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{{Short description|American company}}
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{{Infobox company
|  name          = SunGard Data Systems
|  logo          = SunGard logo.svg
|  logo_size     =
|  type          = [[Private Company|Private]]
|  slogan        =
|  foundation    = {{start date and age|1983}}
|  fate          = Acquired by [[FIS (company)|FIS]]
|  defunct       = 2015
|  location      = [[Wayne, Pennsylvania|Wayne]], [[Pennsylvania]], [[United States|U.S.]]
|  owner         = [[FIS (company)|FIS]]
|  key_people    = Gary Norcross <br /> ([[CEO]])
|  industry      = [[Information Technology]]
|  products      = [[Computer software]] <br /> Support services
|  revenue       = {{Loss}} $4.991 billion (2011)
|  num_employees = 13,000 (2014)
}}
'''SunGard''' was an American [[Multinational corporation|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 [[Sunoco|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 [[IT disaster recovery|disaster recovery]] business it helped pioneer. SunGard was ranked at 480th in the [[United States|U.S.]] [[Fortune 500]] list in the year 2012.<ref>{{cite news| url=https://money.cnn.com/magazines/fortune/fortune500/2012/full_list/401_500.html| work=CNN | title=Fortune 500 2012: Fortune 1000 Companies 401-500}}</ref>
In August 2005, the company was acquired by seven private equity firms for $11.3 billion and de-listed from the NYSE.<ref name="reuters">{{cite web |url=https://www.reuters.com/article/idUSKBN0OK11O20150605 |title=Financial software maker SunGard files for IPO |date=4 June 2015 |website=Reuters |access-date=1 March 2021}}</ref>
SunGard was one of the title sponsors of the {{UCI team code|SAX}} pro cycling team until the end of 2011.<ref>{{cite web |url=http://borsen.dk/nyheder/finans/artikel/1/219657/bjarne_riis_og_saxo_bank_mister_sungard.html |title=Nyheder fra |publisher=Borsen.dk |access-date=2012-03-29 |archive-url=https://web.archive.org/web/20111219201227/http://borsen.dk/nyheder/finans/artikel/1/219657/bjarne_riis_og_saxo_bank_mister_sungard.html |archive-date=2011-12-19 |url-status=dead }}</ref>
In August 2015, [[FIS (company)|FIS]] announced that it had signed a definitive agreement to acquire SunGard.<ref>{{Cite web|title = FIS to Acquire SunGard, Deepens Enterprise Banking and Capital Markets Solutions|url = http://www.investor.fisglobal.com/phoenix.zhtml?c=180304&p=irol-newsArticle&ID=2079005|website = FIS Global|access-date = 2015-08-12}}</ref><ref>{{Cite news|url=https://www.wsj.com/articles/fis-to-buy-financial-tech-firm-sungard-for-9-1-billion-including-debt-1439378354|title=FIS to Buy SunGard for $5.1 Billion|last=Dezember|first=Ryan|date=2015-08-12|work=Wall Street Journal|access-date=2018-06-04|language=en-US|issn=0099-9660}}</ref>
==Business==
SunGard provided software and processing for financial services, [[K-12 education|K-12]] and [[Higher Education]], and the public sector. It also provided continuity-assurance and production data center hosting services, now part of [[Sungard Availability Services|SunGard AS]].<ref name="spin">{{Cite web|url=http://www.sungardas.com/Company/ExecutiveTeam/Pages/AndrewAStern.aspx|title = Leadership &#124; Sungard AS}}</ref> 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|date=July 2012}}
==Acquisitions==
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.,<ref>{{Cite web|url=http://www.bobsguide.com/guide/news/2004/Sep/7/sungard-trading-and-risk-systems-acquires-kiodex-for-asp-based-commodity-risk-management-and-data-services.html|title = SunGard Trading and Risk Systems Acquires Kiodex for ASP-Based Commodity Risk Management and Data Services|date = 7 September 2004}}</ref> [[GL Trade]], Oshap (Mint, Decalog), TRAX, Carnot AG, Front Capital Systems (Front Arena), Martini, Monis, [http://www.sungard.com/apt/learnmore 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.<ref>{{cite news | url = https://www.nytimes.com/1997/10/18/business/company-news-sungard-data-to-acquire-infinity-financial.html | title = SunGard Data to acquire Infinity Financial | work = The New York Times | date = 1997-10-18 | access-date = 2008-02-04}}</ref> 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).<ref>{{cite news|title=SunGard buys Israel's Oshap|url=http://www.efinancialnews.com/story/1999-03-15/sungard-buys-oshap|newspaper=Financial News|date=15 Mar 1999}}</ref>
* 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.<ref>{{cite news| url=https://www.bloomberg.com/news/2011-08-31/at-t-suit-follows-government-tactics-in-oracle-h-r-block-antitrust-cases.html | work=Bloomberg | first=Tom | last=Schoenberg | title=AT&T Suit Follows Antitrust Tactics With Oracle, H&R Block | date=2011-08-31}}</ref>
