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Sungard, the financial software provider, filed for an IPO. The company provides trading and investment management software for more than 15,000 financial firms. The company has hired investment banks, which could value the company at more than $10b (including debt).
SunGard was acquired for $11.4b in 2005 by an army of PE funds. The deal was one of the largest LBOs that preceded the financial crisis, SunGard is one of the longest-held investments in private equity history.
SunGard, a financial software provider, filed on Thursday to go public, roughly a decade after being acquired by a consortium of investment firms in the early stages of a flush time for private equity. The preliminary prospectus did not disclose how much the company plans to raise, giving only a placeholder fund-raising target of $100 million. Also not revealed: what the software maker’s stock ticker will be or on which stock market it will trade. SunGard’s filing is the latest instance of private equity firms seeking to take advantage of buoyant stock markets to sell some of their long-held investments. For at least the last three years, these firms have at times been more occupied with selling their holdings and cashing out than with paying what executives have called expensive prices for new acquisitions.
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