According to the announcement, the divestiture is consistent with FIS’ primary goals of serving financial institutions and maintaining leadership positions in markets where the company has meaningful scale.
The cash proceeds, net of taxes and deal-related expenses from the transaction, are approximately US$500 million. Net cash proceeds from the transaction will be used to pay down the company’s (FIS) debt.
About FIS: 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, Florida, 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 (S&P 500) Index.
About Vista Equity Partners: Vista Equity Partners – Founded by Robert F. Smith in 2000 – is a U.S.-based investment firm with offices in Austin, San Francisco, Chicago, and Oakland with more than US$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 Equity Partners is a value-added investor, contributing professional expertise and multi-level support towards companies realizing their full potential. The firm’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.