Prussia PA In 2010 Sungard acquired 365 Hosting Limited cloud computing and data centre services company 13 Leveraged buyout 2005 editFormerly listed on the NYSE ticker symbol SDS on August 11 2005 the company was acquired by a consortium of seven private equity investment firms in a transaction valued at 11 3 billion The partners in the acquisition were Silver Lake Partners Bain Capital Blackstone Group Goldman Sachs Capital Partners Kohlberg Kravis Roberts Providence Equity Partners and TPG Capital 14 De merger activities editIn December 2010 The Capita Group plc acquired SunGard Public Sector Holdings Ltd part of the business servicing the UK public sector for 86 million 15 The new business was known as Capita Secure Information Systems it has now been renamed Capita Secure Managed Services 16 In August 2011 Datatel and SunGard s Higher Education group announced a definitive agreement to combine businesses and operate as one company with Datatel s current chief executive officer John Speer the chief executive officer Affiliates of private equity firm Hellman amp Friedman LLC acquired the SunGard Higher Education businesses from SunGard Data Systems Inc for an aggregate cash purchase price of US 1 775 billion and combined the acquired businesses The combined company was to operate under a new name Ellucian as announced at the 2012 annual users conference On 7 December 2011 Hellman amp Friedman Datatel and SunGard announced that the proposed combination had cleared Department of Justice review 17 In March 2012 the finalization of the combination into Ellucian was announced SunGard s total debt of US 8 08 billion was alleviated by selling this business line nonetheless a projected annual revenue shortage of 580 million can be assumed resulting in a total revenue projection for the fiscal 2011 of 4 7 billion suggesting a negative revenue trend 18 In March 2014 SunGard completed the split off of its Availability Services business forming the independent company Sungard AS 19 Andy Stern continued to lead the Sungard AS business 6 In 2015 SunGard was acquired by the FIS company 20 In February 2017 Vista Equity Partners acquired SunGard s Public Sector and Education businesses from FIS and renamed and rebranded SunGard Public Sector as Superion by April 2017 while adding SunGard Education to its own PowerSchool holdings 21 References edit Fortune 500 2012 Fortune 1000 Companies 401 500 CNN Financial software maker SunGard files for IPO Reuters 4 June 2015 Retrieved 1 March 2021 Nyheder fra Borsen dk Archived from the original on 2011 12 19 Retrieved 2012 03 29 FIS to Acquire SunGard Deepens Enterprise Banking and Capital Markets Solutions FIS Global Retrieved 2015 08 12 Dezember Ryan 2015 08 12 FIS to Buy SunGard for 5 1 Billion Wall Street Journal ISSN 0099 9660 Retrieved 2018 06 04 a b Leadership Sungard AS SunGard Trading and Risk Systems Acquires Kiodex for ASP Based Commodity Risk Management and Data Services 7 September 2004 SunGard Data to acquire Infinity Financial The New York Times 1997 10 18 Retrieved 2008 02 04 SunGard buys Israel s Oshap Financial News 15 Mar 1999 Schoenberg Tom 2011 08 31 AT amp T Suit Follows Antitrust Tactics With Oracle H amp R Block Bloomberg SunGard completes SCT acquisition bizjournals com 2004 02 12 Retrieved 2012 01 23 SunGard Completes Acquisition of Majority Interest in GL Trade www sungard com 2008 10 01 Retrieved 2011 09 01 SunGard Acquires Hosting 365 Retrieved 2018 10 01 SunGard bought by group for 11 3 billion www nytimes com 2005 03 29 Retrieved 2012 01 03 Capita acquires SunGard Public Sector Ltd www capita co uk 2010 12 23 Retrieved 2012 02 14 Capita Secure Information Solutions Website Datatel and SunGard Higher Education Combination Clears Regulatory Review www sungard com 2011 12 07 Retrieved 2011 12 11 SunGard Announces Second Quarter 2011 Results www sungard com 2011 07 28 Retrieved 2011 09 01 http www sungard com about us news corporate04012014 https www thestreet com technology fiserv first data merger fintech consolidation 14836844 FIS to Acquire SunGard SunGard Public Sector is Now Superion prnewswire com 2017 04 20 Retrieved 2017 07 16 Retrieved from https en wikipedia org w index php title SunGard amp oldid 1209233000, wikipedia, wiki, book, books, library,

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