The seven buyout shops that acquired SunGard for $11.4 billion 10 years ago stand to [...]Continue
Financial industry software maker Fidelity National Information Services Inc (FIS.N) said it would buy SunGard [...]Continue
Fidelity National Information Services Inc (FIS) said Wednesday that it has agreed to buy SunGard in a deal valued at $9.1 billion, including the assumption of debt. Wayne, Pennsylvania-based SunGard is a financial software company with $2.8 billion in annual revenue. Seven private equity firms – Silver Lake, TPG, Bain Capital, KKR, Blackstone Group, Providence Equity Partners and Goldman Sachs’ private equity unit – acquired SunGard in 2005 in a $11.3 billion deal. BofA Merrill Lynch and Centerview Partners LLC acted as financial advisors to FIS. Goldman Sachs & Co., J.P. Morgan Securities LLC, Barclays, Deutsche Bank Securities Inc. and Credit Suisse acted as financial advisors to SunGard.Continue
UK-based publishing startup Lost My Name has closed $9 million in Series A funding. The investors were Google Ventures, Greycroft, The Chernin Group, Allen & Co and former SunGard President and CEO Cris Conde.Continue
SunGard, a financial software maker, filed with U.S. regulators on Thursday for an initial public [...]Continue
NewSpring Capital’s buyout strategy, NewSpring Holdings, has hired Jim Ashton as a general partner. Ashton previously worked as the managing partner of JA3Partners, an executive advisory firm he founded in 2011. Prior to starting his own firm, Ashton worked as a division chief executive officer for SunGard’s Financial Systems division.Continue
Dell is in talks with two private equity firms to go private, Bloomberg News reports.Continue
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Market volatility may have slowed down M&A but there still are some bright spots.
So far in 2011 there have been 503 U.S. announced mergers that are private equity backed. These deals are valued at$77.5 billion, which compares to the 632 deals for all of 2010 that totaled $69.34 billion, Dealogic says. Transaction values, according to the data, are up 12%.
However, these totals don’t include the mammoth Kinder Morgan deal. Kinder Morgan agreed to buy El Paso Corp. for about $38 billion, including debt, earlier this month. CORRECTED: The Carlyle Group, and Goldman Sachs Inc.’s buyout arm, Highstar Capital, along with Riverstone Holdings, bought Kinder Morgan in 2007. Kinder Morgan went public earlier this year but the PE firms still hold stakes.Continue
Today’s hot rumor has nothing to do with private equity. Well, at least not yet.
I’m hearing that Savvis, the information tech services provider, has hired Qatalyst Partners, three sources say. Savvis, which denied in January that it was in sales talks, is now in discussions with some anonymous parties, one person says.
Another source says that Qatalyst’s hiring isn’t “definitive.”Continue
The pending – and pending, and pending – $15 billion buyout of Fidelity National may restart an old private equity love affair with financial technology companies.
Financial technology, or fintech, includes everything from processing companies to stock exchanges. It includes the companies that make all the software that moves the modern financial system. It is one of those sectors that private equity lavished money on this decade, as technology fueled the globalization of finance. Think bank processing deals, like First Data ($29b), Sungard ($11.3b) and Ceridian ($5.3b).
These processing and outsourcing companies have the one thing that private equity cannot resist: Regular revenue streams and strong cash flow, even in recessions. Portfolio companies need cash flow to pay off their LBO-incurred debt, and there are few other sectors who can promise that kind of regularity.Continue
SunGard Data Systems Inc. has acquired Performance Pathways Inc., a Mechanicsburg, Penn.-based provider of instructional management software for K-12 school districts. No financial terms were disclosed. SunGard was acquired for $11.4 billion in 2005 by Bain Capital, Blackstone Group, GS Capital Partners, KKR, Providence Equity Partners, Silver Lake Partners and TPG Capital.Continue
SunGard Data Systems Inc. has completed its $585.3 million acquisition of a majority interest in trading software company GL Trade (Paris: GLT). SunGard was acquired for $11.4 billion in 2005 by Bain Capital, Blackstone Group, GS Capital Partners, KKR, Providence Equity Partners, Silver Lake Partners and TPG Capital.Continue