Besides Temple, Criner, Ryan, Gregg and Markus, backers include “about 25 friends of Temple” and a Big Pharma firm that has rights if the product takes off. In the 1980s, founder John Ryan diversified the company, offering backup services to the city’s then-thriving banks as they computerized deposit, loan and investment records.
SunGard Data Systems Inc. provides software and processing solutions to financial services industry in the United States and internationally.
“We really had two distinct businesses, the home-grown data-center backup business and the many-systems-for-money-management business built by acquisitions, about 50-50 in revenue growth and margins.
Find out what works well at SunGard AS from the people who know best. “There’s no question the shift to cloud is part of what’s challenged us,” Stern said. During that period there were a number of executive and organizational changes, leading to my getting the opportunity, in the very early days of private-equity investing, to find four PE firms willing to acquire SunGard in early January 1983 for $20 million, $3 million in cash and $17 million in debt. Other than that, “I’m pretty-much retired.” Business news and analysis sent straight to your inbox every Tuesday morning. By the late 1990s an independent, publicly traded SunGard Data Systems (including the original business, which later became Sungard Availiability) was worth more than Sun Oil’s parent company, Sunoco, and was using its profits to buy dozens of financial, government and college software services across Europe and Asia as well as North America. "Even with this 70% reduction in debt, it is unclear how Sungard will generate profit in this sector after it emerges from bankruptcy.” The company, which employs 2,500, including 160 at its Philadelphia backup centers and 260 at its Wayne headquarters, expects to detail its plans in public statements Tuesday, and hopes to be in and out of bankruptcy with the approval of its creditors later this month.
In the late 1990s then-chief executive Cristobal Conde began combining SunGard products into large groups focusing on recovery (Availability), financial, government, education and other major sectors. Every day, we keep companies … These cookies do not store any personal information.Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. “But that change has taken time,” Stern added. FIS acquires SunGard, one of the world’s leading software and technology services companies.
It is mandatory to procure user consent prior to running these cookies on your website.This website uses cookies to improve your experience while you navigate through the website. There will be no impact on customers, moving forward. The 2005 acquisition of SunGard Data by the buyout firms was one of the biggest deals of its kind before the 2008 financial crisis temporarily froze tech buyout financing. But its large corporate clients by 2016 were migrating to the large, secure cloud systems maintained by Amazon, Microsoft and other giant companies, Stern added. Let us help you compete and win in today's chaotic marketplace. I’ve spent the last 25+ years investing in and joining the boards of about 25 early-stage technology companies, with mixed results but more wins than losses, and lots of fun and friendships.” Those “mixed results” include SevOne, Health Market Science, and Thermacore, which were acquired by larger companies at fat multiples; and “Neoware and eResearch Technology, which went public and then later acquired.” Ryan’s last venture investment is HGE Healthcare, run by Michael Marcus, which uses science developed by Temple Health pulmonologist Dr. Gerald Criner to relieve Chronic Obstructive Pulmonary Disease (COPD) patients.
With annual revenue of about $4.5 billion, SunGard is the largest privately held software and services company … These cookies will be stored in your browser only with your consent. Key facts.
The creditors understand they don’t want to drag anything on that would damage the business.
SunGard - now part of FIS | 96,487 followers on LinkedIn | FIS has acquired SunGard. IT Careers For Business That Never Stops.
SunGard has struggled with competition from cheaper and cloud-based rivals, including Amazon Web Services. Acquisition propels FIS to a $9.3 billion company and uniquely positions it to … SunGard also provides disaster recovery services, managed IT services, information availability consulting services and business continuity management software. The company operates in four segments: Financial Systems, … “We suddenly found ourselves competing with much bigger environments at much greater scale.” Sungard couldn’t beat them, so it signed up as one of 130 Amazon-audited managed service partners, recruiting and customizing Amazon Web Services for corporate disaster-recovery customers, including, most recently, government agencies in England. Click here to see why.
SunGard has more than 17,000 employees and serves approximately 25,000 customers in more than 70 countries. Stern says Sungard Availabiility has been adapting to the new market: “Forty percent of our revenue comes from new services that didn’t exist eight years ago.” Sungard initially tried to meet rival remote-server “cloud”-based systems with its own “private cloud” solutions. “The venture investors got 20X their investment 40 months, with liquidity.
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