FIS buys rival banking tech group SunGard for $9.1bn

US financial software and tech group FIS said Wednesday it was buying rival SunGard in a cash and stock deal worth $9.1 billion including debt.

"By bringing together two innovative companies with common business models, similar cultures, strong leadership and complementary solutions, we are enhancing our ability to empower our clients and deepen client relationships through an expanded full-service offering," said Gary Norcross, president and chief executive officer at FIS.

The combined company will have more than 55,000 employees and support "thousands of clients" in over 100 countries, according to a statement.

Privately held SunGard has some 13,000 employees and annual revenue of $2.8 billion. It provides financial software and services for banks, public sector and educational organizations.

FIS, previously known as Fidelity National Information Services, serves more than 14,000 institutions in over 130 countries.

The Jacksonville, Florida group employes some 42,000 people and provides software and other services for the banking sector.
Source: AFP