SunGard explores possible sale - Reuters

SunGard explores possible sale - Reuters

Financial technology conglomerate SunGard is appointing financial advisors to explore a potential $10 billion sale or possible IPO, according to a report from Reuters.

SunGard has asked investment banks vying for advisory mandates to prepare for interviews as early as this week, said the newswire, citing unnamed sources. It says the decision was made after it received an approach from another company about a possible takeover.

SunGard was acquired n August 2005 by seven private equity firms and de-listed from the Nyse. However, the post-2008 climate has not been good to the debt-ladened firm, which has appeared increasingly bloated in an economic environment more conducive to smaller, more-focussed and agile competitors.

Annual revenue at SunGard increased last year by two percent to $2.8 billion, with total debt at $4.7 billion and cash at $447 million. Adjusted earnings remained flat at $765 million.

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