JACKSONVILLE, Fla., December 8, 2016 – FIS™ (NYSE: FIS), a global leader in financial services technology, today announced the launch of a network of early-stage fintech companies with direct applicability to the financial services ecosystem served by FIS. The FIS HiPo (short for “high potential”) Network is a collection of firms that have demonstrated substantial promise in the development of new tools and technologies that deliver purposeful innovation for our clients around the world.
“FIS has a responsibility to help our clients stay competitive today, while remaining cognizant of the rapid changes taking place in the financial services industry. The FIS HiPo Network expands the innovation strategy for our firm and has been developed to bring the realization of new innovations to market in an efficient and practical manner,” said Gary Norcross, FIS president and CEO.
The first members of the FIS HiPo network include six participants from the 2016 VC Fintech Accelerator.
The FIS HiPo Network is open to fintech companies that have the opportunity and interest to meet burgeoning needs of the financial institutions that FIS serves and to develop the key integration points between technology platforms to facilitate efficient innovation. The six HiPo Network companies will be participating in FIS’ annual client conference FIS Connect April 10-13, 2017 in Orlando, Fla.
VC Fintech Accelerator 2017
Separately, FIS and the Governor of Arkansas, in collaboration with The Venture Center in Little Rock, AR, announced the dates for the 2017 VC FinTech Accelerator. Entering its second year, the VC Fintech Accelerator – Empowered by FIS, continues its commitment to innovation in the global financial technology industry.
Applications for the 2017 program are open now, and close on February 5, 2017. The program kicks off in Little Rock on May 8, 2017 and concludes on July 28th following a Demo Day to investors and industry on July 27, 2017.
“Arkansas is proud to partner with FIS to continue the VC FinTech Accelerator in 2017. This year’s program brought some of the world’s most exciting financial services startups and promising tech talent to our state and we are excited to see that relationship continue. It is great to see companies like FIS investing in innovation in Arkansas and we are excited to partner with them to increase the tech footprint in our state,” said Asa Hutchinson, Governor of Arkansas.
Norcross ended, “As evidenced by the return of the VC Fintech Accelerator in May of 2017 and our own ongoing R&D, technological innovation for the benefit of our clients remains a top-priority for FIS now and into the future.”
FIS is a global leader in financial services technology, with a focus on retail and institutional banking, payments, asset and wealth management, risk & compliance, consulting and outsourcing solutions. Through the depth and breadth of our solutions portfolio, global capabilities and domain expertise, FIS serves more than 20,000 clients in over 130 countries. Headquartered in Jacksonville, Fla., FIS employs more than 55,000 people worldwide and holds leadership positions in payment processing, financial software and banking solutions. Providing software, services and outsourcing of the technology that empowers the financial world, FIS is a Fortune 500 company and is a member of Standard & Poor’s 500® Index. For more information about FIS, visit www.fisglobal.com.
For More Information:
Kim Snider, +1.904.438.6278
Senior Vice President
FIS Global Marketing and Communications
JACKSONVILLE, Fla., December 7, 2016 – FIS™ (NYSE: FIS), a global leader in financial services technology, today announced it has signed a definitive agreement to sell its SunGard Public Sector and Education businesses to Vista Equity Partners (Vista) for $850 million. The transaction is expected to close in the first quarter of 2017, subject to required regulatory approvals and customary closing conditions.
The transaction will include all SunGard Public Sector and Education solutions, which provide a comprehensive set of technology solutions to address public safety and public administration needs of government entities as well as the needs of K-12 school districts.
The SunGard Public Sector business will become a new independent company under the ownership of Vista and will remain focused on providing technology solutions to government entities, while the SunGard Education business will become part of Vista-owned PowerSchool to create a more comprehensive K-12 technology solution offering for the education market.
“SunGard Public Sector and Education have performed well this year with strong and growing client bases,” said Gary Norcross, president and chief executive officer, FIS. “This divestiture is consistent with our strategy to serve the financial services markets.”
“For years, the SunGard Public Sector and Education businesses have provided innovative and mission-critical solutions that serve the diverse needs of public administration, public safety and education officials,” said Brian Sheth, co-founder and president of Vista. “We look forward to welcoming the businesses into the Vista family and helping them reach their full potential in their important respective markets.”
Anticipated Impact to 2017 Results
FIS expected the Public Sector and Education businesses to contribute $0.15 – $0.16 to its full-year 2017 Adjusted EPS. The company expects cash proceeds, net of taxes and deal-related expenses, from the transaction of approximately $500 million. Net cash proceeds will be used to reduce outstanding debt.
