SunGard files for IPO after being owned by private equity for a decade

5 Jun 2015

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Firm bought 10 years ago for US$11bn to file for an IPO to repay debt

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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.

Wall Street image via Shutterstock

Editor John Kennedy is an award-winning technology journalist.

editorial@siliconrepublic.com