Despite September IPO, Sungard Becomes Target For Acquisition
Prospective investors aren’t the only ones clamoring for a closer look at SunGard, the Wayne-based financial services software maker that just filed for an initial public offering. At least two billion-dollar businesses are contemplating budging in line and buying the recently refocused technology company, but they would need to do it before September.
With a target IPO value of $7 billion, a SunGard buyout would be a big deal for both $5 billion SS&C Technologies Holdings and $18 billion Fidelity National Information Services, according to an article in The Wall Street Journal. SS&C is reportedly on the lookout for follow-up acquisitions to its $2.7 billion February purchase of Advent Software.
“We’ll pay down debt as fast as we can, and we’ll find other acquisitions that we can do to add to our repertoire,” SS&C Founder and Chairman William Stone said in the Journal article.
Fidelity is also intent on finding “something that gives our markets or our businesses an opportunity to accelerate growth and return value to our shareholders,” CEO Gary Norcross said in the report, and SunGard would be its largest acquisition ever.
Read more about the sudden interest from SunGard suitors in The Wall Street Journal here, and check out previous VISTA Today coverage of the SunGard spinoff that could complicate its tax situation, innovative new SunGard technologies and a myriad of accolades.
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