* In 2004, SunGard acquired Systems & Computer Technology Corp. (SCT) for $590 million in cash.<ref>{{cite news | url = http://www.bizjournals.com/philadelphia/stories/2004/02/09/daily34.html | title = SunGard completes SCT acquisition | publisher = bizjournals.com | date = 2004-02-12 | access-date = 2012-01-23}}</ref>
* 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.<ref>{{cite news | url = http://www.sungard.com/pressreleases/2008/gltradeacquired100108.aspx | title = SunGard Completes Acquisition of Majority Interest in GL Trade | publisher = www.sungard.com | date = 2008-10-01 | access-date = 2011-09-01}}</ref> 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|SunGard Availability Services]], located in [[King of Prussia, Pennsylvania|King of Prussia, PA]]
*In 2010, Sungard acquired 365 Hosting Limited cloud computing and data centre services company <ref>{{Cite news|url=https://www.businesswire.com/news/home/20100311006761/en/SunGard-Acquires-Hosting-365|title=SunGard Acquires Hosting 365|access-date=2018-10-01|language=en}}</ref>
== Leveraged buyout 2005 ==
Formerly listed on the [[New York Stock Exchange|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]].<ref>{{cite news|url=https://www.nytimes.com/2005/03/28/business/worldbusiness/28iht-sungard.html?scp=4&sq=sungard%20buyout&st=cse|title=SunGard bought by group for $11.3 billion|date=2005-03-29|access-date=2012-01-03|work=www.nytimes.com}}</ref>
== De-merger activities ==
* 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.<ref>{{cite news|url=http://www.capita.co.uk/investors/Pages/rns-investor-news.aspx?id=1780|title=Capita acquires SunGard Public Sector Ltd|date=2010-12-23|access-date=2012-02-14|publisher=www.capita.co.uk}}</ref> The new business was known as Capita Secure Information Systems; it has now been renamed Capita Secure Managed Services.<ref>{{Cite web|url=http://www.capitasecureinformationsolutions.co.uk/Pages/home.aspx|title=Capita Secure Information Solutions Website}}</ref>
* 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.<ref>{{cite news | url = http://www.sungard.com/pressreleases/2011/highered120711.aspx | title = Datatel and SunGard Higher Education Combination Clears Regulatory Review | publisher = www.sungard.com | date = 2011-12-07 | access-date = 2011-12-11}}</ref> 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.<ref>{{cite news | url = http://www.sungard.com/pressreleases/2011/corporate07282011.aspx | title = SunGard Announces Second Quarter 2011 Results | publisher = www.sungard.com | date = 2011-07-28 | access-date = 2011-09-01}}</ref>
* In March 2014 SunGard completed the split-off of its Availability Services business, forming the independent company Sungard AS.<ref>{{Cite web |date=April 1, 2014 |title=SUNGARD COMPLETES SPLIT-OFF OF ITS AVAILABILITY SERVICES BUSINESS |url=http://www.sungard.com/about-us/news/corporate04012014 |url-status=dead |archive-url=https://web.archive.org/web/20140702070304/http://www.sungard.com/about-us/news/corporate04012014 |archive-date=2014-07-02 |website=sungard.com}}</ref> Andy Stern continued to lead the Sungard AS business.<ref name="spin" />
*In 2015, SunGard was acquired by the [[FIS (company)|FIS]] company.<ref>{{Cite web |last=Gaus |first=Annie |date=2019-01-17 |title=Fiserv and First Data Megadeal Could Drive More Fintech M&A |url=https://www.thestreet.com/technology/fiserv-first-data-merger-fintech-consolidation-14836844 |access-date=2024-05-30 |website=TheStreet |language=en-us}}</ref>
* 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.<ref>{{cite news|url=http://www.prnewswire.com/news-releases/sungard-public-sector-is-now-superion-300442567.html|title=SunGard Public Sector is Now Superion|date=2017-04-20|access-date=2017-07-16|publisher=prnewswire.com}}</ref>
==References==
{{Reflist}}
{{Philadelphia Corporations}}
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[[Category:Financial services companies of the United States]]
[[Category:Financial software companies]]
[[Category:Software companies based in Pennsylvania]]
[[Category:Companies based in Delaware County, Pennsylvania]]
[[Category:American companies established in 1983]]
[[Category:Financial services companies established in 1983]]
[[Category:Financial technology companies]]
[[Category:FIS (company)]]
[[Category:Software companies established in 1983]]
[[Category:2005 mergers and acquisitions]]
[[Category:2015 mergers and acquisitions]]
[[Category:Corporate spin-offs]]
[[Category:Defunct software companies of the United States]]
[[Category:Kohlberg Kravis Roberts companies]]
[[Category:Bain Capital companies]]