FIS to Acquire SunGuard

The two firms have complementary technology solutions and services, according to an announcement.

FIS, a provider of banking and payments technology solutions, has signed a definitive agreement to acquire SunGard, a provider of financial software, including retirement plan recordkeeping systems.

FIS and SunGard have complementary technology solutions and services encompassing retail and corporate banking, payments, risk management, asset solutions and insurance, according to an announcement. The combined company will employ more than 55,000 people and support thousands of clients in more than 100 countries worldwide.

“This is a significant milestone for FIS,” says Gary Norcross, president and chief executive officer of FIS. “By bringing together two innovative companies with common business models, similar cultures, strong leadership and complementary solutions, we are empowering our ability to empower our clients and deepen client relationships through an expanded full-service offering.”

FIS expects the transaction to close in the fourth quarter.