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FIS Closes SunGuard Acquisition to the Tune of $5.1 Billion

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Fintech giant FIS Global (NYSE:FIS) closed a $5.1 billion deal to acquire software and technology services company, SunGuard.

The deal boots FIS to 55,000 employees and a combined revenue of $9.3 billion. As a part of the acquisition, the Florida-based company will repay SunGuard’s outstanding debt.

In a statement, FIS president and CEO Gary Norcross states:

This acquisition creates one of the broadest sets of technology assets and market expertise in the industry, and allows FIS to present new opportunities to our existing client base as well as to financial services markets that we have not historically served.

At FinovateSpring 2015 in San Jose, FIS debuted Cardless Cash, a mobile app that enables users to retrieve cash from ATMs using their smartphones. The application protects cardholders from ATM skimmers and uses in-app biometric authentication. Check out the live demo video.