Firm bought 10 years ago for US$11bn to file for an IPO to repay debt
Enterprise software player SunGard has filed for an IPO – 10 years after it was acquired by a private equity consortium for US$11bn.
SunGard, which acquired Irish data centre company Hosting365 in 2010 for an undisclosed sum, is targeting the US$190bn-a-year IT services market.
The company, which is being advised by JP Morgan and Goldman Sachs, is pursuing the IPO to repay debt.
The company gave a figure of US¢100m that it wanted to raise through the IPO — but it is likely that this is just a placeholder figure and it may be aiming to raise much more.
2014 revenues increased 1.7pc to US$2.8bn, while net losses widened to US$396m.
The company has more than 15,000 customers, including most of the world’s largest banks.
SunGard was acquired in 2005 for US$11bn by a consortium of private equity firms, including Silver Lake Management, Bain Capital Partners and Blackstone Group.
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