Barclays and BofA Merrill Lynch acted as financial advisors to FIS. Willkie, Farr & Gallagher LLP served as FIS’ legal advisors in the transaction. Kirkland & Ellis LLP served as Vista’s legal advisor in the transaction.
FIS is a global leader in financial services technology, with a focus on retail and institutional banking, payments, asset and wealth management, risk and compliance, consulting, and outsourcing solutions. Through the depth and breadth of our solutions portfolio, global capabilities and domain expertise, FIS serves more than 20,000 clients in over 130 countries. Headquartered in Jacksonville, Fla., FIS employs more than 55,000 people worldwide and holds leadership positions in payment processing, financial software and banking solutions. Providing software, services and outsourcing of the technology that empowers the financial world, FIS is a Fortune 500 company and is a member of Standard & Poor’s 500® Index. For more information about FIS, visit www.fisglobal.com.
About Vista Equity Partners
Vista Equity Partners, a U.S.-based investment firm with offices in San Francisco, Oakland, Chicago and Austin with more than $28 billion in cumulative capital commitments, currently invests in software, data and technology-based organizations led by world-class management teams with long-term perspective. Vista is a value-added investor, contributing professional expertise and multi-level support towards companies realizing their full potential. Vista’s investment approach is anchored by a sizable long-term capital base, experience in structuring technology-oriented transactions, and proven management techniques that yield flexibility and opportunity in private equity investing. For more information, please visit www.vistaequitypartners.com.
About PowerSchool Group LLC
PowerSchool is the #1 leading education technology platform for K-12, serving more than 24.5 million students, 43 million parents, and 68 million users in over 70 countries around the world. We provide the industry’s first Unified Classroom experience with best-in-class, secure, and compliant online solutions, including registration and school choice, student information systems, learning management and classroom collaboration, assessment, analytics, and special education management. We empower teachers and drive student growth through innovative digital classroom capabilities, and we engage families through real-time communications across any device. Visit www.PowerSchool.com to learn more.
This press release may contain statements, estimates or projections that constitute “forward-looking statements” pursuant to the safe harbor provisions of the U.S. federal securities laws. Generally, the words “believe,” “expect,” “intend,” “estimate,” “anticipate,” “project,” “will” and similar expressions identify forward-looking statements, which generally are not historical in nature. Forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from FIS’ historical experience and our present expectations or projections. These risks include, but are not limited to, changes in general economic, business and political conditions, developmental and conversion delays or disruptions inherent with new software products, technology and outsourcing solutions, and risks of reduction in revenue from the elimination of existing and potential customers due to consolidation in or new laws or regulations affecting the banking, retail and financial services industries, changes in the growth rates of the markets for our solutions, and other risks detailed in our filings with the Securities and Exchange Commission (SEC), including the “Risk Factors” section of our Annual Report on Form 10-K for the year ended December 31, 2015, and subsequent SEC filings. You should not place undue reliance on forward-looking statements, which speak only as of the date they are made. FIS undertakes no obligation to publicly update or revise any forward-looking statements.
For More Information:
Kim Snider, +1.904.438.6278
Senior Vice President
FIS Global Marketing and Corporate Communications
Peter Gunnlaugsson, +1.904.438.6603
Senior Vice President
FIS Investor Relations
Vista Equity Partners
Alan Fleischmann, 202.413.4495
FIA Asia 2016 is the destination for discovering the latest developments and opportunities for cleared derivatives in the Asia-Pacific region as well as gaining insight into their role within the global environment. The conference offers sessions on exchange developments, clearing, automated trading and commodities.
Meet our experts at Booth 30 to learn more about FIS’ solutions and services and how we can help you empower your derivatives business.
For more information on the FIS presence, contact Tania Aidan at firstname.lastname@example.org.
Financium is one of the largest annual meetings of financial leaders. With attendance of 1,300 delegates anticipated again this year, Financium is the place where finance management leaders gather to find the solutions necessary to meet their daily business challenges.
Join FIS on the show floor to interact with our Credit and Collections solution professionals.
For more information on the FIS presence, please contact Ned James at email@example.com.
San Diego, California
Join us for this unique educational conference. The Risk, Information Security and Compliance (RISC) Summit is a unique, forward looking educational conference packed with actionable intelligence. Learn from regulators and other experts about upcoming risks in 2017 and how best to manage them.
Held in a TV talk show format, the sessions offer show-and-tell “edutainment” to ensure a fun and engaging learning experience. Key topics covered include:
You may address –conference related questions to Michelle R. Brooks via email at firstname.lastname@example.org or phone at 904.438.6222.Conference website