Payment firm FIS completes acquisition of fintech company SunGard

Florida headquartered, banking and payments technology company, FIS, has completed the acquisition of SunGard,a financial software and technology services company. The acquisition positions FIS to offer a range of enterprise banking and capital markets capabilities. 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.

Gary Norcross, President and CEO, FIS, said, “At FIS, we are driving innovative solutions and delivering high-quality client experiences that move our clients’ business forward each and every day.” “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.” Jerry Silva, Research Director, Global Banking, IDC Financial Insights, added, “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.”